France-listed Bitcoin treasury company Capital B secured shareholder approval on Wednesday for a massive capital-raising delegation capable of unlocking up to 105 billion euros, equivalent to approximately $120.4 billion, to fuel its aggressive Bitcoin accumulation strategy. The resolution passed with over 95% shareholder support, authorizing the establishment of up to 5 billion euros in capital increases and the issuance of credit instruments totaling up to 100 billion euros. This financial maneuver is explicitly designed to increase the number of Bitcoin per fully diluted share over time, marking a significant escalation in the firm's treasury operations. Data compiled by Woofun AI indicates that the proposed capital increase could result in the issuance of as many as 125 billion new shares at the current nominal value, a figure that dwarfs the company's existing equity structure.

The scale of this potential dilution presents a stark reality for current investors, as the company reported 300.65 million total shares with voting rights during its general meeting. If the full 125 billion new shares are issued, existing shareholders would see their ownership stake diluted to approximately 0.24% of the company's total equity. Despite this extreme dilution risk, the market reaction remained muted, with Capital B shares showing little change following the announcement .

Concurrently, shareholders approved a formal name change from The Blockchain Group to Capital B, aligning the corporate entity with the commercial brand adopted in 2025 to better reflect its strategic focus.

Capital B currently stands as Europe's second-largest Bitcoin treasury company, holding a portfolio of 3,139 BTC valued at roughly $200 million. This position places it behind Germany-based Bitcoin Group SE, which holds 3,604 Bitcoin worth approximately $230 million, as . The company has already raised about $325 million in capital to date, bolstered by a $17.8 million injection from strategic investors including Blockstream CEO Adam Back and Paris-based asset manager TOBAM. Woofun AI notes that this fundraising trajectory contrasts sharply with the broader market trend where some treasury companies are actively reducing or managing down their Bitcoin exposure.

The divergence in strategy is highlighted by recent moves from France-based semiconductor company Sequans Communications, which concluded its crypto treasury strategy on May 28. Sequans held 658 Bitcoin and announced plans to monetize remaining holdings over time, a decision that subsequently drove a share price increase of about 14.5%. While Sequans opted for liquidity and risk reduction, Capital B is doubling down on accumulation, betting on long-term appreciation to offset the massive dilution of existing equity. This approach underscores a bifurcation in the European Bitcoin treasury sector between firms seeking immediate capital realization and those pursuing maximalist accumulation through leveraged capital structures.

The approved credit instruments and capital increases provide Capital B with a flexible toolkit to navigate volatile market conditions while maintaining its acquisition pace. By securing the legal framework for up to 100 billion euros in credit, the company positions itself to capitalize on market dips without the friction of repeated shareholder votes for each tranche of funding. Woofun AI analysis suggests that this structural shift allows Capital B to operate with a level of financial agility previously unseen among European public Bitcoin treasuries, potentially setting a new precedent for capital deployment in the sector. The strategic alignment of the corporate name with the brand further signals a long-term commitment to this high-leverage accumulation model.