Capital B, Europe’s first listed bitcoin treasury company, is preparing to launch a bitcoin-backed credit instrument modeled on Strategy’s STRC, a move that would carry the high-yield digital credit structure reshaping US markets to European investors for the first time.

Board Director of Bitcoin Strategy Alexandre Laizet said the Paris-listed firm has made the product its central focus, positioning Capital B to replicate in Europe the income vehicles Strategy and Strive built to channel traditional capital into bitcoin. The company holds more than 3,000 bitcoin and carries no fiat leverage on its treasury, the collateral base such an instrument requires. Recent purchases lifted its reserve to 3,135 BTC and ranked it the 25th-largest bitcoin treasury globally.

Laizet framed the work as the next stage in a market that has moved from digital equity to digital credit. Bitcoin-backed equity came first through Strategy, Metaplanet and Capital B itself, which launched as the world’s third bitcoin treasury company in November 2024. Credit instruments followed, from institution-only convertible notes to products such as STRC and Strive’s SATA that pay double-digit returns with single-digit volatility. That appetite for collateralized BTC financing is widening, with other firms weighing dollar loans backed by bitcoin.

Where The Yield Comes From

Laizet addressed the question dominating debate across the bitcoin community, namely how a treasury company funds a double-digit annual payout without an operating cash flow behind it. His answer rested on the asset already on the balance sheet rather than on future earnings. A treasury company holding appreciating BTC carries decades of future cash flow today, he said, letting it pre-fund distributions through measured sales and continued accumulation.

“The yield is pre-financed by the balance sheet of the company,” Laizet said.

He pointed to Strategy as the template, describing how the firm sold a small amount of BTC to meet obligations and bought back a far larger quantity soon after, leaving its holdings higher than before. Underlying it all, he said, is monetary inflation, with every major crisis of the past century followed by more currency creation.

A European Gap to Fill

Laizet positioned Capital B as the only firm able to bring the model to a region he described as held back by high taxes, security gaps and regulation built for an earlier era. No other European treasury company matches its scale, participation or liquidity, he said.

“a digital credit instrument adapted to Europe that could really change the configuration of the markets” is the laser focus, Laizet said.

“Bitcoin goes to zero, that is the risk,” Laizet said, putting the probability close to nil while urging investors to run their own analysis while declining to set a launch timeline. Execution and custody risks remain, he noted, which is why the firm works only with regulated banks. The push follows an accumulation run funded through equity and warrants rather than debt. Capital B closed a €15.2 million private placement in May backed by Blockstream chief executive Adam Back and asset manager TOBAM.