Capital B launches a perpetual debt instrument modeled after Strategy: a new era of corporate bitcoin accumulation
French investment house Capital B is preparing to launch its own perpetual credit instrument, inspired by the STRC model used by Strategy. This move marks another stage in the institutional adoption of bitcoin as a corporate reserve asset.
Alexander Leze, head of bitcoin strategy at Capital B, confirmed that a key shareholder meeting on this matter is scheduled for June 17. The agenda includes approving a mandate to increase the share capital to €5 billion and issuing debt instruments with a total nominal value of up to €100 billion. These funds are planned to be directed toward accelerating the bitcoin accumulation strategy.
For context: Strategy's .STRC instrument is a perpetual preferred stock with floating yield. The key feature is that its rate is automatically adjusted so that the market price of the instrument remains near the $100 par value. This creates a stable capital-raising mechanism without the risk of forced redemption.
As of June 1, Capital B and its subsidiary Capital B Luxembourg SA already held 3,139 BTC. The new instrument will allow the company to significantly scale its positions without diluting existing shareholders' stakes or resorting to traditional bank loans.
Cryptalist analytical commentary: The Capital B initiative is not just a copy of a successful model but a signal of market maturity. Perpetual instruments with an auto-adjusting yield mechanism are ideally suited for volatile assets like bitcoin. If shareholders approve the plan, we may witness a new wave of corporate issuances in Europe, where bitcoin will act not as a speculative asset but as a foundation for financial engineering. I expect other public companies seeking to diversify their treasury reserves to follow Capital B's lead.