Capital B is preparing to launch a perpetual instrument modeled after Strategy.
French investment fund Capital B has announced plans to launch a credit instrument inspired by Strategy's legendary STRC model. This is a move that could radically change the balance in the corporate Bitcoin reserves market. According to internal documents, a key shareholder meeting on this matter is scheduled for June 17.
An ambitious mandate is being put to a vote: increasing the authorized capital to €5 billion and issuing credit instruments with a nominal value of up to €100 billion. Capital B intends to use these funds to significantly accelerate its Bitcoin strategy. Essentially, the company wants to follow the path of Strategy, which used similar mechanisms to accumulate one of the largest corporate BTC portfolios.
What is the .STRC instrument?
The concept is based on perpetual preferred shares with variable returns. The key feature is that the rate adjusts so that the securities constantly trade near the nominal value of $100. This creates a predictable and liquid instrument for raising capital without the classic risks of redemption. As of June 1, Capital B, together with its subsidiary Capital B Luxembourg SA, already holds 3,139 BTC, forming the basis for future operations.
Analysis: Capital B's decision is not just a copy of a successful model, but a signal of market maturity. If the strategy works, we will see a wave of imitators among European and Asian funds, which will put strong pressure on Bitcoin supply. However, the key risk is the volatility of the underlying asset: in the event of a sharp drop in BTC, the value of such instruments could collapse, requiring emergency recapitalization.