Capital B launches a perpetual instrument modeled after Strategy: a new phase of corporate bitcoin accumulation
French investment company Capital B has announced plans to introduce a credit instrument replicating the perpetual preferred stock model (.STRC) used by Strategy (formerly MicroStrategy). The decision on the launch will be put to a shareholder vote on June 17, as reported by Capital B's Director of Bitcoin Strategy, Alexandre Leze.
The key element of the proposal is a mandate to increase the authorized capital to €5 billion and issue credit instruments with a nominal value of up to €100 billion. These funds will be exclusively directed toward accelerating the company's bitcoin strategy. Essentially, Capital B aims to replicate the success of Strategy, which used similar mechanisms to become the largest public holder of bitcoin.
Strategy's .STRC model consists of perpetual preferred shares with variable yields. The rate on these shares is adjusted so that the securities trade near the $100 par value, making them attractive to institutional investors seeking stable income with exposure to bitcoin. As of June 1, Capital B and its subsidiary Capital B Luxembourg SA already held 3,139 BTC, demonstrating their serious commitment to this asset.
Cryptalist Analytical Commentary: Capital B's decision is yet another signal that the model of corporate bitcoin accumulation through debt instruments is becoming mainstream. Strategy has proven the effectiveness of this approach, and now European players are beginning to copy this strategy. However, investors should consider that such instruments carry increased risk during sharp declines in bitcoin's price, as debt burdens could become critical if the market does not meet expectations. Nevertheless, for long-term BTC holders, this is a positive signal confirming the institutional recognition of the asset as a store of value.