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Capital B is a French company initially specialized in blockchain consulting and web application development. On November 5, 2024, it officially launched its Bitcoin accumulation strategy, making the acquisition and custody of BTC the core of its business.
It has established itself as a national reference by innovating with Bitcoin-denominated convertible fundraisings, a model that reduces risk while financing its strategic purchases.
BTC NAV: represents the total value of the bitcoins held by the company at market price.
mNAV: measures the ratio between the company’s valuation (market capitalization + debt) and the value of its bitcoins. It indicates whether the market applies a premium or a discount.
Months to Cover mNAV: estimates the time needed for the current accumulation strategy to catch up with the market’s implied valuation.
BTC Yield: shows the rate of bitcoin accumulation per share (per period). It reflects the efficiency and consistency of the strategy.
BTC Torque: compares the current value of the bitcoins to their total acquisition cost. Over time, it reflects the economic quality of the purchases made and may rise or fall depending on short- and medium-term market conditions.
PCV (Price Compression Velocity): indicates the speed at which the value premium attributed by the markets to the company is caught up by the company’s real value.
A high BTC NAV shows the significance of the company’s Bitcoin exposure. A mNAV below 1 reflects a discount (the market values the company below its BTC holdings), while a mNAV above 1 indicates a premium (the market anticipates growth or values governance).
Low Months to Cover mNAV suggest that the current strategy could quickly close the discount or confirm the premium. A high BTC Yield signals a strong accumulation capacity and reinforces the company’s credibility as a Bitcoin Treasury Company.
A BTC Torque above 1 shows that the bitcoins are currently worth more than their acquisition cost, which reflects a historically effective long-term strategy.
Finally, a high PCV indicates that the market is rapidly adjusting its perception, a sign of efficiency and confidence in the model.
In summary, these metrics provide an overall view of the company’s Bitcoin exposure, the market’s perceived valuation, and the pace of accumulation. It is the combination of these indicators that makes it possible to assess the strength and dynamics of a Bitcoin Treasury Company.