mNAVwatch

ALCPB · EUR · filings as of Sep 30, 2026

Capital B

Share price €5.91 · $6.64₿3,599 heldSource: filings and releases
Trades above liquidation value

Assets against the capital stack

Liquidation value to common€251.9M€5.44 per share
Market value of common€273.5M€5.91 per share
Share price move to match liquidation value−7.9%premium €21.6M · −8% upon liquidation
Assets, if sold todayClaims + common at market−7.9%assets €272.6Mclaims + market €294.2Mcommon€251.9MBitcoin€268.0MCash€4.6MConvertible notes (5)€20.6MCommon at market€273.5MAssetsClaims + market−7.9%€272.6M€294.2Mcommon€251.9MBitcoin€268.0MCash, other€4.6MConvertiblenotes (5)€20.6MCommon atmarket€273.5M

Hover or tap a block for detail.

  • Not in the stack: warrants, for simplicity and non-material anyway.
% gain/loss upon liquidation−8%Liquidation mNAV 1.09x
Liquidation value / share€5.44$6.11 in US$
Market price€5.91$6.64 in US$
Wipe-out BTC pricenonecash covers every claim
$83,632live

Who gets paid, in order

RankClaimPosition in the stack (teal paid, red unpaid)RecoveryImpaired below BTC
–Assets realized₿3,599 BTC €268.0M + cash and other €4.6M
€272.6M
1Convertible notes (6 tranches, equal rank)claim €20.6M · 1 of 6 convert to shares (not counted as a claim)
100%never
–Common shareholders46,284,471 shares
€251.9M€5.44 / share

Does Capital B try to beat BTC?

  • Issues common when mNAV > 1.0x source
  • Issues warrants (exercise at ≥ 1.1x mNAV) source
  • Issues converts (BTC-denominated) source

Inputs and sources

InputValueSource
BTC holdings₿3,599
Capital B H1 2026 results release, Oct 15, 2026, PDF · Oct 15, 2026
3,538 BTC strategic reserve (unchanged at Oct 15) plus 61 BTC held for operating needs
Cash€4.6M
Capital B H1 2026 results release, Oct 15, 2026, PDF · Sep 30, 2026
Available cash €4.6M at Sep 30, 2026
Common shares38,467,809
Capital B press release, Sep 28, 2026, dilution table · Sep 28, 2026
Issued shares at Sep 28, 2026, after the 10-for-1 consolidation and the Aug 17 OCA B-01 conversion
Convertible notes (6), BTC owed₿821
Capital B press release, Sep 28, 2026, Outstanding Bitcoin Denominated Convertible Bonds (OCA) table · Sep 28, 2026
6 tranches, bitcoin-denominated: ₿544, ₿62, ₿48, ₿52, ₿53, ₿62

All figures from company dashboards unless only available from the most recently filed financials.