Capital B, Europe’s second-largest Bitcoin treasury company, will consolidate its shares in a 10-for-1 reverse stock split aimed at broadening its institutional investor base.
The reverse split will reduce the number of shares to about 30.1 million from 300.7 million. Each new share will replace 10 existing shares and carry a par value of 0.80 euros ($0.90), up from 0.08 euros, Capital B said in a Monday statement.
The Euronext Growth Paris-listed company said the conversion will occur automatically on Sept. 8 without changing the aggregate value of investors’ holdings.
Capital B said the move is intended to support its institutional development and appeal to a wider pool of investors.
Last month, shareholders approved up to 105 billion euros in financing capacity to support the company’s Bitcoin acquisition strategy.
Capital B holds 3,139 Bitcoin at the time of writing. Germany’s Bitcoin Group SE holds the most among European companies, with 3,605 BTC, according to Bitcoin Treasuries.
Related: Capital B boosts Bitcoin reserves with $15.2M purchase
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