Capital B
Takes as collateral: bitcoin
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC held (issuer filings) — bitcoin the issuer holds and reports, not collateral pledged to its creditors: there is no lien on it.
- Debt / BTC held — registered debt over the value of the bitcoin held — not an LTV: there is no lien.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | administeredsourceCorporate paper: the rate is set by the issuer and its counterparties at issue, or by the board — administered. The OCA terms were set bilaterally with each subscriber (Blockstream Capital Partners, TOBAM, Moonlight Capital, Adam Back). |
|---|---|
| Term structure | fixed_termsourceCapital B — each OCA series runs five years from subscription (issued 2025; OCA B-02 2030-06-13, OCA A-05 2030-08-01; the day is not filed for the others). |
| Rate certainty | fixed_at_originationsourceCapital B — every OCA series carries a stated rate of 0%, fixed at issue. The holder's return is the conversion right and the bitcoin-indexed redemption, not a coupon. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | not_applicablesourceCapital B — the 6 OCA convertible bonds are unsecured ("Repayment of the OCA convertible bonds is not guaranteed by any collateral", Capital B 2025 annual financial report (cptlb.com/wp-content/uploads/2026/04/20260430-TBG-RFA-2025-EN-FINAL-updated.pdf), p.92), so nothing is marked for a margin call. ⚠ The bitcoin price does enter what a holder is repaid: redemption is "99-100% of the Acquired BTC... in BTC or EUR at the BTC selling price" (p.64). |
|---|---|
| Default & liquidation | not_applicablesourceCapital B — there is no collateral to liquidate; the bonds are unsecured obligations of Capital B Luxembourg SA, convertible into shares of the parent. |
| Custody & backing | not_applicablesourceCapital B — no bitcoin is pledged to the bondholders. 3,525 BTC held at 2026-09-14 by the company and its Luxembourg subsidiary (press release, 2026-09-14); who holds the coins for the issuer is not recorded here. |
| Recourse | undisclosedsourceCapital B — the bonds are unsecured, but what a holder can claim is not plainly a full-recourse debt: redemption is "99-100% of the Acquired BTC, i.e. 95% of the nominal debt at most" (Capital B 2025 annual financial report (cptlb.com/wp-content/uploads/2026/04/20260430-TBG-RFA-2025-EN-FINAL-updated.pdf), p.64), and the full terms and conditions are not public. Whether the holder has a claim on the issuer beyond that was not established. |
| Track record | 0 months observedsourceDerived from credit_venues.first_date (2026-09-22), the day the issuer's instruments were first registered here from its filings. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | None pledged — 3,525 BTC on the issuer's balance sheet; repayment is indexed to the bitcoin acquiredsourceCorporate registry (registry/corporate_registry.yaml), as served 2026-09-30. 6 OCA series, EUR 82,434,625 outstanding in all (about $94m), several subscribed in bitcoin. 3,525 BTC held at 2026-09-14. No lien exists over the issuer's bitcoin for these holders: the paper is financed BY the bitcoin on the balance sheet, not secured on it. The redemption amount follows the bitcoin bought with each series' proceeds. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: none — Its credit is unlisted, zero-coupon, bitcoin-indexed convertible bonds (OCA) — no market price and no coupon to quote. quantity: partial — Six OCA series outstanding (EUR 82.4m nominal, 821 BTC as the issuer states them) from the issuer's filed 2026-09-14 table; registered in EUR and shown apart from USD totals. composition: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| euros | capital_b_oca_a_03, capital_b_oca_a_04, capital_b_oca_a_05, capital_b_oca_b_02… | $92.8m | — | issuer filings, 2026-09-14 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | unknown (not published by the venue) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | 32.2% · analogue registered debt over the value of the bitcoin held — not an LTV: there is no lien; the aggregate only — no distribution is read here SEC EDGAR filings |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | not applicable — no lien, so nothing is liquidated |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Instruments issued
| Instrument | Type | Status |
|---|---|---|
| OCA B-02 › | convertible note | outstanding |
| OCA B-03 › | convertible note | outstanding |
| OCA A-03 › | convertible note | outstanding |
| OCA A-04 › | convertible note | outstanding |
| OCA B-04 › | convertible note | outstanding |
| OCA A-05 › | convertible note | outstanding |
In the order the dataset carries them, not ranked. Every instrument →
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/corp_blockchain_group |
|---|---|
| MCP | get_venue({ venue_id: "corp_blockchain_group" }) get_venue({ venue_id: "corp_blockchain_group", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp