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Capital B said on April 2 that the tokenization of its existing ALCPB shares had been completed on Blockstream's Liquid Network. The instrument, called "Capital B Notes," was issued by ORO (II) - EQFOUR, a compartment of Luxembourg securitization fund ORO (II), through the STOKR platform. In its announcement on Euronext, the French issuer — which previously operated under the name The Blockchain Group — said each CALCPB note is backed by 100 existing ordinary shares and can be traded by eligible investors on SideSwap and peer-to-peer in bitcoin.
Who does what in the structure
Capital B did not issue the tokenized instrument directly. The notes were issued by ORO (II) - EQFOUR, and the tokenization was carried out by Sicos Securities, acting in its own name for the account of ORO (II) and its compartment. STOKR's product page presents the instrument as available for trading and lists dealing parameters, including a $150,000 minimum subscription threshold.
Luxembourg securitization law as the legal wrapper
Capital B describes the instrument as an unsecured note issued by a compartment of a Luxembourg securitization fund. SICOS fund management documentation refers to the law of 22 March 2004 on securitization, as amended, as the governing framework. This is an established legal vehicle, not an experimental format. The structure puts a securitization compartment between the listed company and the token holder.
Who can invest, and who cannot
Access is explicitly bounded. Capital B said the product is limited to eligible investors, including EU professional investors or clients under Annex II of MiFID II. Luxembourg, Germany, and U.S. persons are excluded. Eligible investors with verified STOKR accounts can subscribe in kind, in fiat, or in BTC, and request redemption in BTC, stablecoins, or euro, all subject to the thresholds in the issuer disclosure.
Responsibilities and regulatory status
The announcement spells out who is not responsible for what: Capital B says it is not liable for the tokenization process or investor decisions. STOKR is identified as a Luxembourg-registered VASP, a status the CSSF says is limited to AML/CFT registration and supervision, not a broader conduct-of-business approval.
For issuers, the deal shows a working path: use a securitization compartment and token platform to create a tradable note backed by existing listed equity on a Bitcoin sidechain. For investors meeting the eligibility criteria, the notes are live and tradable. For platforms and service providers, the structure lays out a clear division of roles — issuer, securitization vehicle, tokenization agent, trading venue — across multiple jurisdictions.
