The Blockchain Group (ALTBG) has inked a headline-grabbing take care of French asset supervisor TOBAM to lift as much as €300 million (≈ $342M) in an “ATM-style” fairness program aimed squarely at bolstering its Bitcoin reserves.
The announcement, paired with a 624 BTC purchase final week, marks Europe’s largest single company initiative to transform fairness into Bitcoin immediately. It indicators a rising urge for food for hard-asset treasuries amongst listed corporations at the same time as BTC trades 5% off its all-time excessive.
The settlement, disclosed Monday, permits TBG to concern new shares in tranches with TOBAM because the unique subscriber. In contrast to conventional placements, the deal doesn’t carry a charge.
If TOBAM retains its allocation, it may find yourself with as a lot as 39% of TBG’s share capital, turning into its largest shareholder.
The technique follows a flurry of exercise from the Paris-based tech group. On June 3, TBG bought 624 BTC (≈ $69M), bringing its holdings to 1,471 BTC, value roughly $151 million at present costs. The recent capital raised by way of TOBAM will feed immediately into related BTC acquisitions, positioning TBG as Europe’s most aggressive company accumulator of Bitcoin.
The construction, modeled after U.S.-style ATM (At-the-Market) choices, has been tailored to suit European laws.
TOBAM Bitcoin historical past
For TOBAM, the transfer deepens a decade-long engagement with digital property. The asset supervisor launched Europe’s first Bitcoin fund in 2017 and has since championed the thesis of Bitcoin as a non-correlated reserve asset. This deal cements its function as each financier and strategic companion.
“TOBAM will subscribe at market worth and should select to retain the shares long-term,” the agency mentioned, indicating its curiosity runs deeper than a fast flip.
TBG’s share worth has skyrocketed by over +1,400% prior to now six months, buoyed by a collection of crypto-aligned capital strikes, together with a €12.1M BTC-denominated convertible bond issued to Blockstream CEO Adam Again and a number of fairness raises all through late 2024 and early 2025.
The timing illustrates a robust pattern: regardless of Bitcoin’s short-term consolidation close to $105k, down from a report $111,965 in April, publicly listed corporations proceed to undertake BTC as a balance-sheet cornerstone. The variety of company Bitcoin holders has climbed from 89 to 113 since April alone, in response to FT knowledge.
European Technique
The clear parallel is with Technique. However whereas the U.S. agency operates below a shelf registration regime and works with main banks, TBG’s method entails a single asset supervisor, TOBAM, as each financier and potential co-pilot. That makes this deal as a lot a case research in monetary engineering as it’s a Bitcoin wager.
Nonetheless, questions stay. The issuance may broaden the share rely, elevating the problem of dilution. Whether or not BTC-per-share progress outpaces fairness issuance will rely upon execution and the worth of Bitcoin.
Furthermore, transparency will probably be key. TBG has promised to reveal BTC purchases weekly and cap the share issuance price. However any deviation may set off scrutiny from the AMF or backlash from fairness holders.
What’s clear is that the mannequin TBG is testing may develop into a template for Europe’s mid-cap corporations searching for a strategy to enter the Bitcoin treasury sport, with out U.S. capital market instruments. If profitable, it may usher in a brand new class of “Bitcoin steadiness sheet” gamers on the continent.
Timeline of Occasions
- Dec 2024 – TBG begins treasury pivot with preliminary fairness increase.
- Might 9, 2025 – TOBAM participates in €9.9M fairness spherical.
- Might 12, 2025 – Adam Again takes €12.1M BTC-denominated convertible bond.
- June 3, 2025 – TBG buys 624 BTC (~$69M).
- June 9, 2025 – Proclaims €300M ATM-style increase with TOBAM.
Blockchain Group is now a European testbed for monetary alchemy, turning fairness into Bitcoin at institutional scale. With TOBAM backing the play, and the regulatory greenlight in hand, the one query is whether or not others will comply with, or whether or not it is a one-way wager that solely works when BTC retains climbing.
