The Blockchain Group Launches €300M Share Sale to Expand Bitcoin Treasury, Backed by TOBAM
The Blockchain Group (ALTBG), a Paris-listed tech company positioning itself as Europe’s first Bitcoin Treasury Company, has unveiled a new €300 million ($342.5 million) share issuance program aimed at significantly expanding its bitcoin holdings.
The capital raise is structured as an at-the-market (ATM) offering, supported by longtime partner TOBAM, a French asset manager known for its bitcoin investments. Under the terms of the program, TOBAM will have the discretion to purchase newly issued shares based on prevailing market conditions.
TOBAM’s participation could substantially increase its stake in the company—from the current 3% to as much as 39%, if the program is fully executed at current prices.
Program Details
- Shares will be issued at the higher of either the previous day’s close or the volume-weighted average price (VWAP).
- Daily purchase volume will be capped at 21% of the day’s trading volume.
- TOBAM will be acting on its own behalf—not as a broker—and will not be compensated by the company. It will independently decide whether to hold or sell the shares.
Strategic Use of Funds
Proceeds from the offering will be used to acquire additional bitcoin, aligning with The Blockchain Group’s goal of increasing its “bitcoins per share” metric over time. Since initiating its bitcoin treasury strategy in November, the company has accumulated 1,471 BTC at an average price of $102,507, according to a June 3 update.
A shareholder vote set for June 10 may approve an expansion of the program to €500 million.
Shares of The Blockchain Group have surged 20% today, trading at €4.90, giving the company a market capitalization of €543 million.
