2 hours ago
The Blockchain Group (ALTBG) has inked a headline-grabbing woody with French plus manager TOBAM to rise up to €300 cardinal (≈ $342M) successful an “ATM-style” equity programme aimed squarely astatine bolstering its Bitcoin reserves.
The announcement, paired with a 624 BTC bargain past week, marks Europe’s largest azygous firm inaugural to person equity into Bitcoin directly. It signals a increasing appetite for hard-asset treasuries among listed firms adjacent arsenic BTC trades 5% disconnected its all-time high.
The agreement, disclosed Monday, allows TBG to contented caller shares successful tranches with TOBAM arsenic the exclusive subscriber. Unlike accepted placements, the woody does not transportation a fee.
If TOBAM retains its allocation, it could extremity up with arsenic overmuch arsenic 39% of TBG’s stock capital, becoming its largest shareholder.
The strategy follows a flurry of enactment from the Paris-based tech group. On June 3, TBG purchased 624 BTC (≈ $69M), bringing its holdings to 1,471 BTC, worthy astir $151 cardinal astatine existent prices. The caller superior raised via TOBAM volition provender straight into akin BTC acquisitions, positioning TBG arsenic Europe’s astir assertive firm accumulator of Bitcoin.
The structure, modeled aft U.S.-style ATM (At-the-Market) offerings, has been adapted to acceptable European regulations.
TOBAM Bitcoin history
For TOBAM, the determination deepens a decade-long engagement with integer assets. The plus manager launched Europe’s archetypal Bitcoin money successful 2017 and has since championed the thesis of Bitcoin arsenic a non-correlated reserve asset. This woody cements its relation arsenic some financier and strategical partner.
“TOBAM volition subscribe astatine marketplace terms and whitethorn take to clasp the shares long-term,” the steadfast said, indicating its involvement runs deeper than a speedy flip.
TBG’s stock terms has skyrocketed by implicit +1,400% successful the past six months, buoyed by a bid of crypto-aligned superior moves, including a €12.1M BTC-denominated convertible enslaved issued to Blockstream CEO Adam Back and aggregate equity raises passim precocious 2024 and aboriginal 2025.
Blockchain Group banal terms (Source: eToro)The timing illustrates a almighty trend: contempt Bitcoin’s short-term consolidation adjacent $105k, down from a grounds $111,965 successful April, publically listed firms proceed to follow BTC arsenic a balance-sheet cornerstone. The fig of firm Bitcoin holders has climbed from 89 to 113 since April alone, according to FT data.
European Strategy
The wide parallel is with Strategy. But portion the U.S. steadfast operates nether a support registration authorities and works with large banks, TBG’s attack involves a azygous plus manager, TOBAM, arsenic some financier and imaginable co-pilot. That makes this woody arsenic overmuch a lawsuit survey successful fiscal engineering arsenic it is simply a Bitcoin bet.
Still, questions remain. The issuance could grow the stock count, raising the contented of dilution. Whether BTC-per-share maturation outpaces equity issuance volition beryllium connected execution and the terms of Bitcoin.
Moreover, transparency volition beryllium key. TBG has promised to disclose BTC purchases play and headdress the stock issuance rate. But immoderate deviation could trigger scrutiny from the AMF oregon backlash from equity holders.
What’s wide is that the exemplary TBG is investigating could go a template for Europe’s mid-cap firms seeking a mode to participate the Bitcoin treasury game, without U.S. superior marketplace tools. If successful, it could usher successful a caller people of “Bitcoin equilibrium sheet” players connected the continent.
Timeline of Events
- Dec 2024 – TBG begins treasury pivot with archetypal equity raise.
- May 9, 2025 – TOBAM participates successful €9.9M equity round.
- May 12, 2025 – Adam Back takes €12.1M BTC-denominated convertible bond.
- June 3, 2025 – TBG buys 624 BTC (~$69M).
- June 9, 2025 – Announces €300M ATM-style rise with TOBAM.
Blockchain Group is present a European testbed for fiscal alchemy, turning equity into Bitcoin astatine organization scale. With TOBAM backing the play, and the regulatory greenlight successful hand, the lone question is whether others volition follow, oregon whether this is simply a one-way stake that lone works erstwhile BTC keeps climbing.
The station Blockchain Group banal up 1,400% successful 6 months, bets €342M connected European Bitcoin treasury appeared archetypal connected CryptoSlate.
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