Paris, June 9, 2025 – Blockchain Group, a Euronext Growth Paris-listed firm, has unveiled a $342 million capital raise in collaboration with French asset manager TOBAM. The move is a strategic effort to boost the company’s Bitcoin holdings and strengthen its identity as Europe’s first Bitcoin Treasury-focused company.
Under the terms of the agreement, Blockchain Group will issue new shares using a structure modeled on the U.S.-style “at-the-market” (ATM) program. TOBAM will acquire shares at market price, with each issuance tranche limited to 21% of the previous day’s trading volume. This gradual issuance strategy aims to increase the Bitcoin-per-share ratio on a fully diluted basis, reinforcing Blockchain Group’s commitment to a Bitcoin-centric balance sheet.
TOBAM Poised to Become Leading Shareholder
While TOBAM is not acting as a financial intermediary and will not receive fees for its participation, the firm retains the right to hold or sell any shares it acquires. Should TOBAM fully subscribe to its allocation and hold the shares, it could command a stake exceeding 39% in Blockchain Group—potentially surpassing the holdings of current high-profile investors like cryptographer Adam Back and Fulgur Ventures.
Weekly transactions will be publicly disclosed, detailing the number of new shares issued and the volume of Bitcoin purchases made in each round, ensuring transparency as the program unfolds.
Bitcoin Holdings Cross $150 Million Following Major Acquisition
This capital raise follows Blockchain Group’s recent $68.6 million investment in 624 Bitcoins, which brought its total reserves to 1,437 BTC—currently valued at over $150 million. The company is positioning itself at the forefront of digital asset adoption among European publicly traded firms.
The initiative aligns with a shareholder resolution passed in February, which authorized capital raises targeted at strategic sectors including Web3 and artificial intelligence. A second resolution under review could expand the capital raise ceiling from $40.4 million to $538.5 million, granting the board additional latitude for future strategic funding.
Rethinking Treasury Strategy Amid Economic Uncertainty
With inflation and macroeconomic instability prompting companies to explore alternatives to traditional cash reserves, Blockchain Group’s bold pivot toward Bitcoin underscores a rising institutional confidence in cryptocurrency as a hedge and long-term store of value.
The partnership with TOBAM—an early institutional adopter of Bitcoin since 2017—signals a deepening maturity in crypto-focused corporate finance and a notable shift in Europe’s digital asset landscape.
