Blockchain Group, listed on Euronext Growth Paris, on Monday announced a $342m capital raise in partnership with asset manager TOBAM, aiming to expand its Bitcoin reserves and solidify its position as Europe’s first dedicated Bitcoin Treasury Company.
The company will issue new shares through a structure similar to an “at-the-market” program, widely used in the US.
TOBAM will subscribe to shares at the market price, with each tranche capped at 21% of the previous day’s trading volume. The offering is designed to gradually increase the number of bitcoins held per share on a fully diluted basis, reinforcing Blockchain Group’s Bitcoin-first balance sheet strategy.
TOBAM Could Overtake Fulgur Ventures and Adam Back in Shareholding
Under the arrangement, TOBAM will consolidate its weekly requests, and Blockchain Group will publish the total number of shares issued and the Bitcoin purchases made from each round.
The Blockchain Group Launches a €300 Million “ATM-type” Capital Increases Program with TOBAM
Full Press Release (EN): https://t.co/DbXXbb6OT8
Full Press Release (FR): https://t.co/XbaTfaOqfn
BTC Strategy (EN): https://t.co/EiVKw8s4zB pic.twitter.com/dZQCIckgK8
— The Blockchain Group (@_ALTBG) June 9, 2025
TOBAM, an early institutional supporter of Bitcoin since 2017, is participating in the deal. However, it is not acting as a financial intermediary and will not receive a fee. The fund manager retains the option to hold or sell its subscribed shares.
If TOBAM takes up its full allocation and chooses to retain the shares, it could own over 39% of Blockchain Group’s capital. That would make it the company’s largest single shareholder. Currently, Blockchain Group’s investor base includes notable names like cryptographer Adam Back and venture firm Fulgur Ventures.
Source: The Blockchain Group
Blockchain Group Ramps Up Bitcoin Strategy After $68.6M BTC Buy
The announcement follows Blockchain Group’s $68.6m purchase of 624 Bitcoins last week, accelerating its expansion into digital assets. This acquisition brought the company’s total Bitcoin holdings to 1,437, now valued at more than $150m. It also marked one of the largest Bitcoin treasury allocations by a publicly traded firm in Europe.
The move follows a shareholder resolution passed in February. That resolution approved capital raises targeting strategic investors in areas like Web3 and AI. Now, a second resolution under review could raise the limit from $40.4m to $538.5m. If passed, it would give the board greater flexibility to extend the program.
Amid rising inflation and broader economic uncertainty, firms are rethinking traditional treasury models. Against that backdrop, Blockchain Group’s aggressive shift toward Bitcoin reflects growing institutional belief in the asset as a long-term store of value.
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