After a full reset in 2023, The Blockchain Group emerged as Europe’s first Bitcoin Treasury Company—and it’s now outpacing Bitcoin itself.
From Restructuring to Refinement:
What followed was a masterclass in capital efficiency. TBG didn’t just buy Bitcoin—it refined its balance sheet into a satoshi-generation engine:
€1M equity raise (Nov 2024) at a 70% premium allowed the purchase of ~15 BTC.
€2.5M equity raise (Dec 2024) with Adam Back and TOBAM brought in another ~25 BTC.
€48.6M BTC-denominated convertible bond (Mar 2025) enabled the acquisition of 580 BTC—vaulting the company to 620 BTC held.
Total share price appreciation over the same period: +474%
These weren’t random capital injections. They were highly targeted refinements, designed to maximize the amount of Bitcoin acquired per share created.
In Q1 2025 alone, fully diluted shares increased by 100%, but BTC holdings grew by 1,450%. BTC/share rose from 41 to 332 sats—a 709.8% BTC Yield.
In this model, dilution is not a threat—it’s a tool. The question isn’t “how much are you raising?”—it’s “how many sats per share are you generating?”
The Blockchain Group (TBG) has emerged as Europe's first Bitcoin Treasury Company, listed on Euronext Growth Paris. After a strategic reset in 2023, TBG shifted its focus to Bitcoin accumulation, adopting a treasury strategy to hold Bitcoin as core working capital. This move has yielded impressive results, with a 709.8% BTC Yield in six months, outpacing Bitcoin's price performance.
*Key Highlights:*
- *Bitcoin Holdings:* TBG currently holds 620 BTC, acquired through equity placements and Bitcoin-denominated convertible bonds.
- *Growth Plan:* The company aims to hold 21,000-42,000 BTC by 2029 and 170,000-260,000 BTC by 2033, targeting 1% of Bitcoin's total supply.
- *Capital Raise:* TBG plans to expand its capital-raising capacity to over €100 billion by the early 2030s to fund its Bitcoin acquisition strategy.
- *Backing:* The initiative is supported by crypto-native investors, including Adam Back, Fulgur Ventures, UTXO Management, and TOBAM.
*Impact:*
- *Market Performance:* TBG's shares have surged 474% in six months, mirroring the early performance of Bitcoin treasury pioneers like Strategy and Metaplanet.
- *Industry Significance:* TBG's success validates the Bitcoin Treasury model, globalizing it and sending a strong message to European CFOs and capital allocators about the potential of Bitcoin as a superior capital foundation.
