The Blockchain Group has raised an additional €7.2 million, about $7.7 million, to support its plan of becoming Europe’s leading Bitcoin Treasury company.

The announcement was made in a June 17 press release by the Paris-listed firm (Euronext: ALTBG.PA), which is pursuing a long-term strategy of increasing the amount of Bitcoin btc-0.67%Bitcoin per share it holds. 

The funding was secured through an “At-The-Market type” capital raise with asset manager TOBAM, where 1.6 million new shares were issued at an average price of €4.49. That price reflected a 20.76% discount from the stock’s June 13 close, due to market volatility during the raise.

The capital raise allows The Blockchain Group to continue adding BTC to its balance sheet, as part of a broader treasury strategy that started in late 2024

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This strategy mirrors capital market moves made by firms like Strategy and Japan’s Metaplanet, both of which hold significant amounts of Bitcoin. The Blockchain Group is one of the first in Europe to follow this path, aiming to accumulate up to 260,000 BTC, currently about  $24 billion, by 2033.

The recent capital raise saw TOBAM, through three of its funds, subscribe to all 1.6 million shares. The largest tranche went to the TOBAM Bitcoin CO2 Offset Fund, which acquired over 834,000 shares.

The other two funds, the Bitcoin Treasury Opportunities Fund and the Blockchain Equity Fund, took the remaining portion. As a result, TOBAM now holds 3.3% of The Blockchain Group’s capital on a fully diluted basis.

The capital raise follows a shareholder vote on June 11 that increased the company’s fundraising capacity to €500 million in nominal value. That resolution passed with over 95% approval, underlining strong investor support for the Bitcoin pivot.

On a fully diluted basis, the company’s share count now exceeds 313 million, factoring in all potential conversions from bonds, free share grants, and warrants.