Blockchain Group raises €3M via ATM-type capital increase.
TOBAM leads the round, now holding over 10% of the company.
Proceeds fund the purchase of 25 additional Bitcoins.
Equity per share rises after the new share issuance.
Strategy focuses on maximizing Bitcoin per share.
Blockchain Group has executed a €3 million capital increase using an ATM-type structure to reinforce its Bitcoin treasury strategy. The capital raise, completed at an average price of €4.056 per share, was set at just a 1% discount to the prevailing market price. This approach signals strong institutional demand for regulated exposure to Bitcoin through public equity.
The capital injection was led by TOBAM, a Paris-based asset manager with a focus on digital assets. TOBAM participated through its Bitcoin Enhanced Fund and Bitcoin Treasury Opportunities Fund, accounting for over €2.5 million of the total placement. The transaction resulted in the issuance of 739,000 new shares, with TOBAM now holding over 10% of the company on a fully diluted basis.
The proceeds will be used to acquire approximately 25 additional Bitcoins, bringing Blockchain Group’s total potential holdings to around 1,929 BTC. The company’s stated objective is to increase the amount of Bitcoin per share over time, positioning itself as a Bitcoin Treasury Company. The focus remains on maximizing Bitcoin per share rather than traditional revenue growth metrics.
Following the capital raise, equity per share increased from €0.36 to €0.38 on an undiluted basis and from €0.60 to €0.61 fully diluted. The company waived preferential subscription rights for this issuance, prioritizing institutional investors aligned with its long-term Bitcoin vision.
Bitcoin-First Treasury Model Gains Traction in Europe
Blockchain Group’s approach reflects a broader trend among European public companies adopting Bitcoin treasury strategies. The company has roots in decentralized technology consulting, data intelligence, and AI, but is now pivoting to a Bitcoin-centric balance sheet model. The leadership team is steering the firm to serve as a test case for Bitcoin-native treasury management in Europe.
TOBAM’s involvement as a strategic backer demonstrates institutional confidence in Blockchain Group’s direction. The asset manager’s allocation across multiple crypto-focused funds highlights the growing acceptance of Bitcoin as a corporate treasury reserve asset.
Blockchain Group’s move aligns with a global shift, as companies in other regions also add Bitcoin to their treasuries. The Paris-based firm’s structured capital raise showcases how corporate finance is evolving to accommodate digital assets. The company’s strategy is to grow its Bitcoin reserves in a regulated, shareholder-friendly manner, using innovative capital market tools.
The deal did not require a prospectus due to its size and market structure. Other notable shareholders, including Adam Back, Fulgur Ventures, and UTXO Management, continue to maintain significant stakes in the firm.
#BitcoinTreasury #BlockchainGroup #TOBAM #CapitalRaise #CryptoFinance