The Blockchain Group Eyes €300M Raise to Boost Bitcoin Holdings, with Backing from TOBAM
The Blockchain Group (ALTBG), a Paris-listed tech firm with a growing reputation as a Bitcoin-focused treasury vehicle, has launched a €300 million at-the-market (ATM) share issuance program. The fresh capital will be used to expand its bitcoin reserves, a move aligned with its ongoing pivot toward digital asset accumulation.
The issuance is being facilitated through a flexible agreement with long-time partner TOBAM, a French asset manager known for early institutional exposure to bitcoin. Under the arrangement, TOBAM may significantly increase its ownership stake—from 3% to potentially 39%—depending on market conditions and full program participation.
Program Structure:
- Shares will be issued at the higher of the previous closing price or VWAP (volume-weighted average price).
- Daily issuance is capped at 21% of trading volume to limit dilution.
- TOBAM is not acting as a broker or agent, and will independently manage its share acquisition strategy.
The Blockchain Group began its Bitcoin treasury strategy in November 2024, and currently holds 1,471 BTC, acquired at an average price of $102,507, based on its June 3 update.
A shareholder vote on June 10 may authorize an expansion of the program to €500 million, should investor interest persist.
The market reacted positively to the announcement, with ALTBG stock rising 20% to €4.90, pushing the company’s market cap to roughly €543 million.
