Blockchain Group, which trades on Euronext Growth Paris, has announced a significant capital raise of $342 million in collaboration with asset management firm TOBAM. This initiative is aimed at bolstering the company’s Bitcoin reserves and reinforcing its status as Europe’s first dedicated Bitcoin Treasury Company.
The capital raise will involve the issuance of new shares through a mechanism akin to an “at-the-market” program, a strategy commonly utilized in the United States.
TOBAM will be subscribing to shares at prevailing market prices, with each subscription limited to 21% of the previous day’s trading volume. This structured offering is intended to methodically increase the number of Bitcoins retained per share on a fully diluted basis, aligning with Blockchain Group’s Bitcoin-centered balance sheet approach.
TOBAM Poised to Become Largest Shareholder
As part of this arrangement, TOBAM will streamline its weekly requests, while Blockchain Group will disclose the total number of shares issued along with the Bitcoin acquisitions from each tranche.
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 advocate for Bitcoin since 2017, is participating in the transaction as a shareholder rather than acting as a financial intermediary, meaning it will not collect any fees. The fund manager retains the discretion to either hold or liquidate its subscribed shares.
If TOBAM chooses to fully exercise its allocation and retain the shares, it could potentially claim more than 39% of Blockchain Group’s capital, positioning it as the company’s largest individual shareholder. Current investors in Blockchain Group include notable figures like cryptographer Adam Back and venture firm Fulgur Ventures.
Blockchain Group Expands Bitcoin Strategy Following Significant Acquisition
This development comes on the heels of Blockchain Group’s recent acquisition of 624 Bitcoins, valued at $68.6 million, which significantly amplifies its foray into digital assets. This purchase brings the firm’s total Bitcoin holdings to 1,437, with an estimated value exceeding $150 million. This acquisition is among the most substantial Bitcoin treasury allocations made by a publicly traded company in Europe.
The strategic move follows the approval of a shareholder resolution in February that authorized capital increases targeting strategic investors in sectors such as Web3 and AI. A subsequent resolution now under consideration could elevate the capital raise limit from $40.4 million to $538.5 million, thereby enhancing the board’s latitude to extend the initiative.
In a climate of rising inflation and economic volatility, organizations are reconsidering traditional treasury strategies. Against this backdrop, Blockchain Group’s proactive transition toward Bitcoin underscores a growing institutional confidence in the cryptocurrency as a viable long-term store of value.
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