The Blockchain Group Taps Markets With €300M ATM Offering to Strengthen Bitcoin Portfolio

The Blockchain Group Launches €300M Equity Offering to Deepen Bitcoin Exposure, TOBAM Positioned to Expand Stake

Paris-listed tech firm The Blockchain Group (ALTBG) has unveiled a €300 million at-the-market (ATM) equity program, marking its next strategic move to enhance long-term bitcoin exposure. The capital raise, backed by digital asset-focused asset manager TOBAM, will fund further accumulation of BTC, reinforcing the company’s positioning as Europe’s first Bitcoin Treasury company.

TOBAM, which currently holds a 3% equity stake, could increase its position up to 39% if it fully participates at current share prices. The offering is designed for gradual execution to minimize market disruption.

Key Structural Details:

• New shares will be priced at the greater of the previous day’s closing price or VWAP.
• Daily issuance is limited to 21% of daily trading volume.
• TOBAM will acquire shares on its own behalf, not as a market maker, and has full discretion over whether to retain or divest the shares.

The Blockchain Group has already acquired 1,471 BTC since initiating its strategy in November 2024, with an average purchase price of $102,507. Management has publicly committed to a long-term treasury allocation model inspired by U.S. counterparts, aiming to steadily raise its bitcoin-per-share ratio.

A shareholder vote scheduled for June 10 could approve an increase in the ATM capacity to €500 million, depending on investor sentiment.

Following the announcement, ALTBG shares surged by 20%, reaching €4.90 per share and valuing the company at approximately €543 million.