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The Blockchain Group, a company listed on Euronext Growth Paris, has announced a significant move to accelerate its Bitcoin treasury strategy with a €300 million “At-The-Market” (ATM) style capital raise program in partnership with the French asset manager TOBAM. This initiative aims to increase the number of Bitcoin per share on a fully diluted basis over time, solidifying The Blockchain Group’s position as Europe’s first Bitcoin Treasury Company.
Here’s a breakdown of the key aspects:
1. The €300M ATM Raise:
* What is an ATM raise? An At-The-Market (ATM) offering is a flexible way for publicly traded companies to raise capital over time by selling newly issued shares into the existing trading market at prevailing market prices. Unlike traditional offerings, it doesn’t involve a fixed number of shares or a fixed price upfront, allowing companies to “dribble” shares into the market as needed and take advantage of favorable market conditions. This generally leads to lower costs and less market impact compared to large, one-off placements.
* Partnership with TOBAM: TOBAM, a Paris-based asset manager and an existing strategic investor in The Blockchain Group since 2017, is the exclusive subscriber in this program. This is not a typical ATM where a financial intermediary systematically sells the shares; TOBAM may choose to retain the shares it acquires, acting as a long-term shareholder. This deepens their existing partnership and underscores a shared conviction in Bitcoin’s long-term value.
* Mechanism: The program allows TOBAM to subscribe to ordinary shares daily after market close. The pricing is based on the higher of the previous day’s closing price or the volume-weighted average price (VWAP), with each tranche capped at 21% of that day’s trading volume. This provides a disciplined and transparent mechanism for capital increases aligned with market liquidity.
* Duration and Flexibility: The program is established for an initial six months but can be extended, renewed, or not renewed by TOBAM and The Blockchain Group’s board. The company will regularly update the market on new shares issued, their price, and the number of Bitcoin acquired, as well as tracking Bitcoin per share on a fully diluted basis.
2. Bitcoin Treasury Strategy:
* Increasing BTC per share: The core objective of this raise is to systematically accumulate more Bitcoin, aiming to increase the amount of Bitcoin held per share over time. This reflects a growing trend among companies to hold Bitcoin as a treasury asset, popularized by firms like MicroStrategy.
* Transition to Bitcoin Treasury Company: The Blockchain Group has been steadily transforming from a digital services company into a full-fledged Bitcoin Treasury Company. This €300 million program is designed to be a “capital engine” that can consistently and responsively convert equity into Bitcoin.
* Current Holdings and Future Potential: The Blockchain Group had already been acquiring Bitcoin since November 2024, and as of early June 2025, held 1,471 BTC (worth over $154 million). With the full €300 million raise, the company could potentially add over 3,100 BTC to its treasury, significantly expanding its holdings.
* European Context: The Blockchain Group positions itself as Europe’s first Bitcoin Treasury Company, leading the way in institutional Bitcoin adoption within the region. This move further highlights the increasing acceptance and strategic use of Bitcoin by publicly listed companies beyond traditional crypto native firms.
This strategic funding initiative by The Blockchain Group, in collaboration with TOBAM, signifies a strong belief in Bitcoin’s long-term value and aims to establish the company as a major player in the evolving landscape of corporate Bitcoin treasuries.

Video courtesy of IPO-VID In Patrick’s Opinion

Video courtesy of IPO-VID In Patrick’s Opinion