Blockchain Group (ALTBG) has raised up to 300 million euros (approximately $342 million) with a headline-grabbing agreement with French asset manager Tobam in an “ATM-style” equity program aimed at strengthening its Bitcoin reserve.
The announcement, combined with the 624 BTC purchase last week, marks Europe’s largest single-company initiative, converting Bitcoin directly. Despite BTC taking a 5% off record high, there is a growing appetite for the Ministry of Finance for hard assets among listed companies.
The agreement, disclosed on Monday, allows TBG to issue new shares at Tranches at Tobam as an exclusive subscriber. Unlike traditional layouts, there is no charge for transactions.
If Tobam holds the allocation, 39% of TBG’s share capital will be the largest and could become the largest shareholder.
This strategy follows a surge in activity from Paris-based high-tech groups. On June 3, TBG purchased 624 BTC (≈69mm) and brought its holdings to 1,471 BTC, worth around $151 million at its current price. Fresh capital raised through Tobam will be fed directly into similar BTC acquisitions, placing TBG as Bitcoin, the accumulator of Europe’s most aggressive companies.
The structure, modeled on the US-style ATM (market) offering, is adapted to meet European regulations.
The history of Tobam Bitcoin
In Tobam’s case, the move deepens its 10-year involvement with digital assets. The asset manager launched Europe’s first Bitcoin fund in 2017, and later defended the Bitcoin paper as a non-correlated reserve asset. The transaction cements its role as both a financial operator and a strategic partner.
“Tobam can subscribe at market prices and choose to hold stocks for the long term,” the company said, indicating that its interest is deeper than a quick flip.
TBG’s stock price has skyrocketed above +1,400% in the past six months, including 12.1 million euros of BTC-controlled convertible bonds issued between late 2024 and early 2025, including 12.1 million euros of BTC-controlled convertible bonds issued to Blockstream CEO Adam Back.
Timing shows a strong trend. Despite the short-term Bitcoin consolidation, which is close to $100,000 from the record $111,965 in April, public companies continue to adopt BTC as the cornerstone of their balance sheets. According to FT data, in April alone, the number of companies’ Bitcoin holders has risen from 89 to 113.
European Strategy
The clear parallelism lies in strategy. However, while the US company operates under the shelf registration system and works with major banks, TBG’s approach involves a single asset manager, Tobam, as both a financial operator and a potential co-pilot. This makes the transaction as much a financial engineering case study as a bitcoin betting.
Still, the questions remain. Issues can expand your Shet account and cause dilution issues. Whether BTC-Pers-Share’s growth outweighs stock issuance depends on the execution and price of Bitcoin.
Furthermore, transparency is important. TBG is committed to disclosing BTC purchases weekly and capping the share issuance rate. However, deviations can lead to scrutiny from AMF and backlash from stockholders.
What is clear is that what Model TBG is testing could be a template for European intermediate companies seeking a way to participate in the Bitcoin Treasury games without the US capital market tools. If successful, it could lead a new class of “Bitcoin Balance Sheet” players on the continent.
Event timeline
- December 2024 – TBG will begin pivoting the Ministry of Finance with Initial Equity Raise.
- May 9, 2025 – Tobam is taking part in a 9.9 million euro stock round.
- May 12, 2025 – Adambak acquires a BTC-controlled convertible bond of 12.1 million euros.
- June 3, 2025 – TBG buys 624 BTC (~$69M).
- June 9, 2025 – Tobam announces an ATM-style salary increase of 300 million euros.
The Blockchain Group is now a European testbed for financial alchemy, transforming equity into Bitcoin on a system scale. With Tobam backing the play and having the Regulation Greenlight at hand, the only question is whether others will follow, or whether this is a one-way bet that will only work as BTC continues to climb.
