Daniel Walker
The Blockchain Group, the first European firm to adopt Bitcoin as a corporate treasury asset, has unveiled a €300 million ($342.5 million) at-the-market-style capital increase initiative aimed at expanding its Bitcoin holdings.
The company has entered into a capital agreement with TOBAM, a respected French asset management firm and key investor in the Euronext Growth Paris-listed company. Other major stakeholders include Fulger Ventures, David Bailey’s UTXO Management, and Blockstream CEO Dr. Adam Back.
Under this newly announced plan, TOBAM has the option to request new shares each trading day after the market closes. These shares will be priced at the higher of either the prior day’s closing value or the volume-weighted average, with issuance capped at 21% of daily trading volume.
The flexible structure allows The Blockchain Group to raise funds in stages over the next six months, with potential for renewal based on decisions by TOBAM and the company’s board of directors.
The firm emphasized that it will provide regular updates on the program’s progress, including share issuance details, acquisition timelines, and the number of bitcoins acquired per share on a fully diluted basis. Any major changes — such as suspensions or early terminations — will be promptly disclosed.
Recent Bitcoin Purchases Push Holdings Past $150 Million
In a recent disclosure, the company revealed it had completed the purchase of 624 BTC worth approximately $68.7 million, bringing its total Bitcoin treasury to 1,471 BTC, currently valued at around $158 million.
Modeled After U.S. ATM Programs — But With a Twist
The structure of this capital raise mirrors U.S.-style at-the-market (ATM) offerings, which have been popularized by companies like MicroStrategy. However, there’s a key difference: while traditional ATM programs involve a financial intermediary who does not retain the shares, TOBAM has the right to hold onto the shares and become a long-term stakeholder.
Additionally, TOBAM is not acting as a broker or receiving any placement fees, marking a departure from standard ATM program mechanics.
Growing Trend of Corporate Bitcoin Adoption
The Blockchain Group joins a growing list of 144 corporations integrating Bitcoin into their balance sheets. Newcomers like Tether-backed Twenty One, Nakamoto, Trump Media, and GameStop have recently followed in the footsteps of pioneers like Semler Scientific and KULR, embracing the crypto treasury model championed by Michael Saylor and Strategy.
In a parallel move, Metaplanet last week announced plans to raise $5.4 billion through equity issuance, aiming to acquire more Bitcoin over the next two years by selling 555 million shares.
