The Blockchain Group Unveils €300M ATM Offering to Accelerate Bitcoin Accumulation Strategy

French tech firm The Blockchain Group (ALTBG) has launched a €300 million at-the-market (ATM) share offering as it doubles down on its mission to become Europe’s premier Bitcoin Treasury company. The firm plans to use proceeds to boost its bitcoin holdings, a move backed by its strategic partner TOBAM, an established institutional investor in digital assets.

Under the agreement, TOBAM will have the option to purchase shares on a rolling basis, potentially increasing its ownership from 3% to up to 39%, depending on market conditions and final uptake.

Key Terms of the Offering:

• Shares will be priced at the higher of either the prior day’s close or the volume-weighted average price.
• Daily purchases are capped at 21% of trading volume to limit market impact.
• TOBAM is acting independently, not as a broker or intermediary, and may hold or resell shares at its discretion.

This flexible structure allows The Blockchain Group to raise capital gradually, mirroring U.S. bitcoin treasury strategies seen with companies like MicroStrategy. The goal: increase its BTC per share ratio, a key performance metric the company has emphasized since launching its treasury initiative in late 2024.

As of June 3, The Blockchain Group held 1,471 BTC, purchased at an average cost of $102,507 per coin.

The company’s stock responded positively, rising 20% to €4.90, bringing its market capitalization to €543 million. A shareholder vote on June 10 could expand the program further, raising the ceiling to €500 million.