On June 9, 2025, The Blockchain Group (Euronext: ALTBG) announced a €300 million capital increase program in partnership with TOBAM—marking one of the largest flexible funding facilities in the European public markets dedicated to scaling a Bitcoin treasury.
Raising the salary is structured in a similar way to an “ATM-type” At-the-Market (ATM) offer, which allows TOBAM subscribers to purchase ordinary shares daily at the highest of either the closing price the day before or the volume-weighted-average price (VWAP). Each tranche has a cap of 21% on the trading volume for that day. It is a way to discipline capital growth over time, without altering the dynamics of the market.
The Strategic Long-Term Supporter of TOBAM
TOBAM Asset Management, a Parisian asset manager, is an investor strategic in The Blockchain Group. The company was one of Europe’s first capital allocation firms to use Bitcoin for treasury assets. The partnership is a testament to the shared belief in Bitcoin’s value over time and its importance as a financial infrastructure based on solid money principles.
This program allows TOBAM to allocate capital in ALTBG shareholdings according to market liquidity. It ensures that treasury grows sustainably, and that pricing is transparent.
Bitcoin: A New Opportunity for Corporations
BFC observers and members see this as a sign of the increasing standardization in global capital markets for Bitcoin-native businesses. The ATM structure—commonly used in U.S. equity markets—has now been adapted for European Bitcoin treasury growth. This system offers several advantages.
➤ Precision Timing The capital can be used when the conditions are right, and avoids all of the disadvantages associated with lump-sum increases.
➤ BTC per Share: The program is explicitly designed to increase the number of bitcoins per share on a fully diluted basis—aligning shareholder and treasury value.
➤ Flexible Strategic Approach: The Blockchain Group can now access capital without relying solely on the traditional funding windows.
Treasury engine, not just a Treasury
Blockchain Group has steadily grown. transforming itself From a digital service company to a fully-fledged Bitcoin Treasury Company. This €300 million program turns that transformation into a capital engine—one that can convert equity into Bitcoin With strategic intention, act consistently and responsively.
The move also enhances Europe’s standing in the growing corporate Bitcoin ecosystem. Most Bitcoin Treasury Companies in existence today are U.S. based. The Blockchain Group’s Playbook, however, offers a template for companies listed on Euronext as well as other international markets.
The Blockchain Group isn’t just holding Bitcoin—it’s designing infrastructure to accumulate it over time. The first Bitcoin Treasury Company in Europe is set to grow with TOBAM backing, and an ATM program that’s flexible. BTC per share with precision—one tranche at a time.
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Source: bitcoinmagazine.com
