The Blockchain Group, Europe’s first Bitcoin reserve company, has raised approximately €7.2 million (around $8.3 million) to further develop its Bitcoin-focused investment strategy. The capital increase comes as part of an “ATM-type” fundraising agreement with French asset manager TOBAM.
Blockchain Group Doubles Down on its Bitcoin Reserve
This latest move was approved by shareholders on June 10, replacing an earlier resolution and raising the cap on future financing to €500 million. Just days later, on June 16, the company issued over 1.6 million new shares to select investors. These shares will be listed on Euronext Growth in Paris.
The fundraising is structured to match real-time market conditions. The share price was tied to whichever was higher: the previous day’s closing price or the VWAP (volume-weighted average price), and each day’s subscriptions were capped at 21% of the prior day’s trading volume. The final average price came in at €4.49 per share—about 20.76% below the June 13 market close, per terms in the agreement dated June 6.
Deputy CEO Alexandre Laizet posted about the update on X (formerly Twitter), calling it the “#1 ATM-Type Capital Increase of €7.2M” and noting that the goal is to accumulate more Bitcoin for The Blockchain Group ($ALTBG).
The entire share offering was allocated exclusively to TOBAM, meaning existing shareholders did not have early access. Three TOBAM-managed funds bought all 1,603,306 shares, for e.g., the Bitcoin CO2 Offset Fund took 834,806 shares, Bitcoin Treasury Opportunities Fund subscribed to 735,000 shares and BTC Linked and Blockchain Equity Fund received 33,500 shares.
This capital raise reflects a growing trend of companies building Bitcoin reserves, not just in Europe but worldwide. Japan’s Remixpoint now holds over 1,038 BTC, while the UK-based Smarter Web Company has increased its stash to more than 242 BTC. Even the Polkadot community is exploring the idea of a Bitcoin reserve, proposing to use 501,000 DOT to gradually acquire tokenized Bitcoin (tBTC) over the next year. Meanwhile, Japan’s Metaplanet holds 10K BTC worth 1.07 billion.
Strategy (MicroStrategy) undoubtedly leads the fray with 454.231K BTC worth $48.49 Bitcoin in this reserve. Bitcoin, now trading at $106,822 with a market cap of $2.2 trillion, is thus increasingly being treated as a digital reserve asset by tech companies and institutions alike.
