- Blockchain Group issued 1.6M shares at €4.49 each to support its Bitcoin reserve plan.
- TOBAM’s three crypto funds invested over €7.1M in Blockchain Group’s latest share sale.
- New share allocation shifts the company’s public and executive capital stakes.
The Blockchain Group confirmed a capital increase of approximately €7.2 million through its “ATM-type” agreement with TOBAM. The decision, made under the 12th resolution passed by shareholders on June 10, 2025, supports the company’s strategy to increase its Bitcoin per share value. According to the press release, the firm will issue 1,603,306 new ordinary shares at an average price of €4.49 per share.
The subscription price was calculated using the higher of either the prior day’s closing price or volume-weighted average price. Shares requested could not exceed 21% of the previous day’s trading volume. Consequently, the new shares will be listed on Euronext Growth Paris without requiring approval from the AMF for a prospectus.
Despite share price volatility, the €4.49 average price represents a 20.76% discount compared to the June 13 closing value. The transaction consolidates subscription requests received from June 9 to June 13.
TOBAM Emerges as Key Investor in Allocation
The capital increase waives preferential shareholder rights in favor of TOBAM’s investment vehicles. The TOBAM Bitcoin CO2 Offset Fund received 834,806 shares for €3.77 million at €4.519 each. TOBAM Bitcoin Treasury Opportunities Fund was allotted 735,000 shares for €3.26 million at €4.433 each. The remaining 33,500 shares went to TOBAM BTC Linked and Blockchain Equity Fund for €159,695 at €4.767.
The move aligns with the company’s effort to expand its fully diluted Bitcoin-per-share ratio over time. Total capital raised across all three TOBAM funds reached €7,191,143.60.
Additionally, the company implemented the increase under the authority granted by the board on June 10, which superseded the earlier mandate issued on February 21. This updated delegation raised the cap on possible capital increases to €500 million nominally.
Related: The Blockchain Group is Raising €300M to Expand its BTC Holdings
Dilution Shifts Shareholder Capital Distribution
Following the issuance, executives’ holdings on a fully diluted basis fell to 5.84% from 9.62%. Meanwhile, Fulgur Ventures’ share surged to 46.57%. Adam Back held 10.91% on a fully diluted basis, while TOBAM now holds 3.35%.
Public and institutional holdings shrank to 30.18% from 75.36%. The company warned of additional shares pending from warrant exercises and legal adjustments that are not yet reflected in the current totals. Could these capital moves reshape investor confidence in The Blockchain Group’s Bitcoin-centric roadmap?
