- The Blockchain Group launches €300M share program to expand Bitcoin Treasury reserves.
- TOBAM can buy shares daily, capped at 21% of the prior day’s trading volume.
- Capital raise aims to increase the bitcoins per share and reshape shareholder structure.
The Blockchain Group has launched a €300 million capital raise program with TOBAM to expand its Bitcoin reserves. The company, listed on Euronext Growth Paris, aims to strengthen its Bitcoin Treasury Company model.
This initiative mirrors the U.S. “At‑The‑Market” (ATM) strategy but is adapted for European exchanges. TOBAM is allowed to subscribe to newly issued shares at the higher of the prior day’s closing price or its volume-weighted average price (VWAP). Each daily subscription is capped at 21% of the previous day’s trading volume. While TOBAM can send in subscription requests every trading day, all requests are aggregated and executed once a week.
The weekly issuance price is set based on the average of the submitted daily prices, subject to a minimum floor if prices fall below it. New shares will be admitted to trading on Euronext Growth Paris. The program has an initial six-month term and is renewable unless one party objects.
The company does not need to file a prospectus with French regulators. TOBAM will not serve as a financial intermediary and will not earn a fee from this program. The firm may retain, sell, or manage shares using its own strategy. The goal is to gradually increase the number of bitcoins per share over time.
TOBAM is already a strategic investor in The Blockchain Group and has invested in Bitcoin since 2017. The company manages funds for clients under discretionary mandates. The Blockchain Group will publicly report all new share issuances and related Bitcoin purchases. These disclosures will track the evolution of bitcoin holdings per share.
A significant increase in capital will trigger a dedicated press release. The Blockchain Group also plans to inform the market if the program is modified or terminated. This includes disclosing any changes to share issuance limits or regulatory conditions that may affect the company’s operations.
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The initiative operates under the February 2025 shareholder resolution that allows capital increases for fintech and blockchain investors. This resolution permits up to €37.5 million in nominal capital, expiring in August 2026. A June 2025 shareholder vote could expand that limit to €500 million nominally.
The Board of Directors may extend the program under the new resolution if approved. If the full €300 million is raised at €4.1 per share, TOBAM could become the company’s largest shareholder. This would shift shareholding away from current major investors such as Fulgur Ventures and Adam Back.
The company emphasized that these projections are theoretical and depend on market activity. Share dilution estimates may vary as the program progresses.
