Europe’s first publicly listed bitcoin treasury company, The Blockchain Group, has partnered with French asset manager TOBAM to raise $340 million (€300 million) to purchase additional bitcoins.
$340M Capital Raise
Under the agreement with TOBAM, The Blockchain Group launched a $340 million equity issuance program. The initiative is modeled after the United States’ At-The-Market (ATM) offerings, allowing TOBAM to purchase newly issued shares daily at prevailing market prices.
However, unlike typical ATM setups where brokers immediately sell into the market, TOBAM acts as a strategic subscriber that may choose to hold or sell shares at its discretion, without earning fees from the company. Weekly subscriptions are consolidated and listed on Euronext Growth Paris, with the structure valid for six months and subject to renewal.
Interestingly, the move strengthens the Paris-based firm’s mission of maximizing the number of bitcoins per share. The Blockchain Group currently holds 1,471 BTC, acquired at an average of €89,687 ($102,487) per BTC, with a 1097% year-to-date BTC yield.
If fully utilized, TOBAM’s stake could increase from 3% to roughly 39% of the existing capital. The conversion capacity may be expanded further, pending shareholder approval at the June 10 General Meeting, as a resolution to extend the issuance capacity to over $571 million is on the agenda.
Notably, The Blockchain Group is utilizing financial instruments to scale its Bitcoin holdings without broker-driven dilution. On the other hand, TOBAM’s track record in managing regulated crypto strategies bolsters the credibility of the initiative. Needless to say, the firm has been handling a bitcoin and blockchain fund since 2017.
Other Firms Make Similar Moves
Tokyo-listed Metaplanet announced a $5.4 billion equity raise to bolster its cryptocurrency accumulation strategy. The firm already holds 8,888 BTC ($938 million). It aims to increase its holdings to 210,000 BTC (1% of Bitcoin supply) by 2027.
Brazilian fintech Méliuz became the first publicly listed Latin American firm to launch a Bitcoin treasury strategy, filing to raise $26.45 million via a primary share offering (slated for pricing on June 12 and trading on June 16). The funds are earmarked entirely for Bitcoin acquisitions, building on a prior purchase of 274 BTC.
Meanwhile, as institutions vie for bitcoin holdings, Peter Schiff, a gold proponent, has consistently dismissed BTC as devoid of intrinsic value, comparing its community to a “giant cult.” He recently spoke at the Bitcoin 2025 conference, warning that any United States government reserve strategy involving Bitcoin could undermine the dollar.
