The Blockchain Group, Europe’s first publicly traded Bitcoin treasury company, has announced a capital increase of about €3 million ($3.52 million) through an “ATM-type” agreement with TOBAM, a France-based asset management firm. According to the platform, the funds raised will be channeled into advancing its Bitcoin treasury strategy, focusing on increasing its Bitcoin holdings over time.
An analysis of the company’s announcement revealed that the Chief Executive Officer of The Blockchain Group, in agreement with the Board of Directors, will conduct a capital increase by issuing 739,000 new ordinary shares at a price point of about €4.056 per share. The proceeds from the capital raise will be used to acquire about 25 additional Bitcoins, potentially bringing the company’s total holdings to approximately 1,929 BTC.
The share offering attracted several investors who subscribed to the newly issued shares. The list included TOBAM Bitcoin Enhanced Fund, TOBAM Bitcoin Treasury Opportunities Fund, TOBAM BTC Linked and Blockchain Equity Fund, and MDP Blockchain.
The Blockchain Group Pushes Its Bitcoin Agenda
Since adopting a Bitcoin treasury strategy in November 2024, the Blockchain Group has continued to stack up more BTC. In May, the platform raised $13.43 million through a bond issuance to fuel its Bitcoin acquisitions.
In another report, the French company spent $68.7 million to buy 624 BTC, increasing its total holdings to 1,471 BTC. The Blockchain Group had also previously partnered up with TOBAM to launch a $340 million (€300 million) equity issuance program to buy more Bitcoins.
Bitcoin Adoption on the Rise
The Blockchain Group is among a growing number of firms seeking to harness the potential of Bitcoin by incorporating it into their business model. For instance, DigitalX Limited, an Australian digital investment manager, raised $20.7 million in strategic funding to expand its Bitcoin treasury.
The funding round, which was supported by Animoca Brands, UTXO Management, ParaFi Capital, and others, will channel about $19.7million to buying more assets for DigitalX’s Bitcoin treasury.
American business intelligence firm Strategy is another institution bullish on its Bitcoin-focused treasury. As the world’s first and leading corporate Bitcoin holder, Strategy holds about 597,325 BTC after its last purchase of 4,980 for $531.9 million. Although the firm didn’t make any purchases last business week, it plans to issue a $4.2 billion stock program in which a portion will be allocated to acquire additional bitcoins.
