The Blockchain Group, a Paris-listed cryptocurrency company trading under ticker ALTBG, has announced plans to raise €300 million (approximately $340 million) through an innovative "At-The-Market" (ATM) share issuance program to significantly expand its Bitcoin treasury. This initiative aims to more than double the company's existing Bitcoin reserves, which currently stand at 1,653 BTC valued at over $170 million, positioning it as a leading corporate Bitcoin holder in Europe.
The ATM model, inspired by U.S. markets, involves selling shares in tranches at market prices—either the previous day's closing price or the volume-weighted average price, whichever is higher—with daily issuance capped at 21% of the stock's trading volume to ensure price stability. The program will commence with a modest €500,000 tranche and scale gradually.
In partnership with TOBAM, a French asset manager specializing in quantitative strategies, the capital raise will be managed to deploy proceeds towards profitability-enhancing initiatives while keeping Bitcoin as the strategic core. This collaboration adds institutional credibility and reflects a growing trend of structured digital asset investments in Europe.
Recently, the company increased its Bitcoin holdings by acquiring 182 BTC for $19.6 million on June 17, funded through convertible bond issuances that raised nearly €18 million from institutional investors including UTXO Management, Moonlight Capital, and Ludovic Chechin-Laurans. The purchases were executed by Banque Delubac & Cie and Swissquote Bank Europe SA, with custody handled by Taurus, a Swiss digital asset infrastructure provider.
Executive leadership, including Deputy CEO Alexandre Laizet and CEO Valentin Kosanovic, has framed this as a long-term Bitcoin strategy, emphasizing global expansion and a "121%" focus on Bitcoin as a core business driver. The firm's Bitcoin investment has yielded a year-to-date return of 1,173.2% in 2025, with an average acquisition price of about $103,000 per BTC, and plans are underway to acquire an additional 70 BTC.
This move is part of a broader corporate Bitcoin adoption wave, with at least 26 entities adding Bitcoin to their balance sheets in the past month. However, warnings from industry watchers like Fakhul Miah of GoMining Institutional and Standard Chartered Bank highlight risks, such as potential liquidations if Bitcoin's price falls below $90,000, which could impact Bitcoin's perception as a treasury asset.
