The Blockchain Group (ALTBG) has inked a headline-grabbing deal with French asset manager TOBAM to raise up to €300 million (≈ $342M) in an “ATM-style” equity program aimed squarely at bolstering its Bitcoin reserves.
The announcement, paired with a 624 BTC buy last week, marks Europe’s largest single corporate initiative to convert equity into Bitcoin directly. It signals a growing appetite for hard-asset treasuries among listed firms even as BTC trades 5% off its all-time high.
The agreement, disclosed Monday, allows TBG to issue new shares in tranches with TOBAM as the exclusive subscriber. Unlike traditional placements, the deal does not carry a fee.
If TOBAM retains its allocation, it could end up with as much as 39% of TBG’s share capital, becoming its largest shareholder.
The strategy follows a flurry of activity from the Paris-based tech group. On June 3, TBG purchased 624 BTC (≈ $69M), bringing its holdings to 1,471 BTC, worth roughly $151 million at current prices. The fresh capital raised via TOBAM will feed directly into similar BTC acquisitions, positioning TBG as Europe’s most aggressive corporate accumulator of Bitcoin.
The structure, modeled after U.S.-style ATM (At-the-Market) offerings, has been adapted to fit European regulations.
TOBAM Bitcoin history
For TOBAM, the move deepens a decade-long engagement with digital assets. The asset manager launched Europe’s first Bitcoin fund in 2017 and has since championed the thesis of Bitcoin as a non-correlated reserve asset. This deal cements its role as both financier and strategic partner.
“TOBAM will subscribe at market price and may choose to retain the shares long-term,” the firm said, indicating its interest runs deeper than a quick flip.
TBG’s share price has skyrocketed by over +1,400% in the past six months, buoyed by a series of crypto-aligned capital moves, including a €12.1M BTC-denominated convertible bond issued to Blockstream CEO Adam Back and multiple equity raises throughout late 2024 and early 2025.
The timing illustrates a powerful trend: despite Bitcoin’s short-term consolidation near $105k, down from a record $111,965 in April, publicly listed firms continue to adopt BTC as a balance-sheet cornerstone. The number of corporate Bitcoin holders has climbed from 89 to 113 since April alone, according to FT data.
European Strategy
The clear parallel is with Strategy. But while the U.S. firm operates under a shelf registration regime and works with major banks, TBG’s approach involves a single asset manager, TOBAM, as both financier and potential co-pilot. That makes this deal as much a case study in financial engineering as it is a Bitcoin bet.
Still, questions remain. The issuance could expand the share count, raising the issue of dilution. Whether BTC-per-share growth outpaces equity issuance will depend on execution and the price of Bitcoin.
Moreover, transparency will be key. TBG has promised to disclose BTC purchases weekly and cap the share issuance rate. But any deviation could trigger scrutiny from the AMF or backlash from equity holders.
What’s clear is that the model TBG is testing could become a template for Europe’s mid-cap firms seeking a way to enter the Bitcoin treasury game, without U.S. capital market tools. If successful, it could usher in a new class of “Bitcoin balance sheet” players on the continent.
Timeline of Events
- Dec 2024 – TBG begins treasury pivot with initial equity raise.
- May 9, 2025 – TOBAM participates in €9.9M equity round.
- May 12, 2025 – Adam Back takes €12.1M BTC-denominated convertible bond.
- June 3, 2025 – TBG buys 624 BTC (~$69M).
- June 9, 2025 – Announces €300M ATM-style raise with TOBAM.
Blockchain Group is now a European testbed for financial alchemy, turning equity into Bitcoin at institutional scale. With TOBAM backing the play, and the regulatory greenlight in hand, the only question is whether others will follow, or whether this is a one-way bet that only works when BTC keeps climbing.
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