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The Blockchain Group, Europe’s first Bitcoin Treasury Company, has announced a strategic partnership with TOBAM, a leading asset management firm and early Bitcoin investor.
The aim is to raise €300 million ($342 million) through an “At-The-Market” (ATM-type) capital increase program.
The initiative is designed to accelerate The Blockchain Group’s strategy of increasing its Bitcoin reserves by issuing new shares in controlled tranches.
TOBAM, a current strategic investor in the company, will subscribe to shares at a price based on the higher of the previous day’s closing price or the volume-weighted average price (VWAP)
Also the market cap on daily issuance is set at 21% of that day’s trading volume.
The proceeds from these issuances will be used to acquire more Bitcoin, thereby increasing the number of bitcoins held per share on a fully diluted basis over time.
Innovative Financing Inspired by U.S. ATM Programs, Adapted for European Markets
The program mimics U.S.-style ATM offerings but with notable differences: TOBAM is not acting as a financial intermediary and receives no compensation or underwriting fees.
Instead, TOBAM may hold or trade the shares at its discretion, unlike traditional intermediaries that offload shares directly into the market.
The capital raises will be aggregated weekly, and all new shares will be listed on Euronext Growth Paris.
The Blockchain Group clarified that a formal prospectus is not required for this process under French law.
The flexibility of the model allows TOBAM to submit subscription requests daily, and all subscribed shares are subject to volume and price limitations to protect existing shareholders from significant dilution or market disruption.
Implications for Capital Structure and Market Presence
If the full €300 million ($342 million) is raised at a share price of €4.10 (the June 6, 2025, closing price), up to 73.17 million new shares could be issued.
It potentially increasing the total number of outstanding shares to over 378 million on a fully diluted basis.
In that scenario, TOBAM’s ownership stake could rise significantly to over 21% of the company.
While this may shift the ownership landscape, the company asserts that the structure will maintain market transparency and limit volatility.
The agreement also includes mechanisms to prevent undervaluation, including a floor price derived from shareholder-approved pricing formulas.
Also the company has committed to disclosing Bitcoin accumulation and dilution impacts regularly.
Also Read: London-Listed Bitcoin Firm Vinanz Limited Receives $4M Investment to Strengthen Bitcoin Holdings
Shareholder Authorization and Governance Support Long-Term Vision
The ATM-type program was enabled by a resolution passed during The Blockchain Group’s extraordinary general meeting in February 2025.
The meeting authorized capital increases reserved for strategic investors in fintech, blockchain, and AI.
A new resolution up for approval on June 10, 2025, would expand this capacity further, potentially allowing up to €500 million in future capital raises.
The board is expected to reconvene following that meeting to determine whether to transition the program to this larger authorization.
The strategic alignment with TOBAM, known for its early and robust support for Bitcoin-related investments, strengthens The Blockchain Group’s credibility in digital asset treasury management.
Accelerating the Bitcoin Reserve Model While Managing Risk
This announcement reinforces The Blockchain Group’s ambition to become a dominant force in institutional Bitcoin accumulation, a role similar to that played by MicroStrategy in the U.S.
The structured nature of this capital raise allows the company to scale responsibly while attracting long-term investors aligned with its Bitcoin-first treasury strategy.
While the company acknowledges market risks, outlined in its 2024 annual report, it emphasizes the importance of transparency, regulatory compliance, and shareholder communication in maintaining trust.
The strategic partnership with TOBAM, combined with clear reporting and governance structures, positions The Blockchain Group as a European leader in the evolving digital asset economy.
Also Read: U.S Entities Bitcoin Holdings Reaches Records, Accounts To 65% More Than Non-U.S Entities