Overview
The Blockchain Group (Euronext Growth Paris: ALTBG), Europe's premier Bitcoin Treasury Company, has announced a strategic capital raise totaling approximately €11 million. This initiative comprises:
- Equity issuance of ~€1 million at €5.251 per share under an At-The-Market (ATM) program with TOBAM
- Convertible bond offerings of ~€10 million via its Luxembourg subsidiary, subscribed by TOBAM (€5M) and Adam Back (~€5M)
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Key Transaction Details
Equity Issuance Highlights
| Parameter | Value |
|---|---|
| Total Amount | €1,051,795.33 |
| Shares Issued | 200,300 |
| Price per Share | €5.251 |
| Premium to Market | 32% above June 27 closing price |
Investor Allocation:
- TOBAM Bitcoin Enhanced Fund: 87,000 shares
- TOBAM Bitcoin Treasury Opportunities Fund: 83,000 shares
- TOBAM BTC Linked Fund: 9,800 shares
- MDP Blockchain: 20,500 shares
Convertible Bond Structure (Series A-04 & B-04)
Tranche 1 Features:
- Conversion Price: €5.174/share (30% premium)
- Maturity: 5 years
- Funds Allocation: 95% to Bitcoin acquisition, 5% operational costs
- Conversion Triggers: VWAP ≥130% of conversion price for 20 consecutive days
Tranche 2 Option:
- Allows additional subscription up to 1.5x Tranche 1 amount
- Higher conversion price of €6.7262/share (30% premium over Tranche 1)
Strategic Impact
This capital raise enables:
- Potential acquisition of ~90 additional BTC
- Total Bitcoin holdings reaching 1,878 BTC
- Strengthened position as Europe's leading Bitcoin Treasury Company
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Shareholder Impact
Fully Diluted Capital Structure Post-Issuance:
| Shareholder | Shares | % Ownership |
|---|---|---|
| Fulgur Ventures | 145,911,009 | 45.56% |
| Adam Back | 35,154,998 | 10.98% |
| TOBAM | 9,903,356 | 3.09% |
| Public/Institutional | 100,975,068 | 31.53% |
FAQ Section
Q: What is a Bitcoin Treasury Company?
A: A corporation that holds Bitcoin as part of its reserve assets, using treasury management strategies to enhance shareholder value through cryptocurrency exposure.
Q: How does the convertible bond conversion work?
A: Bonds convert to equity when the stock's 20-day VWAP reaches 130% of the conversion price, with optional conversion periods between years 3-5.
Q: What's the strategic rationale for holding Bitcoin?
A: The Blockchain Group views Bitcoin as a store of value and hedge against inflation, aligning with its expertise in decentralized technologies.
Q: When will the new shares be listed?
A: Shares from both equity issuance and potential conversions will be admitted to trading on Euronext Growth Paris following standard listing procedures.
Q: How does this affect existing shareholders?
A: The 32% issuance premium minimizes dilution, while the Bitcoin acquisition strategy aims to increase BTC-per-share ratio over time.
Risk Factors
Investors should consider:
- Bitcoin price volatility
- Conversion timing uncertainties
- Market conditions affecting equity performance
- Operational risks in treasury management
Note: All financial figures based on BTC valuation of €91,000 as of June 30, 2025. Final amounts subject to adjustment based on actual BTC prices at transaction settlement.
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