The blockchain group (Altbg) has signed an agreement to write titles with French assets Tobam to raise up to 300 million euros (≈ 342 million dollars) in an “ATM style” equity program aimed squarely to strengthen its Bitcoin reserves.
The announcement, associated with a purchase of 624 BTC last week, marks the largest unique business initiative in Europe to directly convert actions into Bitcoin. It signals an increasing appetite for treasury bills for hard assets among the listed companies while the BTC is negotiated at 5% of its level of all time.
The agreement, disclosed on Monday, allows TBG to issue new actions in Tobam slices as an exclusive abund. Unlike traditional investments, the agreement does not pay costs.
If Tobam retains his allowance, he could find himself up to 39% of TBG’s share capital, becoming his largest shareholder.
The strategy follows a wave of activities of the technological group based in Paris. On June 3, TBG bought 624 BTC (≈ 69 million dollars), bringing its assets to 1,471 BTC, worth around $ 151 million at current prices. The new capital lifted via Tobam will directly feed similar BTC acquisitions, positioning TBG as the most aggressive business accumulator in Europe in Bitcoin.
The structure, modeled according to ATM offers in American style (At-the-the Sarket), has been adapted to adapt to European regulations.
Tobam Bitcoin History
For Tobam, the movement deepens a commitment of a decade with digital assets. The asset manager launched the first Bitcoin fund in Europe in 2017 and has since defended the Bitcoin thesis as an unrelated reserve. This agreement constitutes its role as a financier and a strategic partner.
“Tobam will subscribe to the market price and could choose to keep long -term actions,” said the firm, indicating that its interest is deeper than a rapid flip.
The course of TBG action has skyrocketed by more than + 1,400% in the last six months, supported by a series of capital movements aligned by Crypto, including a convertible obligation labeled of 12.1 million euros in BTC issued to the CEO of Blockstream Adam and multiple actions throughout 2024 and at the beginning of 2025.
The timing illustrates a powerful trend: despite the short -term consolidation of Bitcoin nearly $ 105,000, down from a record of $ 111,965 in April, the listed companies continue to adopt the BTC as a cornerstone. The number of corporate bitcoin holders has increased from 89 to 113 since April alone, according to FT data.
European strategy
The clear parallel is with the strategy. But while the American company operates under a registration scheme for shelves and works with large banks, the TBG approach implies a single asset manager, Tobam, both financial and potential co -pilot. This affects this case a case study in financial engineering than by Bitcoin.
However, questions remain. The issue could extend the number of actions, which increases the question of dilution. The question of whether BTC-Per-Share growth exceeds the issue of shares will depend on the execution and price of Bitcoin.
In addition, transparency will be essential. TBG has promised to disclose BTC purchases every week and cap the rate of shares. But any gap could trigger a meticulous examination of the AMF or reactions from shares.
What is clear is that the model that TBG is tested could become a model for European captain’s mid -way companies looking for a way to enter the Bitcoin treasure game, without American capital market tools. In case of success, it could inaugurate a new class of “Bitcoin assessments” players on the continent.
Event chronology
- DEC 2024 – TBG begins the treasure pivot with an increase in initial actions.
- May 9, 2025 – Tobam participates in a capital round of 9.9 million euros.
- May 12, 2025 – Adam Back takes on a convertible link labeled in BTC of 12.1 million euros.
- June 3, 2025 – TBG buys 624 BTC (~ 69 million $).
- June 9, 2025 – Announces an ATM style increase of 300 million euros with Tobam.
Blockchain Group is now a European test bench for financial alchemy, transforming equity into bitcoin on a institutional scale. With Tobam supporting the room and the regulatory green light by hand, the only question is whether the others will follow, or if it is a one -way bet that only works when BTC continues to climb.
