Share this article
The Blockchain Group Starts 300M-Euro ATM Share Sale to Expand Bitcoin Holdings
The program allows French asset manager TOBAM to buy shares at its discretion, potentially increasing its shareholding to as much as 39%. It currently holds 3%.
Updated Jun 9, 2025, 1:39 p.m. Published Jun 9, 2025, 8:47 a.m.
What to know:
- The Blockchain Group (ALTBG) signed a share-issuance program worth up to 300 million euros ($342.5 million)
- The program is similar to an at the market (ATM) program and is backed by French asset manager TOBAM.
- Proceeds will be used to purchase bitcoin.
The Blockchain Group (ALTBG), a tech firm that brands itself as Europe’s first Bitcoin Treasury Company, announced a share-issuance program worth up to 300 million euros ($342.5 million).
The capital raise is structured as an at the market (ATM) program and backed by French asset manager TOBAM, a longtime investor in both bitcoin and the Paris-listed company on behalf of clients, Blockchain Group said in a press release.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The program allows TOBAM to buy new shares at its discretion, based on daily market conditions. The price of each tranche will be the higher of the previous day’s closing price or its volume-weighted average price, with purchase volume capped at 21% of the day’s trading activity, the firm said.
Proceeds are expected to be used to purchase bitcoin, furthering the company’s stated goal of increasing its “bitcoins per share” metric over time. The Blockchain Group started buying bitcoin in November. Since then, it has amassed 1,471 BTC at an average price of $102,507, it said June 3.
Unlike typical ATM programs in the U.S., which use brokers to sell stock into the market, TOBAM is acting in its own interest, not as an intermediary. It will decide whether to hold or sell the newly issued shares on its own criteria and won’t be compensated by the company for participating.
If fully executed at recent market prices, TOBAM’s stake in the company could rise from 3% to over 39%. A shareholder vote scheduled for June 10 could expand the capital raise to 500 million euros.
Shares in the company, which has a market cap of 543 million euros, have risen 20% today to 4.9 euros.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
Sizin için daha fazlası
Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop
Most tokens that debuted this year are trading below their initial valuations.
Bilinmesi gerekenler:
- Cardano-based Midnight Network's token NIGHT plummeted 22%, the steepest decline among the top 100 tokens.
- Bitcoin fell below $88,000 after failing to maintain gains above $90,000, with potential volatility expected following the U.S. GDP release.
- A year-end analysis reveals that only 15% of crypto tokens launched in 2025 are trading above their initial valuations, with infrastructure and AI-linked tokens underperforming.
Top Stories
