Europe’s first bitcoin treasury company, The Blockchain Group, announced a €300 million ($342.5 million) at-the-market-style program on Monday to acquire more bitcoin.
The Blockchain Group has signed a standby capital increase agreement at market price with TOBAM — a French asset manager and strategic investor in the Euronext Growth Paris-listed firm. Fulger Ventures, David Bailey’s UTXO Management, and Blockstream CEO Dr. Adam Back are also among its shareholders.
The program allows TOBAM to request new shares each day after market close, priced at the higher of the previous day’s closing price or the volume-weighted average price, capped at 21% of that day’s trading volume. It enables capital increases to be carried out in tranches up to the total value, established for an initial six months. However, TOBAM and The Blockchain Group’s board of directors may choose to extend, renew, or not renew this limit, the firm said in a statement.
During the program, the company will regularly update the market on new shares issued, including their number, price, and timing, as well as the number of bitcoin acquired, and track bitcoin per share on a fully diluted basis. Any suspension, termination, or change to the program will also be announced.
Last week, The Blockchain Group disclosed it had completed the purchase of 624 BTC for about $68.7 million, bringing its current total holdings to 1,471 BTC — worth around $158 million.
Inspired by US ATM programs
The Blockchain Group’s program is similar to U.S.-style at-the-market (ATM) offerings, such as those used by Michael Saylor’s Strategy, where capital increases happen at market conditions and the counterparty’s request. However, unlike a typical ATM, where a financial intermediary systematically sells the shares and does not intend to retain them, TOBAM may choose to keep the shares it acquires and act as a shareholder, the firm said. TOBAM provides no placement or underwriting services and receives no compensation from the company for this transaction, unlike the financial intermediary in an ATM program, it added.
There are now 144 companies that have adopted some form of bitcoin treasury, with Tether-backed Twenty One, Nakamoto, Trump Media, and GameStop, recently joining the likes of Semler Scientific and KULR in adopting the bitcoin acquisition model pioneered by Saylor and Strategy.
Last week, Metaplanet announced a $5.4 billion equity raise to purchase more bitcoin, selling 555 million shares over the next two years.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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