Blockchain Group Aims to Double Bitcoin Holdings with €300 Million Raise

Paris-based Blockchain Group has announced an ambitious plan to raise €300 million (approximately $340 million) to significantly expand its Bitcoin treasury. This move positions the company as a key player in Europe’s institutional Bitcoin landscape, aiming to more than double its current holdings of over $154 million in Bitcoin. The company, which identifies itself as Europe’s first dedicated Bitcoin treasury firm, is set to play a pivotal role in shaping institutional crypto adoption across the region.

The fundraising strategy adopted by Blockchain Group is noteworthy. Inspired by the U.S. market’s At-The-Market (ATM) model, the company will sell shares directly at market prices in tranches, with a cap of no more than 21% of the day’s trading volume. This mechanism is designed to raise capital while maintaining market balance, starting with a modest €500,000 and scaling up gradually. This approach is relatively uncommon among European crypto firms, indicating Blockchain Group’s ambition to compete on a larger, more global stage.

Blockchain Group has partnered with TOBAM, a well-known asset manager, to handle the capital raise and ensure the funds are utilized effectively. TOBAM will direct the new capital toward growth and profit-generating strategies, emphasizing long-term business development with Bitcoin as the strategic core. This collaboration underscores the company’s commitment to leveraging Bitcoin as a core driver of value and global expansion.

Alexandre Laizet, the company’s Deputy CEO and head of Bitcoin strategy, has been vocal about the raise, highlighting that it is about more than just growing the treasury. He emphasizes the company’s unwavering focus on managing Bitcoin investments, pointing to the group’s firm commitment to yield and results. Laizet believes the ATM program will further solidify the company’s position as a top player in Europe’s Bitcoin market. Valentin Kosanovic, another key figure, echoed this sentiment, calling the program a major step forward for the company’s global operations and stressing the importance of staying focused on making Bitcoin a core driver of value.

The timing of Blockchain Group’s announcement is significant. Just days prior, MicroStrategy, the largest corporate Bitcoin holder globally, announced plans to raise $1 billion for more Bitcoin. While Blockchain Group’s raise is smaller, it signals that Europe is actively participating in the institutional Bitcoin race. This move comes amidst outflows from U.S. spot Bitcoin ETFs, demonstrating that firms like Blockchain Group are pushing forward based on long-term conviction rather than reacting to short-term market fluctuations. With this new capital program, Blockchain Group is raising the stakes for institutional crypto strategy in Europe, positioning itself as a formidable player in the global Bitcoin landscape.