Blockchain Group Raises €7.2 Million to Expand Bitcoin Treasury

The Blockchain Group, a Paris-listed company, has successfully raised €7.2 million ($7.7 million) through a funding round led by TOBAM, an asset management firm. This capital injection is part of the company's strategy to expand its Bitcoin Treasury, aiming to accumulate up to 260,000 BTC, valued at approximately $24 billion by 2033. The funding was secured through an “At-The-Market” offering, which issued 1,603,306 new ordinary shares at an average price of €4.49 per share, representing a 20.76% discount to the stock’s closing price on June 13.

TOBAM participated in the capital raise through three of its investment funds, with the TOBAM Bitcoin CO2 Offset Fund acquiring the largest stake of over 834,000 shares. The remaining shares were divided between the Bitcoin Treasury Opportunities Fund and the Blockchain Equity Fund. Following this transaction, TOBAM now controls over 3% of Blockchain Group’s capital on a fully diluted basis. The asset manager maintains flexibility to either retain or divest its acquired shares.

This capital injection enables Blockchain Group to continue acquiring Bitcoin for its treasury reserves, part of a comprehensive strategy launched in late 2024 that positioned it as Europe’s inaugural Bitcoin Treasury Company. The firm operates subsidiaries specializing in data intelligence, artificial intelligence, and decentralized technology consulting and development. This approach follows similar strategies implemented by companies such as MicroStrategy and Japan’s Metaplanet, both of which maintain substantial Bitcoin holdings.

Between March and June of this year, the French-listed company confirmed the acquisition of 1,431 BTC worth over $152 million based on Bitcoin’s current price of $106,599. The company has set an ambitious target to accumulate up to 260,000 BTC, currently valued at approximately $24 billion, by 2033.

Bitcoin's price has been fluctuating, with recent attempts to break the $109,000 mark. At the time of analysis, Bitcoin was trading near $106,479, rebounding from a recent low of around $100,385. The cryptocurrency has moved above the 0.786 Fibonacci retracement level, which previously served as resistance, and is currently trading just below a descending trendline with limited price action since late May. Multiple Fibonacci levels calculated from recent swing points indicate critical support and resistance zones. The 0.382 level at $104,818 and the 0.5 level at $105,999 provide immediate support, coinciding with an ascending trendline and horizontal support levels, creating technical confluence in this area. The 0.618 level at $107,557 represents the next resistance target, followed by a more significant barrier at the 0.786 level near $109,507. Technical projections suggest a potential move toward the 1.618 Fibonacci extension target at $119,164, contingent on a decisive break above the overhead resistance at $109,507 and the psychological level near $111,991.77, which previously marked a swing high. However, escalating geopolitical tensions could undermine the $104,800–$105,400 support zone, potentially invalidating this bullish scenario and pushing Bitcoin back toward the $103,100 and $100,385 levels.