The Blockchain Group's Stock Soars 554% on Bitcoin Strategy

The Blockchain Group, a prominent player in European capital markets, has experienced a remarkable surge in its stock price, increasing by 554% over the past six months. This significant growth is largely due to the company's strategic pivot towards a Bitcoin treasury strategy, making it the first of its kind in Europe. As of May 16, 2025, the company's stock is trading at €1.90, with a market capitalization of €179.3 million, having reached a 52-week high of €1.95.

The company's transformation began in late 2023 when it underwent a significant restructuring. Initially focused on tech-related holdings, the company shifted its attention to blockchain technologies, data analysis, and Bitcoin. By November 2024, the company had decided to use Bitcoin as its core working capital, aiming to maximize the amount of Bitcoin per share. This strategic shift involved targeted investments, including a million euros in equity funding in November 2024, 2.5 million euros from Adam Back and TOBAM in December, and a €48.6 million Bitcoin-denominated convertible bond in March 2025. These investments resulted in a surge in Bitcoin holdings from 41 to 332 sats per share, delivering a 709.8% Bitcoin yield in just one quarter.

ALTBG’s disciplined capital strategy has been pivotal in its success. The company mobilizes equity, bonds, and warrants to maximize Bitcoin acquisition per share, treating dilution as a tool for value creation rather than a threat. This approach has engineered its balance sheet to act as a “Satoshi refinery,” attracting more inflows into BTC holdings. In May 2025, ALTBG received €22 million in investment, €12.1 million of which was a Bitcoin-denominated convertible bond from Adam Back. This funding is part of an ambitious eight-year plan that predicts owning between 21,000 and 42,000 BTC in 2029, and as much as 260,000 BTC in 2033, all without selling a single satoshi. If realized, these objectives could make ALTBG one of Europe’s most valuable public companies.

The company's financials reflect its growth focus, with €15 million in trailing twelve-month revenue and a P/E ratio of 131.13. The absence of a dividend yield underscores its commitment to reinvesting profits for further growth. The share price volatility, with a 52-week low of €0.082 and a high of €1.95, highlights the dynamic nature of the company's performance. ALTBG's strategy aligns with approaches established by Bitcoin treasuries in other regions, using capital raises at market premiums and Bitcoin-denominated debt to align risk. This approach has not only boosted the company's stock price but also positioned it as a leader in the European Bitcoin treasury space.