The Blockchain Group (ALTBG), identified as Europe's first Bitcoin Treasury Company, announced an ambitious share-issuance program aimed at raising up to 300 million euros (approximately $342.5 million). This initiative is structured as an at-the-market (ATM) program, which is backed by TOBAM, a French asset manager known for its investment in Bitcoin as well as its stake in the Blockchain Group itself.
Under this program, TOBAM is permitted to acquire new shares based on daily market fluctuations. The share price will be determined by the higher of the previous day’s close or its volume-weighted average price, with a purchase limit of 21% of the day's trading activity. The intention behind the capital raise is to enhance the company’s holdings of Bitcoin, moving towards their goal of increasing the “bitcoins per share” metric over time.
Since commencing its Bitcoin purchases in November, The Blockchain Group has accumulated 1,471 BTC at an average price of $102,507 as stated in their June 3 update. Uniquely, TOBAM is acting in its own interest rather than as an intermediary, thereby maintaining control over whether to hold or sell the shares it buys. This means that if fully executed at current market prices, TOBAM’s ownership in the company could increase from 3% to over 39%. A shareholder vote set for June 10 could even elevate the capital raise limit to €500 million. Currently, shares are trading at 4.9 euros, reflecting a 20% increase, bringing the company's market capitalization to €543 million.
Under this program, TOBAM is permitted to acquire new shares based on daily market fluctuations. The share price will be determined by the higher of the previous day’s close or its volume-weighted average price, with a purchase limit of 21% of the day's trading activity. The intention behind the capital raise is to enhance the company’s holdings of Bitcoin, moving towards their goal of increasing the “bitcoins per share” metric over time.
Since commencing its Bitcoin purchases in November, The Blockchain Group has accumulated 1,471 BTC at an average price of $102,507 as stated in their June 3 update. Uniquely, TOBAM is acting in its own interest rather than as an intermediary, thereby maintaining control over whether to hold or sell the shares it buys. This means that if fully executed at current market prices, TOBAM’s ownership in the company could increase from 3% to over 39%. A shareholder vote set for June 10 could even elevate the capital raise limit to €500 million. Currently, shares are trading at 4.9 euros, reflecting a 20% increase, bringing the company's market capitalization to €543 million.
