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Blockchain Group, backed by Adam Back, aims to raise $340 million through an innovative ‘ATM-type’ share issuance to expand its Bitcoin Treasury holdings.
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The Paris-based firm partners with asset manager TOBAM to facilitate daily share subscriptions, employing an “At The Market” pricing model to optimize capital raising.
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According to Blockchain Group, “The Program allows TOBAM, on a daily basis, to subscribe to ordinary shares of the Company by submitting a subscription request after market close,” highlighting a flexible and strategic approach to funding.
Blockchain Group partners with TOBAM to raise $340M via ATM shares, aiming to significantly increase its Bitcoin Treasury amid rising BTC prices and institutional interest.
Blockchain Group’s $340 Million Capital Raise to Boost Bitcoin Treasury
Blockchain Group has announced a strategic capital raise targeting $340 million through an “At The Market” (ATM) share issuance program, marking a significant step in its Bitcoin accumulation strategy. This initiative, undertaken in partnership with asset manager TOBAM, is designed to enable the company to incrementally increase its Bitcoin holdings by selling shares directly at prevailing market prices. Unlike traditional capital raises, this method allows for flexibility and responsiveness to market conditions, with TOBAM submitting daily subscription requests post-market close. The raised capital is earmarked for acquiring additional Bitcoin, potentially adding over 3,171 BTC to Blockchain Group’s existing treasury, which currently holds 1,471 BTC valued at approximately $157.5 million.
Innovative ‘At The Market’ Share Issuance Model Enhances Capital Efficiency
The ATM share issuance program employed by Blockchain Group is a notable adaptation of a model commonly used by U.S. companies, tailored here for a European context. This approach involves selling shares in tranches directly into the market at prices tied to either the previous day’s closing price or the volume-weighted average price (VWAP), subject to volume and pricing limits. This mechanism provides a controlled and transparent way to raise funds without flooding the market with shares, thereby mitigating potential dilution risks. The program’s design also ensures that share issuance is aligned with favorable market conditions, enhancing capital efficiency and investor confidence.
Strategic Implications of Blockchain Group’s Bitcoin Accumulation
Since initiating its Bitcoin Treasury strategy in November 2024, Blockchain Group has positioned itself as a pioneer among European firms embracing digital asset accumulation. The recent capital raise underscores a broader trend of institutional investors and corporations intensifying their Bitcoin acquisition efforts following Bitcoin’s new all-time highs in May 2025. By leveraging the ATM share issuance, Blockchain Group not only secures the necessary capital but also signals strong confidence in Bitcoin’s long-term value proposition. This move aligns with similar strategies by other major players, such as Japan’s Metaplanet, which aims to hold 210,000 BTC by 2027, reflecting growing institutional commitment to Bitcoin as a strategic asset.
Market Response and Future Outlook
Bitcoin’s price has shown resilience, appreciating nearly 2% recently and trading above $107,000 at press time, which may positively influence Blockchain Group’s capital raise and Bitcoin purchasing power. The company’s shareholder approval to issue up to €500 million in nominal shares, contingent on board authorization, provides additional flexibility for future capital raises. As Blockchain Group continues to expand its Bitcoin Treasury, market participants will closely monitor its acquisition pace and the impact on Bitcoin’s institutional adoption landscape. This initiative exemplifies a sophisticated blend of financial engineering and strategic asset management, potentially setting a precedent for other European firms considering similar approaches.
Conclusion
Blockchain Group’s innovative use of an ATM share issuance to raise $340 million highlights a forward-thinking approach to expanding its Bitcoin Treasury amid a bullish market environment. By partnering with TOBAM and leveraging a flexible capital raise mechanism, the company is well-positioned to enhance its Bitcoin holdings while managing shareholder interests effectively. This development not only reinforces Blockchain Group’s leadership in European Bitcoin accumulation but also reflects the broader institutional momentum driving Bitcoin’s integration into corporate balance sheets. Investors and market watchers should consider this a significant milestone in the evolving landscape of crypto asset management.
