The Blockchain Group Sets Sights on More Bitcoin with Massive $342M Share Sale

The Blockchain Group recently announced a decisive move in its Bitcoin accumulation strategy. The company, listed on Euronext Growth Paris under ticker ALTBG, disclosed plans to issue up to €300 million in share capital (plus premium), convertible bonds, or other equity and debt instruments. At current exchange rates, that amounts to around US $342 million. Shareholders will vote at an Extraordinary General Meeting on February 21, 2025, to empower the board to issue these securities, with or without pre-emptive rights, to expand their Bitcoin reserves.

Bitcoin Treasury Company Strategy

Starting in November 2024, The Blockchain Group began positioning itself as Europe’s first Bitcoin Treasury Company. That first step involved issuing €1 million in new shares priced at €0.20, enabling purchase of 15 BTC at approximately €0.063 million per coin. In December, they raised an additional €2.5 million with new shares at €0.30, adding another 25 BTC at about €0.09 million per coin . This brought the total to 40 BTC, acquired at an average cost of around €0.08 million per Bitcoin.

That early activity set a pattern. In March 2025, their Luxembourg subsidiary issued €48.6 million in convertible bonds, at a per-share price of €0.544—about a 30 percent premium over recent VWAP—and acquired approximately 600 BTC with the proceeds.

Then, on March 26, 2025, the company executed its largest BTC acquisition yet: 580 BTC at an average price near €81,550 (around €47.3 million)—again using funds raised via the convertible bonds. This brought total holdings to 620 BTC, valued roughly €50.5 million.

Performance Metrics and Indicators

To track progress, the company introduced three Bitcoin-focused KPIs:

• BTC Yield: percentage increase in BTC holdings per share since the beginning of the year.

• BTC Gain: net BTC added over a period.

• BTC € Gain: euro equivalent profit tied to BTC accumulation.

By late March 2025, they reported a BTC Yield of about 709.8%, adding 283.9 BTC, with an equivalent euro gain of approximately €23.2 million.

It’s clear from those numbers that The Blockchain Group is intentionally aligning its investor communications with Bitcoin accumulation, using tangible crypto metrics. This sets it apart from traditional firms and mirrors strategies seen at major players like MicroStrategy (now called Strategy), though scaled to the European context.

Custody, Advisors, and Funding

The company uses Banque Delubac & Cie for secure custody, along with Swiss-based infrastructure provider Taurus, ensuring regulated safe-keeping of its BTC. Proceeds for these acquisitions have come from equity raises (share issuances) and convertible bond structures. The March bond issuance attracted major crypto-aligned investors, including Fulgur Ventures, Adam Back, UTXO Management, Ludovic Chechin-Laurans, and TOBAM.

Why $342 M Now?

With capital raising capacity planned to exceed €300 million, the upcoming share issuance is the most significant yet in this strategy. It would give the board flexibility to issue shares, equity-linked instruments, and debt to accelerate share-based Bitcoin acquisition .

This raises questions about dilution, share consolidation, and pricing. We know the board is also proposing a share consolidation—exchanging up to 10 old shares for one new share (changing nominal value from €0.04 to €0.40)—to align with institutional investment thresholds. This could help navigate dilution concerns and attract larger investors.

Market and Peer Context

Corporate Bitcoin strategies have gained traction globally. In the U.S., MicroStrategy (Strategy) holds over 500 k BTC. Others like Marathon Digital, Tesla, and certain investment funds are also accumulating strategically. The Blockchain Group is carving out a European role here .

At current prices (~$87–88 k per Bitcoin), 620 BTC equates to nearly $54 million, with room to grow. Their stock has risen ~65–60% year-to-date and over 200% since the BTC strategy began, indicating market support.

Integration with Decentralized Tech Business

Behind the wallet, The Blockchain Group runs subsidiaries in data intelligence, AI, and decentralized technology consulting and development. They pitch these under a service suite that includes Blockchain development Services. Their infrastructure arm builds decentralized tools and smart­‑contract solutions, while their Data Intelligence branch supports traditional and crypto operations.

By positioning themselves as the Best Blockchain Development Company, they highlight a two‑pronged value:

1. Bitcoin as an asset on the balance sheet.

2. Tech services fueling client revenue in the wider blockchain sector.

This dual model allows profitability from consulting and software while adding Bitcoin exposure—arguably a more diversified approach compared to firms only holding crypto.

Risks and Considerations

No strategy is without risk. Among the key concerns:

• Volatility: Bitcoin can swing widely in days or hours.

• Dilution: Raising share or bond capital affects per‑share value unless offset by more BTC.

• Debt: Convertible bonds must be repayable or converted—cost matters.

• Regulation: Crypto rules evolve; European scrutiny may shift.

• Security: On‑chain custody requires robust defense against hacks or operational failures.

The company acknowledges these factors, noting their KPIs don’t account for liabilities and market dependencies.

What Comes Next?

• GM on Feb 21, 2025: shareholders vote on share issuance, debt issuance, and share consolidation.

• Capital raised: if fully authorized, they could raise up to €300 million, likely via phased issuance.

• Acquisition: fresh Bitcoin purchases as issuances convert to funds.

• Metrics update: BTC Yield, Gain, and € Gain will rise—or fall based on execution.

• Tech growth: subsidiaries providing decentralized systems and Blockchain development Services likely grow in parallel.

If the full €300 million is deployed into BTC, that could mean roughly 3,400 BTC more—more than fivefold current holdings. At $87 k per coin, it raises crypto exposure by nearly $300 million.

Realistic Outlook

Is that move feasible? Convertible bonds already delivered €48.6 million. Share raises in Nov and Dec added €3.5 million. So the company has already shown execution ability. The share consolidation is meant to smooth future capital access.

Analysts and supporters note the momentum: share price rose ~200% since November, suggesting investor enthusiasm. Given that and growing institutional BTC adoption, the path is believable.

That said, fund deployment may take quarters, not days. And market timing, macroeconomic shifts, or regulatory updates in Europe could affect plans.

What It Means for Investors and the Market

• Shareholders: a chance to gain leveraged BTC exposure. But dilution and timing matter.

• Other companies: European corporates now see a model—from The Blockchain Group—of integrating Blockchain development Services with BTC balance sheet strategy.

• Bitcoin ecosystem: adds legitimacy and signals continued institutionalization of the asset.

• Blockchain tech clients: customers looking for decentralized systems may see stronger credibility from a provider who puts company cash behind crypto.

Final Take

Three key pillars define The Blockchain Group’s move:

1. Build crypto exposure via Bitcoin Treasury Company model.

2. Fund that via disciplined share issuance and convertible instruments.

3. Leverage core business—Best Blockchain Development Company positioning—to support services revenues.

If approved and executed, the €300 million+ share/bond plan could multiply their BTC holdings by four to five times in the near term. That in turn could fuel further stock value appreciation—if markets reward crypto accumulation.

It’s a bold approach that merges operational tech growth with asset-centric strategy. For readers interested in blockchain services, this signals a firm that’s not just preaching decentralization—they’re putting Bitcoin on their own balance sheet.

We’ll track the GM vote, issuance announcements, and BTC accumulation in coming quarters. This story isn’t just about numbers on the blockchain—it’s about redefining how tech‑centric firms can build value through asset allocation.