The Blockchain Group (TBG), a French-listed company currently holding $160 million in Bitcoin, has announced ambitious plans to raise over €100 billion to expand its Bitcoin treasury. The strategy mirrors that of MicroStrategy, focusing on increasing Bitcoin holdings per share to hedge against currency devaluation.
On June 11, TBG’s shareholders approved a proposal to enhance the company’s financing capacity by more than €100 billion during a general and extraordinary meeting. This move significantly surpasses the €300 million at-the-market (ATM) mechanism announced earlier, which could have granted asset manager TOBAM up to 39% of TBG’s shares if fully executed.
TBG’s approach involves issuing various financial instruments, including ordinary shares, preferred shares, warrants, and convertible bonds, to optimize funding costs and capital allocation. The company intends to use the proceeds for Bitcoin acquisitions, positioning itself as Europe’s most aggressive listed Bitcoin buyer.
Since adopting its Bitcoin-focused strategy in November 2024, TBG has accumulated 1,471 BTC (worth $160 million) through multiple purchases. The company has outlined an eight-year plan targeting holdings of 17,000 to 26,000 BTC (approximately 1% of Bitcoin’s fixed supply) by 2033 without selling any satoshis.
Alexandre Laizet, TBG’s newly appointed director and Bitcoin strategy lead, predicts Bitcoin could reach $1 million per coin if adoption reaches critical mass. He notes increasing institutional interest, with several major European banks preparing Bitcoin services for 2025-2026.
While TBG’s bold strategy has attracted investors like Blockstream CEO Adam Back, its ability to execute this plan amid market volatility remains to be seen. The company maintains Bitcoin as supplementary capital rather than shifting entirely to a single-asset model.
