Blockchain Group Taps TOBAM for €3M Raise to Boost BTC Strategy

The Blockchain Group, a publicly listed French tech firm, has announced a fresh €3 million capital raise aimed at boosting its Bitcoin holdings. The deal was finalized under an “ATM-type” capital increase agreement with asset manager TOBAM. It will help the company pursue its strategy of increasing Bitcoin per share over time. That makes it one of Europe’s few public firms embracing a Bitcoin-native treasury model.

The new shares were priced at an average of €4.056 each, marking only a 1% discount to the market price at the time. This small discount signals confidence in the firm’s trajectory and shareholder appetite for exposure to Bitcoin through a regulated vehicle.

TOBAM Steps Up as Strategic Backer

TOBAM, a Paris-based investment manager with multiple crypto funds, played a leading role in the raise. Its allocation spanned across various funds, including the Bitcoin Enhanced Fund and Bitcoin Treasury Opportunities Fund. That together accounted for over €2.5 million of the placement.

The company stated that this capital will allow it to acquire roughly 25 additional Bitcoins. This increases its potential total holdings to approximately 1,929 BTC. The move follows a broader trend of listed companies gradually turning to Bitcoin as a treasury reserve asset.

Bitcoin Per Share: The New KPI

Unlike traditional capital raises, this deal is designed with a unique metric in mind: growing Bitcoin-per-share on a fully diluted basis. This aligns with Blockchain Group’s self-identification as a “Bitcoin Treasury Company.” The aim isn’t just to grow revenue, but to make each share represent more Bitcoin over time.

By waiving preferential subscription rights, the company streamlined the process to favor institutional players aligned with its long-term BTC vision. No prospectus was required due to the raise’s size and market structure.

Equity Impact and Shareholder Shake-Up

The €3M raise resulted in the issuance of 739,000 new shares. TOBAM now controls over 10% on a fully diluted basis. While other strategic backers like Adam Back, Fulgur Ventures, and UTXO Management continue to hold significant stakes.

Post-raise, the firm’s equity per share rises modestly. From €0.36 to €0.38 on an undiluted basis and from €0.60 to €0.61 fully diluted. While the figures aren’t massive, they reflect strengthening fundamentals and higher confidence in the firm’s BTC-forward model.

A Paris-based pioneer in Crypto Finance

Blockchain Group has roots in decentralized tech consulting, data intelligence, and AI. It is now repositioning itself as a test case for Bitcoin-centric public companies in Europe. CEO Alexandre Laizet and partner Valentin Kosanovic are steering the firm through a unique experiment: what happens when Bitcoin becomes a balance-sheet strategy rather than a side bet?

Around the world, companies from Japan to the UK are adding Bitcoin to their treasuries. Blockchain Group’s structured raise shows how the corporate playbook is evolving. Paris might just become the next surprising node in Bitcoin finance.

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