French version of micro strategy? The Blockchain Group is ambition to raise 10 billion euros to establish a Bitcoin treasury

Author: Weilin, PANews

There is an old saying in China, "How bold people are, how big the land is." The Blockchain Group, a French listed company that holds only $160 million in Bitcoin, claims to raise tens of billions of euros to buy Bitcoin.

On June 11, The Blockchain Group (stock code: ALTBG), a technology company based in Pito, France and listed on the Europa Exchange in Paris, announced that it has held a general and special shareholders' meeting. The main purpose of the meeting is to increase the company's financing capacity by more than 10 billion euros to accelerate its "Bitcoin Treasury Company" strategy, with the goal of increasing the corresponding amount of Bitcoin per share on a comprehensive dilution basis.

Back in December 2024, the company received €2.5 million in financing, attracting the participation of British cryptographer and crypto hacker Adam Back, cited by Bitcoin white paper.

The Blockchain Group (TBG) strategy aims to establish “insurance” to hedge currency depreciation, and the model is based on a simple principle: increase the amount of Bitcoin per share. To achieve this goal, two core strategies are followed: First, financing operations will be issued at a premium based on the stock price. The recent financing premium is between 30% and 70%, so it has a "value-added effect" aimed at enhancing the interests of existing shareholders. Second, take a long-term perspective and measure performance in Bitcoin, not in euros or US dollars. Will The Blockchain Group follow Strategy's strategy succeed?

Shareholders' meeting passes 10 billion euros Bitcoin treasury plan

Recently, The Blockchain Group held a shareholders' meeting and officially passed the Bitcoin treasury plan.

The meeting also approved the proposal to appoint Alexandre Laizet as a director of the company, effective today and for a term of six years, which will expire at the end of the next annual general meeting of ordinary shareholders for the financial statements ending on the financial statements ending on December 31, 2030. Alexandre Laizet, the deputy CEO, will serve as the head of Bitcoin strategy.

The approved financing amount this time is far higher than the 300 million euro market-based issuance (ATM) mechanism announced by the company on June 9. The mechanism was established in partnership with asset management company TOBAM, which allows the company to issue new shares at batches at market prices, with full subsidiaries by TOBAM. If the mechanism is fully implemented, TOBAM may acquire up to 39% of the company's shares.

The financing tools approved this time include common stocks, preferred stocks, warrants and convertible bonds, so that the company's financial team can match financing costs and fund allocations based on market demand. Company management said it plans to continue to invest the proceeds from the financing authorization to similar Bitcoin acquisitions, making The Blockchain Group the most active listed Bitcoin buyer in Europe.

Executives said the company sees Bitcoin allocation as an auxiliary utilization of idle capital rather than shifting its business model entirely to "single assets."

It is difficult to make a profit for many years before the

transformation, and currently holds US$160 million in BTC

On June 3 this year, The Blockchain Group began to further build BTC on a large scale, and purchased 624 BTC worth about US$69 million. With the previous purchases, as of June 12, according to bitcointreasuries data, the company held a total of 1,471 bitcoins with a total value of US$160 million, and an average cost of holding BTC was US$102,507, with a book floating profit of 5.21%.

It has not always been a company with Bitcoin as its core. In fact, until the end of 2023, TBG was a diversified blockchain technology company with its business covering multiple fields such as media, consulting and software services.

In October 2021, TBG opened its first North American office and blockchain research center in Montreal. In February 2022, TBG's blockchain organization The Blockchain Xdev reached a cooperation with the NFT market Arttrade to accelerate the latter's technology development and promote NFT social ecological innovation. On June 1, 2023, subsidiary Eniblock announced the launch of a beta version of Wallet as a Service (WaaS). From June 2023 to October 2024, TBG was relatively silent on Twitter for more than a year and did not post any posts. Over the years of development, The Blockchain Group has mixed performance and profits have always been difficult to achieve.

Everything changed in December 2023. At that time, the company changed its term and established a new board of directors, and the old subsidiary was divested or liquidated. A new, streamlined and focused entity emerges, with two profitable operating companies—Iorga (customized websites and blockchain solutions) and Trimane (data intelligence and artificial intelligence consulting). In November 2024, TBG became the first Bitcoin treasury company in Europe, officially adopting a long-term strategy, focusing on accumulating Bitcoin, optimizing the amount of Bitcoin per share, and regarding Bitcoin as the core working capital in a digital scarcity economy rather than speculative assets.

Subsequently, TBG bought Bitcoin several times:

• In November 2024, an additional 1 million euros of stock was issued at a 70% premium, and about 15 Bitcoins were purchased.
• In December 2024, it raised 2.5 million euros, attracting Adam Back and TOBAM to participate, and purchase about 25 bitcoins.
• In March 2025, convertible bonds with a face value of 48.6 million euros and denominated in Bitcoin were issued, and 580 bitcoins were purchased, causing the company's total number of bitcoins to hold to 620.
• During the same period, the stock price rose by 474%.

Behind this bold strategy is the support of a series of investors in the currency circle: Blockstream CEO and the person mentioned in the Bitcoin white paper, Adam Back, personally participated in TBG's financing in December. Crypto institutions such as Fulgur Ventures, UTXO Management and TOBAM have also joined the shareholder lineup.

TBG also draws a blueprint for the next eight years, with more ambitious plans for the future:

• By 2029, the target will be 21,000 to 42,000 Bitcoins.
• By 2033, the target will grow to 170,000 to 260,000 Bitcoins, accounting for about 1% of the fixed supply of Bitcoin.
• And no Satoshi (the smallest unit of Bitcoin) is sold during this process.

To support growth, the company plans to expand its capital fundraising scale from 300 million euros this year to over 100 billion euros in the early 2030s. If the price of Bitcoin reaches 1 million to 2 million euros per coin (predicted value), the net asset value of TBG holdings will reach 210 billion to 420 billion euros, potentially ranking among the most valuable listed companies in Europe.

Bitcoin chief is a former CAC 40 consultant and began to focus on Bitcoin

five years ago

Alexandre Laizet is the head of Bitcoin treasury strategy for The Blockchain Group this time. Although he is not as high-profile as Strategy CEO Michael Saylor, the former consultant has served numerous CAC 40 (the main stock index of the French stock market, consisting of 40 largest companies listed on the Paris Stock Exchange.) companies and financial institutions. His entire focus has been on Bitcoin over the past five years.

In a recent interview with the media, he said that if the U.S. government implements the BTC accumulation program advocated by Senator Cynthia Lummis, everything will change fundamentally. We may enter a "escape velocity" state, just as a celestial body is out of orbit after being subjected to sufficient gravity. Bitcoin is currently on its own cyclical track, including price and valuation levels. When it derails, the following phenomena may occur:

• The market value reaches the gold level, about $20 trillion;
• Each bitcoin price reaches at least $1 million;
• The Bitcoin cycle will be completely rewritten: volatility or duration will change qualitatively.

He said that if the United States starts to buy bitcoin regularly, we will see a key turning point. When the global Bitcoin adoption rate reaches 15% to 20%, it will trigger the critical point of mainstream adoption. 2025 will be the year when banks "storm into Bitcoin". Subsequently, bank customers will also rush forward.

He also added that the United States has started competition and Europe will catch up. Spain's second largest bank, BBVA, has received regulatory approval to launch trading and custody services for Bitcoin and Ethereum in its home country. While this is an unexpected move for some, BBVA launched a similar service in Switzerland as early as 2021 and expanded to Türkiye in 2023.

In addition, other European banks are also preparing for the preparation. Although the commercial promotion progress is slow, they are basically in place: SG Forge, BPCE Group, Crédit Agricole, etc., under France's Société Générale (Industry Bank), etc. Several of France's largest banks are expected to enter the Bitcoin field from the end of 2025 to the beginning of 2026.

"It's not surprising, we've entered a critical turning point. This is Bitcoin's iPhone moment—a dimensional change that we foresee and are experiencing over the years... Ultimately, wealth will be denominated in Bitcoin. Bitcoin is the ultimate safe-haven asset. Capital will always flow to the best store of value. Due to Bitcoin's absolute scarcity and global accessibility, it will eventually absorb most of its capital." Alexandre Laizet stressed.

He also noted, “Currently, the best strategy for public companies is to buy Bitcoin through regulated institutional service providers. That’s exactly what we are doing: we buy BTC through the Delubac & Cie Bank in France and the Swissquote platform in Luxembourg. So how do businesses join the new economy? Like everyone else, buy Bitcoin.”

So, what proportion of funds should a company invest in Bitcoin? He said the vast majority of businesses made the same mistake: they only invest a small amount of cash into bitcoin, while the rest remained as fiat currency. The reason is: this is "insurance" to hedge currency depreciation, so it usually only invests about 2%. Our model is built on a simple principle: increase the amount of Bitcoin per share. To achieve this goal, we follow two core strategies: First, TBG's financing operations will issue premiums based on the stock price. The recent financing premium is between 30% and 70%, so it has a "value-added effect" that directly enhances the interests of existing shareholders. For example, the premium of the round of financing that TBG bought Bitcoin in November last year was as high as 70%, and in December it was 40%.

Second, TBG takes a long-term perspective and measures performance in Bitcoin, not in euros or dollars.

In general, as one of the few listed companies in Europe that currently regards Bitcoin as its core financial strategy, The Blockchain Group is actively promoting the positioning of "Bitcoin Treasury Company" through additional issuance financing and financial structure adjustment. Although there are still uncertainties in market performance and regulatory environment, The Blockchain Group has clarified its development path and attracted the attention of investors in some industries. Whether it can achieve its growth targets in the future remains to be seen.