A French public company holding just $160 million in Bitcoin announces plans to raise over €10 billion to purchase more BTC. Will The Blockchain Group's MicroStrategy-inspired strategy succeed?
The Blockchain Group (TBG), a Paris-listed tech firm, has announced an ambitious plan to raise over €10 billion to expand its Bitcoin holdings. This bold move mirrors MicroStrategy's corporate Bitcoin accumulation strategy but on a significantly larger scale.
Shareholders Approve €10B Bitcoin Treasury Plan
At a recent General and Special Shareholders' Meeting, TBG secured approval for its massive Bitcoin treasury initiative. Key developments include:
- Authorization to increase financing capacity by over €100 billion
- Appointment of Alexandre Laizet as Director and head of Bitcoin strategy
- Establishment of €300 million at-the-market (ATM) issuance mechanism with TOBAM Asset Management
The approved financing tools include:
- Common shares
- Preferred shares
- Warrants
- Convertible bonds
Management plans to use raised funds exclusively for Bitcoin acquisitions, positioning TBG as Europe's most aggressive public Bitcoin buyer.
Current Holdings: $160M in BTC with 5.21% Profit
As of June 12, 2025, TBG holds:
- 1,471 BTC
- Average purchase price: $102,507 per BTC
- Current unrealized gain: 5.21%
The company's Bitcoin accumulation timeline:
- November 2024: Purchased 15 BTC (€100k raise)
- December 2024: Added 25 BTC (€2.5M raise with Adam Back participation)
- March 2025: Acquired 580 BTC via €48.6M Bitcoin-denominated convertible bond
- June 2025: Bought 624 BTC ($69M purchase)
👉 How corporate Bitcoin strategies are reshaping treasury management
From Struggling Tech Firm to Bitcoin-Focused Company
TBG's transformation is remarkable:
- Pre-2023: Diversified blockchain company with media, consulting, and software services
- Key subsidiaries: Iorga (blockchain solutions) and Trimane (AI consulting)
- November 2024: Officially became Europe's first Bitcoin treasury company
The strategic shift focuses on:
- Increasing Bitcoin-per-share ratio
- Measuring performance in Bitcoin rather than fiat currency
- Maintaining Bitcoin as operational capital rather than speculative asset
Institutional Backing and Future Goals
TBG has attracted notable investors:
- Adam Back (Blockstream CEO)
- Fulgur Ventures
- UTXO Management
- TOBAM
Ambitious long-term targets:
- 2029 Goal: 21,000-42,000 BTC
- 2033 Goal: 170,000-260,000 BTC (~1% of total supply)
- Zero satoshis to be sold during accumulation
Bitcoin Strategy Led by Former CAC 40 Consultant
Alexandre Laizet, TBG's Deputy CEO and Bitcoin strategist, shares insights:
On institutional adoption:
"2025 will see banks rushing into Bitcoin. Major French banks will likely enter the space by 2026. We're witnessing Bitcoin's 'iPhone moment' - a dimensional shift we've anticipated for years."
On corporate strategy:
"Most companies make the mistake of allocating just 2% to Bitcoin. Our model focuses on increasing Bitcoin-per-share through premium-priced financing rounds (30-70% premiums)."
👉 Why European banks are embracing Bitcoin custody
TBG's acquisition approach:
- Purchases made through regulated institutions
- Partners include Delubac & Cie (France) and Swissquote (Luxembourg)
Market Outlook and Challenges
While TBG's strategy appears promising, challenges remain:
- Execution risk in raising €100B+
- Bitcoin price volatility
- Regulatory uncertainties
- Competition from other corporate buyers
The company's success hinges on:
- Maintaining premium financing rounds
- Bitcoin's long-term valuation growth
- Institutional adoption accelerating as predicted
FAQ: The Blockchain Group's Bitcoin Strategy
Q: How does TBG's strategy differ from MicroStrategy's?
A: While both focus on corporate Bitcoin accumulation, TBG aims for much larger capital raises (€100B vs. MicroStrategy's billions) and uses premium-priced financing rounds.
Q: What happens if Bitcoin's price drops significantly?
A: TBG maintains a long-term perspective, measuring performance in Bitcoin rather than fiat. Short-term volatility is expected in their multi-decade strategy.
Q: How does TBG purchase its Bitcoin?
A: Through regulated European financial institutions to ensure compliance and security.
Q: Why focus on Bitcoin-per-share ratio?
A: This metric directly benefits shareholders by increasing their proportional Bitcoin exposure while avoiding dilution from standard equity offerings.
Q: What's the biggest risk to TBG's strategy?
A: Regulatory changes in Europe that might restrict corporate Bitcoin accumulation or institutional custody services.
Q: How can investors participate?
A: Currently through TBG's public stock (ALTBG on Euronext Paris) and future financing rounds.
Conclusion: A Bold Bet on Bitcoin's Future
The Blockchain Group's €100 billion Bitcoin treasury plan represents one of the most ambitious corporate crypto strategies to date. By combining:
- Institutional-grade acquisition channels
- Premium financing mechanisms
- Long-term Bitcoin-focused metrics
TBG aims to position itself as Europe's leading corporate Bitcoin holder. While execution risks exist, their strategy reflects growing institutional confidence in Bitcoin as:
- A treasury reserve asset
- Inflation hedge
- Long-term store of value
As traditional finance increasingly embraces Bitcoin through regulated channels, TBG's first-mover advantage could prove valuable. However, the coming years will test whether this French contender can deliver on its MicroStrategy-esque ambitions at scale.