Blockchain Group has secured approximately €3 million through a capital increase, reinforcing its long-term Bitcoin treasury strategy.
The funds were raised under an “ATM-type” agreement with TOBAM, enabling the issuance of 739,000 new shares at an average price of €4.056 per share.
This capital raise is part of the company’s broader objective to steadily increase its Bitcoin-per-share ratio over time. The proceeds are expected to facilitate the acquisition of around 25 additional BTC, potentially raising the company’s total holdings to 1,929 BTC.
The shares were allocated to several institutional investors, including TOBAM Bitcoin Enhanced Fund, TOBAM Bitcoin Treasury Opportunities Fund, and MDP Blockchain. Notably, the offering was priced at only a 1% discount to the July 4 closing price, signaling strong investor confidence.
The new shares will be listed on Euronext Growth Paris without requiring an AMF-approved prospectus. This step follows a board-authorized mandate granted on June 11 and aligns with Blockchain Group’s strategic commitment to fortifying its Bitcoin reserves as part of its identity as Europe’s first Bitcoin Treasury Company.
In terms of shareholder structure, public and institutional investors currently hold about 74% of the company’s issued shares. On a fully diluted basis, Fulgur Ventures is poised to become the largest shareholder with a 45% stake, followed by executives, Adam Back, TOBAM, and UTXO Management.
The capital injection is expected to have a marginally positive impact on equity per share, increasing it from €0.36 to €0.38 on an undiluted basis, and from €0.60 to €0.61 fully diluted.
This announcement follows closely on the heels of Blockchain Group’s purchase of 116 Bitcoin for €10.7 million, disclosed just a day earlier. That acquisition brought its holdings to 1,904 BTC, now valued at approximately €172 million, further underscoring the company’s aggressive accumulation strategy and conviction in Bitcoin as a core treasury asset.
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