The Blockchain Group, Europe’s first publicly listed Bitcoin treasury company, has successfully completed a €63.3 million ($72 million) convertible bond issuance to dramatically expand its cryptocurrency holdings.
The Paris-based firm plans to use these proceeds to acquire approximately 590 additional Bitcoin, bringing its total potential holdings to 1,437 BTC and reinforcing its position as a leader in the corporate Bitcoin adoption movement.
Trading on Euronext Growth Paris under the ticker ALTBG, The Blockchain Group has emerged as Europe’s answer to MicroStrategy, pursuing an aggressive Bitcoin accumulation strategy that has already delivered exceptional returns for shareholders. The company’s stock has surged an impressive 766% year-to-date, demonstrating investor enthusiasm for its Bitcoin-focused business model.
Fundraising Draws Institutional Interest
The latest fundraising round attracted significant institutional interest, with venture capital firm Fulgur Ventures contributing the majority of the capital at €55.3 million, while crypto private investment fund Moonlight Capital invested €5 million.
Additional funding came from UTXO Management, which subscribed for €3 million in convertible bonds. These bonds are structured to convert into company shares at €3.809 each, representing a 30% premium over recent trading prices.
Notably, the entire bond issuance was subscribed and denominated in Bitcoin, highlighting the sophisticated nature of the transaction and the investors’ confidence in both the company’s strategy and Bitcoin’s long-term prospects.
The bonds carry a five-year maturity and can be converted into shares when certain price thresholds are met, providing investors with potential upside participation in the company’s growth.
Massive Bitcoin Accumulation
The Blockchain Group has articulated an ambitious long-term strategy that extends far beyond typical corporate treasury diversification. The company has publicly committed to acquiring 1% of Bitcoin’s total supply over the next eight years, targeting holdings of over 170,000 BTC by 2032. This represents one of the most aggressive Bitcoin accumulation strategies announced by any publicly traded company globally.
The company’s Bitcoin holdings have already generated yields exceeding 709%, far outpacing traditional treasury investments. This performance has occurred despite the company’s core business experiencing challenges, with consolidated revenue declining 32.1% to €13.9 million compared to the previous fiscal year.
Its approach allocates 95% of bond proceeds directly to Bitcoin purchases, with only 5% reserved for operational expenses and management fees. This disciplined capital allocation reflects management’s conviction that Bitcoin represents the optimal use of shareholder capital in the current macroeconomic environment.
The convertible bond structure offers investors multiple pathways to benefit from the company’s Bitcoin strategy. Bondholders can convert to equity when share prices reach 130% of conversion prices, participate in redemption at maturity either in Bitcoin or euros, or benefit from potential Bitcoin appreciation through the underlying asset backing.
As Bitcoin adoption accelerates globally, The Blockchain Group positions itself at the forefront of this trend in Europe. The company joins a growing list of publicly traded firms including MicroStrategy, Tesla, and more recently Swedish health tech company H100 Group AB in embracing Bitcoin as a strategic asset.
The success of this latest fundraising demonstrates continued institutional appetite for Bitcoin exposure through publicly traded vehicles, particularly as traditional investment managers seek regulated access to cryptocurrency markets without direct custody requirements.
