Author: Weilin, PANews

There is an old saying in China, "The bolder the person, the greater the yield." The French listed company The Blockchain Group, which holds only 160 million USD in Bitcoin, claims it aims to raise over 10 billion euros to purchase Bitcoin.

On June 11, the technology company The Blockchain Group (stock code: ALTBG), located in Pito, France, and listed on the Euronext Paris, announced that it had convened an ordinary and special shareholders' meeting. The main purpose of the meeting was to enhance the company's financing capacity by over 10 billion euros to accelerate its "Bitcoin treasury company" strategy, aiming to increase the number of Bitcoins corresponding to each share on a fully diluted basis.

As early as December 2024, the company secured 2.5 million euros in financing, attracting the participation of British cryptographer and crypto hacker Adam Back, who is referenced in the Bitcoin white paper.

The strategy of The Blockchain Group (TBG) aims to establish "insurance" against currency devaluation, based on a simple principle: increasing the number of Bitcoins per share. To achieve this goal, it follows two core strategies: first, financing operations will be issued at a premium based on the stock price. The recent financing premium ranged from 30% to 70%, thus creating a "value-added effect" intended to enhance the interests of existing shareholders. Second, it adopts a long-term perspective, measuring performance in terms of Bitcoin rather than euros or dollars. Will The Blockchain Group's imitation of Strategy's approach succeed?

Shareholders' Meeting Approves 10 Billion Euro Bitcoin Treasury Plan

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

The meeting also approved the proposal to appoint Alexandre Laizet as a director of the company, effective today, with a term of six years, expiring at the end of the next annual general meeting that reviews the financial statements for the fiscal year ending December 31, 2030. Alexandre Laizet, the Deputy CEO, will serve as the head of Bitcoin strategy.

The approved financing amount far exceeds the 300 million euros announced by the company on June 9 for its at-the-market (ATM) issuance mechanism. This mechanism was established by The Blockchain Group in collaboration with asset management company TOBAM, allowing the company to issue new shares in batches at market prices at its discretion, fully subscribed by TOBAM. If this mechanism is fully executed, TOBAM could acquire up to 39% of the company's shares.

The approved financing instruments include common stock, preferred stock, warrants, and convertible bonds, allowing the company's financial team to match financing costs with capital allocation based on market demand. The company's management stated that it plans to reinvest the proceeds from this financing authorization into similar Bitcoin acquisitions, positioning The Blockchain Group as Europe's most active listed Bitcoin buyer.

Executives indicated that the company views Bitcoin allocation as an auxiliary use of idle capital rather than a complete shift of its business model to a "single asset."

Years of Struggling to Profit Before Transformation, Currently Holding 160 Million USD in BTC

On June 3 of this year, The Blockchain Group began further large-scale acquisitions of BTC, purchasing 624 Bitcoins worth approximately 69 million USD at that time. Including previous purchases, as of June 12, according to bitcointreasuries data, the company holds a total of 1,471 Bitcoins, valued at 160 million USD, with an average holding cost of 102,507 USD per BTC, showing an unrealized gain of 5.21%.

It has not always been a Bitcoin-centric company. In fact, until the end of 2023, TBG was a diversified blockchain technology company, with businesses covering 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 institution The Blockchain Xdev partnered with the NFT market Artrade to accelerate the latter's technology development and promote innovation in the NFT social ecosystem. On June 1, 2023, its subsidiary Eniblock announced the launch of a wallet-as-a-service (WaaS) beta version. From June 2023 to October 2024, TBG remained relatively silent on Twitter, not posting any updates. Over the years, The Blockchain Group's performance has been mixed, with profitability remaining elusive.

Everything changed in December 2023. At that time, the company established a new board of directors, and outdated subsidiaries were divested or liquidated. A more streamlined and focused new entity emerged, centered around two profitable operating companies—Iorga (custom websites and blockchain solutions) and Trimane (data intelligence and AI consulting). In November 2024, TBG became the first Bitcoin treasury company in Europe, officially adopting a long-term strategy focused on accumulating Bitcoin and optimizing the number of Bitcoins per share, viewing Bitcoin as core operating capital in a digital scarcity economy rather than a speculative asset.

Subsequently, TBG made several Bitcoin purchases:

• In November 2024, it issued 1 million euros in stock at a 70% premium to purchase approximately 15 Bitcoins.
• In December 2024, it raised 2.5 million euros, attracting participation from Adam Back and TOBAM, acquiring about 25 Bitcoins.
• In March 2025, it issued convertible bonds valued at 48.6 million euros, denominated in Bitcoin, purchasing 580 Bitcoins, bringing the total number of Bitcoins held by the company to 620.
• During the same period, the stock price increased by a cumulative 474%.

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

TBG has also outlined an ambitious blueprint for the next eight years:

• By 2029, the goal is to hold between 21,000 and 42,000 Bitcoins.
• By 2033, the target will grow to between 170,000 and 260,000 Bitcoins, accounting for about 1% of Bitcoin's fixed supply.
• Throughout this process, it plans not to sell a single satoshi (the smallest unit of Bitcoin).

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

Bitcoin Chief is a Former CAC 40 Consulting Advisor, Started Focusing on Bitcoin Five Years Ago

Alexandre Laizet is the head of The Blockchain Group's Bitcoin treasury strategy. Although he is not as high-profile as Strategy CEO Michael Saylor, this former consulting advisor has served numerous CAC 40 companies and financial institutions. For the past five years, he has focused entirely on Bitcoin.

In a recent media interview, he stated that if the U.S. government implements the BTC accumulation plan advocated by Senator Cynthia Lummis, everything will undergo a fundamental change. We may enter a state of "escape velocity," similar to celestial bodies breaking free from their orbits under strong gravitational forces. Bitcoin is currently in its own cyclical orbit, including price and valuation levels. When it breaks free, the following phenomena may occur:

• Market capitalization reaching gold-level, approximately 20 trillion USD;
• Each Bitcoin price reaching at least 1 million USD;
• The Bitcoin cycle will be completely rewritten: volatility or duration will undergo a qualitative change.

He indicated that if the U.S. begins to regularly purchase Bitcoin, we will see a critical turning point. When global Bitcoin adoption reaches 15% to 20%, it will trigger a critical point for mainstream adoption. The year 2025 will be a year when banks "rush into Bitcoin." Subsequently, bank customers will also flock in.

He also added that the U.S. has begun the race, and Europe will follow closely. Spain's second-largest bank, BBVA, has received regulatory approval to launch Bitcoin and Ethereum trading and custody services in its home market. While this may come as a surprise to some, BBVA had already launched similar services in Switzerland in 2021 and expanded to Turkey in 2023.

Additionally, other European banks are in preparation, although commercial promotion progress is slow, they are basically in place: France's Société Générale (Société Générale), SG Forge, BPCE Group, Crédit Agricole, etc. It is expected that several of France's largest banks will make a high-profile entry into the Bitcoin space between late 2025 and early 2026.

"This is not surprising; we have reached a critical turning point. This is Bitcoin's iPhone moment—a dimensional shift we have foreseen and are experiencing for years… Ultimately, wealth will be denominated in Bitcoin. Bitcoin is the ultimate safe-haven asset. Capital will always flow to the optimal value storage tool. Due to Bitcoin's absolute scarcity and global accessibility, it will eventually absorb most of the capital," emphasized Alexandre Laizet.

He also pointed out, "Currently, the best strategy for listed companies is to purchase Bitcoin through regulated institutional service providers. This is exactly what we are doing: we are buying BTC through France's Delubac & Cie bank and Luxembourg's Swissquote platform. So how should companies join the new economy? Like everyone else, buy Bitcoin."

So, what percentage of funds should companies allocate to Bitcoin? He stated that the vast majority of companies make the same mistake: they only invest a small amount of cash in Bitcoin, keeping the rest in fiat currency. The reasoning is that this is "insurance" against currency devaluation, so they typically only invest about 2%. Our model is based on a simple principle: increase the number of Bitcoins per share. To achieve this goal, we follow two core strategies: first, TBG's financing operations will be issued at a premium based on the stock price. The recent financing premium ranged from 30% to 70%, thus creating a "value-added effect" that directly enhances the interests of existing shareholders. For example, the financing premium for TBG's Bitcoin purchase last November was as high as 70%, and 40% in December.

Second, TBG adopts a long-term perspective, measuring performance in terms of Bitcoin rather than euros or dollars.

Overall, as one of the few listed companies in Europe that considers Bitcoin as a core financial strategy, The Blockchain Group is actively promoting its positioning as a "Bitcoin treasury company" through capital increases and financial restructuring. Although market performance and regulatory environment still present uncertainties, The Blockchain Group has clarified its development path and attracted the attention of some industry investors. Whether it can fulfill its growth targets remains to be seen.

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