- The Blockchain Group, Europe’s first Bitcoin treasury firm, plans to raise over $340 million to expand its BTC holdings.
- If successful, the firm could add over 3,100 BTC to its treasury.
- The move aligns with a broader trend of institutional BTC accumulation, as companies like Strategy, which now holds over 580,000 BTC, continue to buy up the digital asset.
The Blockchain Group has announced plans to raise over $340 million for its Bitcoin treasury, just one week after purchasing $68 million worth of BTC.
The move from the Paris-based crypto company, claiming to be Europe’s first Bitcoin treasury firm, highlights a steady increase in crypto adoption across the bloc.
In April, a study revealed that only 40% of European financial institutions currently have, or have had, investments in any type of cryptocurrency.
$340 Million Raise
The Blockchain Group stated that its planned $340 million raise is inspired by the U.S. practice of at-the-market (ATM) programs.
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Through a partnership with asset manager TOBAM, the crypto company will allow the asset manager to subscribe to ordinary shares issued by the firm daily after the market has closed.
“The Program allows TOBAM, on a daily basis, to subscribe to ordinary shares of the Company by submitting a subscription request after market close,” Blockchain Group said in a Monday press release.
“Each request is subject to pricing and volume limits based on the market conditions,” it added.
The sales will be “priced based on the higher of the previous day’s closing price or the volume-weighted average price, capped at 21% of that day’s trading volume,” the press release read.
Europe’s First Bitcoin Treasury Firm
The company announced last week that it had completed the purchase of 624 BTC, representing a value of approximately $68 million.
Blockchain Group has been acquiring BTC since November 2024, claiming to be the first European company to implement a Bitcoin treasury strategy.
As of publication, the firm holds a total of 1,471 BTC.
On June 9, Bitcoin rose 2% to $107,809. If Blockchain Group raises the full $340 million, it could potentially add over 3,100 BTC to its treasury.
Blockchain Group’s Bitcoin Timeline
- Dec 2024 – TBG announces treasury
- May 9, 2025 – TOBAM participates in $11.2 million equity round
- June 3, 2025 – TBG spends $68 million on 624 BTC.
- June 9, 2025 – Announces $340 million raise with TOBAM.
Strategy Continues Accumulation
The announcement follows the continued acquisition of Bitcoin by other major firms that have turned to the digital asset.
On June 8, Strategy co-founder and CEO Michael Saylor posted a cryptic message to X: “Send more orange,” accompanied by a chart of the firm’s Bitcoin holdings.
Saylor’s cryptic messages have historically preceded announcements of further Bitcoin purchases by Strategy.
The post comes shortly after the company purchased 705 BTC between May 26 and June 1 at an average price of $106,495 per coin.
Strategy currently holds 580,955 BTC, with a total approximate value of $61.4 billion.
If Saylor’s post does signal Strategy’s intention to buy more BTC, it will mark the ninth consecutive week the firm has purchased the digital asset.
European Business Crypto Adoption
In April, the “Europe Diving Into Crypto” report by Bitpanda Technology Solutions found that 40% of European financial institutions currently have or have had investments in cryptocurrencies.
At the forefront of adoption, technology, telecom, and finance companies comprised nearly 50% of businesses invested in crypto.
Companies with higher revenues, between $5 million and $100 million, showed higher rates, with 30-35% having crypto investments.
According to the study, the U.K. showed the highest percentage (40%) of businesses without investment plans.
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