The Blockchain Group has announced the launch of a €300 million “ATM-type” capital increase program in partnership with renowned asset manager TOBAM.
The capital raise, inspired by the U.S. “At-The-Market” (ATM) model, allows The Blockchain Group to issue new shares directly at prevailing market prices in tranches, rather than via a single, large offering. This mechanism is designed to ensure market stability: each tranche is priced at the higher of the previous day’s closing price or the volume-weighted average price, with a strict cap of 21% of that day’s trading volume. The program kicks off with an initial €500,000 tranche, scaling up as market conditions permit.
This partnership places TOBAM at the forefront, in contrast to traditional ATM programs that frequently depend on brokers for share distribution. The asset manager can subscribe to shares at its discretion, consolidating requests on a weekly basis and deciding whether to hold or sell the shares based on its investment strategy. Notably, TOBAM receives no compensation for its role and is not acting as a financial intermediary.
Blockchain Group Partnership with TOBAM
The proceeds from the capital raise will be channeled directly into expanding The Blockchain Group’s Bitcoin holdings. The explicit goal is increasing the number of Bitcoins per share on a fully diluted basis. The company, which already holds over $154 million in Bitcoin, aims to more than double its reserves. This would position it as a pivotal player in Europe’s institutional Bitcoin race.
TOBAM, a Paris-based asset manager and early institutional Bitcoin adopter since 2017, is both a strategic investor and the exclusive subscriber in this program. If TOBAM fully exercises its rights and retains the shares, its stake in The Blockchain Group could soar from 3% to over 39%, making it the largest single shareholder. This underscores TOBAM’s confidence in Blockchain Group’s vision and the long-term value proposition of Bitcoin as a treasury asset.
By leveraging this structure, the company aims to acquire Bitcoin dynamically, without destabilizing its share price. This move could serve as a template for other firms eyeing large-scale crypto treasury allocations.
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