The Blockchain Group (ALTBG) has received shareholder approval to raise over €10 billion ($11 billion) to expand its Bitcoin treasury. This move would cement its position as Europe’s leading Bitcoin-focused public company.
Shareholders holding 39% of voting rights overwhelmingly backed the proposal, with resolutions passing with over 95% support. The authorization empowers the board to issue equity and securities through public or private markets, bypassing preferential subscription rights when necessary.
This flexibility enables the company to act swiftly in acquiring Bitcoin (BTC), which it views as a cornerstone asset for hedging against risks associated with fiat currency and driving shareholder value.
The capital injection dwarfs the firm’s earlier €300 million ($342 million) at-the-market (ATM) program announced just one day prior. The previous injection involved French asset manager TOBAM purchasing shares to fund Bitcoin buys.
If fully executed, TOBAM’s stake could rise from 3% to 39%. However, the new €10 billion mandate, equivalent to 20 times the company’s current €543 million market cap, marks a dramatic scaling of ambitions.
Shareholders appointed Alexandre Laizet as Deputy CEO and board member, and he has been tasked exclusively with overseeing the acquisition of Bitcoin. Laizet’s six-year term underscores the company’s commitment to its 2032 target: holding 1% of all Bitcoin in circulation (approximately 170,000 BTC).
CEO Jean-Philippe Casadepax-Soulet emphasized that the raise will “accelerate our Bitcoin Treasury Company strategy,” focusing on increasing BTC holdings per diluted share over time.
Market Reaction to Blockchain Group Announcement
The announcement sparked a 20% surge in stock price to €4.90, reflecting increased investor confidence. The Blockchain Group already holds 1,471 BTC ($161 million at current prices), acquired through strategic financing:
- May 2025: €8.6 million private placement for 80 BTC
- June 2025: €63.3 million convertible bond for 590 BTC
These moves reflect strategies employed by industry giants such as Strategy (580,000 BTC) and Japan’s Metaplanet (8,888 BTC). At the same time, The Blockchain Group seeks to position itself as Europe’s counterpart to these crypto-heavy balance sheets.
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