Why the Blockchain Group is Selling Shares Like Hotcakes! 🍰💸

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What to know:

  • The Blockchain Group (ALTBG) has decided to throw a financial fiesta with a share-issuance program worth up to 300 million euros ($342.5 million). 🎉
  • This program is akin to an at the market (ATM) program, but without the annoying fees and long lines, and is backed by the French asset manager TOBAM, who apparently has a penchant for Bitcoin and croissants. 🥐
  • Proceeds will be used to purchase more Bitcoin, because why not? It’s not like they have anything better to do! 💰

In a move that can only be described as “bold” (or perhaps “slightly mad”), the Blockchain Group (ALTBG), which proudly claims the title of Europe’s first Bitcoin Treasury Company, has announced a share-issuance program worth up to 300 million euros ($342.5 million). Yes, you heard that right—300 million euros! That’s a lot of euros, even for a continent that invented the concept of spending money on things you don’t need.

This capital raise is structured as an at the market (ATM) program, but don’t expect to find it in your local bank. It’s backed by TOBAM, a French asset manager who has been investing in Bitcoin longer than most of us have been trying to figure out how to pronounce “cryptocurrency.”

The program allows TOBAM to buy new shares at its discretion, based on daily market conditions. The price of each tranche will be the higher of the previous day’s closing price or its volume-weighted average price, with purchase volume capped at 21% of the day’s trading activity. Because who doesn’t love a good cap? 🎩

Proceeds are expected to be used to purchase Bitcoin, furthering the company’s stated goal of increasing its “bitcoins per share” metric over time. The Blockchain Group started buying Bitcoin in November, and since then, it has amassed 1,471 BTC at an average price of $102,507. That’s right, they’ve been hoarding Bitcoin like it’s the last slice of pizza at a party!

Unlike typical ATM programs in the U.S., which use brokers to sell stock into the market, TOBAM is acting in its own interest, not as an intermediary. It will decide whether to hold or sell the newly issued shares based on its own criteria, which may or may not involve a magic eight ball. 🏮

If fully executed at recent market prices, TOBAM’s stake in the company could rise from 3% to over 39%. A shareholder vote scheduled for June 10 could expand the capital raise to 500 million euros. Because when you’re already in deep, why not go deeper?

Shares in the company, which has a market cap of 543 million euros, have risen 20% today to 4.9 euros. It’s a wild ride, folks, and we’re all just trying to hold on to our hats (and wallets) as we navigate this bizarre financial landscape!

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2025-06-09 12:34