European Firm Secures €7.2 Million for Bitcoin Treasury Strategy
Teh Blockchain Group, a Paris-based company, has raised €7.2 million to bolster its Bitcoin holdings.This move aims to make it Europe’s top Bitcoin Treasury company.
On June 17, the firm announced the capital raise via an “At-The-Market” program with TOBAM. They issued 1.6 million new shares at €4.49 each. This price was 20.76% lower than the June 13 closing price due to market volatility.
The funds will help the company add more Bitcoin to its balance sheet. This strategy began in late 2024 and aims to accumulate up to 260,000 BTC by 2033. This is currently valued at about $24 billion.
TOBAM, an asset manager, subscribed to all new shares through three funds. The largest portion went to the TOBAM Bitcoin CO2 Offset Fund, acquiring over 834,000 shares.This brings TOBAM’s total stake to 3.3% of The Blockchain Group’s capital.
The capital raise follows a shareholder vote on June 11, increasing the company’s fundraising capacity to €500 million. The resolution passed with over 95% approval,showing strong investor backing for the Bitcoin strategy.
The Blockchain Group believes Bitcoin is a long-term hedge against inflation and fiat currency risks. They also develop decentralized tech, AI, and data tools. Analysts predict corporate Bitcoin holdings could reach $330 billion by 2029.
For more details, check the full press release.
