Blockchain Group to Raise $340M for Bitcoin Treasury

Paris‑based The Blockchain Group recently announced plans to raise approximately $340 million through an “At‑the‑Market” (ATM) equity offering—making it Europe’s first publicly known Bitcoin (BTC) treasury company.

Overview

On June 9 2025, the Blockchain Group, which claims to be Europe’s first BTC treasury company, announced its plans to raise 300 million euros ($342 million) to fund more BTC purchases. Inspired by US practices, this fundraising strategy involves issuing new shares regularly, subject to predefined volume limits (capped at 21% of daily trading volume) and sold at the higher of the prior day’s closing price or its volume‑weighted average.

The timing of this move underscores deepening institutional trust in BTC. The Blockchain Group has already purchased approximately 1,471 BTC (valued at over US $154 million), affirming its long-term commitment to cryptocurrency holdings rather than mere portfolio diversification.

This initiative follows a trend among global firms seeking to expand their BTC reserves. Notably, US-listed titan MicroStrategy (now branded Strategy Inc.) plans a near US $1 billion equity raise for additional BTC purchases—four times its earlier target. Similarly, companies like Trump Media & Technology Group and GameStop have recently announced substantial BTC fundraising initiatives.

What Makes ATM Offerings a Strategic Choice

ATM offerings have gained traction as a modern capital-raising tool. Unlike traditional lump-sum equity issuance, ATM programs allow companies to sell small lots of shares at market prices over time. For The Blockchain Group, this structure provides several key advantages:

• Price efficiency: Shares are sold incrementally at market-based prices, reducing dilution risk.
• Execution flexibility: Issuances are capped, allowing the company to dynamically pace its fundraising based on market depth and investor appetite.
• Continuous funding: There’s no fixed closing date, so capital inflows should be aligned with operational and acquisition needs.

This approach mirrors MicroStrategy’s strategy, which uses equity and convertible debt to fuel its BTC accumulation, building scale while maintaining relative pricing discipline.

Industry Context: Bitcoin as Corporate Treasure

The Blockchain Group’s move is part of a wider global surge of companies adopting a “BTC‑plus‑cash” treasury model. A recent report shows that over 80 public firms follow this model, representing around 3.4% of the total BTC supply. Among them are MicroStrategy, GameStop (with a US $500 million BTC purchase), and Trump Media, which is gearing up for a US $2.5 billion crypto raise.

Bernstein Research estimates that rising corporate interest could channel as much as US $330 billion into BTC by 2029, with MicroStrategy (Strategy Inc.) alone possibly contributing US $124 billion.

This momentum has translated into tangible market effects. MicroStrategy’s stock has significantly outperformed major indices over the past year. GameStop, in particular, delivered a strong stock rally after its first-ever BTC acquisition. Similarly, Japanese hotel-turned-crypto firm Metaplanet recently announced plans to raise a staggering ¥770 billion (~ US $5.4 billion) to expand its BTC holdings to 210,000 BTC—around 1% of total supply.

Looking Ahead: Risks, Rewards & Market Implications

Bitcoin Price Impact

• Larger treasury holders reduce circulating supply, which may bolster BTC prices.
• However, market jitters—like recent ETF outflows (~ US $47 million in one day) and caution surrounding Fed decisions—could trigger volatility.

Execution Risks

• One-time share issuance can exert downward pressure on stock prices, as seen after sharp fundraising efforts.
• With ATM structures, companies still rely on consistent market demand for their shares—meaning bearish sentiment could hamper future raises.

Regulatory & Macro Landscape

• The impending outcome of the US Federal Reserve’s next meeting (projected for June 18, 2025) remains a key catalyst for the crypto market.
• European and global regulations, including stablecoin rules and crypto frameworks, could further shape institutional appetite for asset-side strategies.

Peer Pressure Among Corporates

• With 113 firms now holding BTC—rising from 89 earlier this year—there’s a domino-like effect as more companies view BTC allocation as a shareholder-aligned growth strategy.
• Smaller, cash-heavy companies may increasingly issue convertible bonds or ATM shares to mirror MicroStrategy’s playbook.

The Blockchain Group’s €300 million ATM equity initiative marks a significant milestone: it is Europe’s first concerted Bitcoin treasury program executed via public markets. While the mechanics offer pricing flexibility and strategic alignment with Bitcoin investment goals, success hinges on sustained investor sentiment and market depth. 

In conjunction with high-profile moves by global firms like MicroStrategy, GameStop, Trump Media, and Metaplanet, this wave could reshape BTC supply dynamics and lend a structural boost to long-term adoption—assuming macroeconomic and regulatory headwinds permit.