French listed company The Blockchain Group launches an ambitious Bitcoin treasury plan

Recently, a French listed technology company The Blockchain Group (TBG) announced an ambitious plan to raise over 10 billion euros to purchase Bitcoin. The company, headquartered in Puteaux, France, and listed on the Euronext Paris (stock code: ALTBG), held a shareholders' meeting and passed a proposal to enhance its financing capabilities to accelerate its "Bitcoin treasury company" strategy.

The goal of TBG is to hedge against currency devaluation risks through this strategy, with the core principle being to increase the number of Bitcoins corresponding to each share. The company employs two key strategies: first, financing at a premium, with recent financing premiums ranging from 30% to 70%, aimed at enhancing the interests of existing shareholders; second, adopting a long-term perspective by measuring performance in Bitcoin rather than euros or US dollars.

The financing tools approved this time include common stock, preferred stock, warrants, and convertible bonds, allowing the company's finance team to flexibly adjust financing strategies according to market demand. The company's management stated that it plans to continue investing the proceeds from financing into Bitcoin acquisitions, with the goal of making TBG the most active publicly listed Bitcoin buyer in Europe.

It is worth noting that TBG has not always focused on Bitcoin business. Until the end of 2023, it was a diversified blockchain technology company with operations covering various fields such as media, consulting, and software services. In December 2023, the company underwent a significant transformation, divesting or liquidating outdated subsidiaries and focusing on two profitable operating companies: Iorga (providing custom websites and blockchain solutions) and Trimane (focusing on data intelligence and AI consulting).

In November 2024, TBG officially became the first Bitcoin treasury company in Europe, adopting a long-term strategy focused on accumulating Bitcoin. Since then, the company has made multiple Bitcoin purchases:

• November 2024: Issue 1 million euros worth of stock at a 70% premium to purchase approximately 15 Bitcoins.
• December 2024: Refinancing 2.5 million euros, purchasing about 25 Bitcoins.
• March 2025: Issue convertible bonds with a nominal value of 48.6 million euros, priced in Bitcoin, to purchase 580 Bitcoins.

As of June 12, 2025, TBG holds 1,471 Bitcoins, with a total value of $160 million, an average purchase cost of $102,507 per coin, and a paper profit of 5.21%.

The company has also developed ambitious future plans:

• By 2029: the goal is to hold between 21,000 to 42,000 Bitcoins.
• By 2033: The target is to grow to 170,000 to 260,000 Bitcoins, accounting for about 1% of the fixed supply of Bitcoin.

To support this growth plan, TBG plans to expand its capital raising scale from this year's 300 million euros to over 100 billion euros in the early 2030s. If the price of Bitcoin reaches 1 to 2 million euros per coin, TBG's net asset value could reach 210 billion to 420 billion euros, with the potential to rank among the most valuable listed companies in Europe.

The company's newly appointed director, Alexandre Laizet, will be responsible for the Bitcoin strategy. As a former CAC 40 consultant, Laizet has closely monitored the Bitcoin market for the past five years. He believes that if the U.S. government begins to purchase Bitcoin on a large scale, it could trigger a fundamental change in the Bitcoin market, pushing its market value to gold level (approximately $20 trillion), with the price of each Bitcoin reaching at least $1 million.

Laizet also predicts that 2025 will be the year banks "jump into Bitcoin," followed by their customers. He pointed out that several large banks in Europe are already preparing for Bitcoin-related businesses, and it is expected that the largest banks in France will make a high-profile entry into the Bitcoin field between the end of 2025 and the beginning of 2026.

Overall, The Blockchain Group is advancing its "Bitcoin treasury company" strategy through active financing and adjustments to its financial structure. Although there is still uncertainty in market performance and the regulatory environment, the company has clarified its development path and attracted the attention of some industry investors. Whether it can deliver on its growth targets remains to be seen.