The Blockchain Group (ISIN: FR0011053636, ticker: ALTBG), Europe’s first publicly listed Bitcoin Treasury Company, has announced the final completion of multiple capital-raising initiatives that enabled the acquisition of 60 additional bitcoins (BTC) for approximately €5.5 million. This brings the company’s total bitcoin holdings to 1,788 BTC, acquired at an average cost of €90,213 per BTC, amounting to a total investment of €161.3 million.
As of June 30, 2025, the group has achieved a remarkable BTC Yield of 1,270.7% year-to-date (YTD) and 69.3% quarter-to-date (QTD) — underscoring the effectiveness of its equity-financed bitcoin accumulation strategy.
Strategic Capital Raises Fuel Bitcoin Accumulation
The Blockchain Group has successfully executed a series of capital increases and warrant conversions designed to strengthen its balance sheet and accelerate its core mission: increasing bitcoin holdings per fully diluted share over time.
OCA Tranche 1 Legal Adjustment Measures
The company confirms the final subscription of new ordinary shares by key stakeholders:
- Adam Back subscribed to 2,126,565 shares at €0.544 per share, raising €1.16 million.
- TOBAM subscribed to 262,605 shares at the same price, contributing an additional €142,857.
These transactions were part of legal adjustment measures for OCA Tranche 1 holders and directly funded the purchase of 13 BTC at a cost of approximately €1.19 million.
👉 Discover how strategic equity financing powers long-term Bitcoin growth
Conversion of BSA 2025-01 Warrants
In line with its April 7, 2025 announcement, the company completed the conversion of 7,708,225 BSA 2025-01 warrants into 1,101,175 new ordinary shares, generating €599,039 in capital. This funding facilitated the acquisition of 6 BTC for around €500,000.
This warrant program was offered to existing shareholders as a mechanism to accelerate participation in the company’s Bitcoin Treasury strategy.
ATM-Type Capital Increase with TOBAM
On June 24, 2025, The Blockchain Group launched an “ATM-type” capital increase program authorized by shareholders, resulting in the issuance of 800,690 new shares at an average price of €5.085 per share, raising €4.07 million.
This capital raise enabled the acquisition of 41 BTC for approximately €3.8 million. Investors participating in this round included:
- TOBAM BITCOIN CO2 Offset Fund
- TOBAM Bitcoin Treasury Opportunities Fund
- TOBAM BTC Linked and Blockchain Equity Fund
- MDP Blockchain
These investments reflect strong institutional confidence in the company’s long-term vision and execution capability.
Expansion of Bitcoin Holdings: From 15 to 1,788 BTC
Since its initial purchase in November 2024, The Blockchain Group has systematically scaled its bitcoin reserves through disciplined, equity-backed acquisitions. The most recent addition of 60 BTC brings the total to 1,788 BTC, all securely custodied via Taurus, a Swiss leader in digital asset infrastructure.
All acquisitions were executed by Banque Delubac & Cie, a regulated financial institution (DASP registered with AMF), ensuring compliance and security throughout the process.
Historical BTC Acquisition Timeline
| Reported Date | BTC Acquired | Cost Basis (€) | Total BTC Held |
|---|---|---|---|
| Nov 5, 2024 | 15 | €63,729 | 15 |
| Dec 4, 2024 | 25 | €90,511 | 40 |
| Mar 26, 2025 | 580 | €81,550 | 620 |
| May 22, 2025 | 227 | €93,518 | 847 |
| Jun 2, 2025 | 624 | €96,447 | 1,471 |
| Jun 17, 2025 | 182 | €93,264 | 1,653 |
| Jun 23, 2025 | 75 | €91,792 | 1,728 |
| Jun 30, 2025 | 60 | €91,879 | 1,788 |
The group's average acquisition cost stands at €90,213 per BTC, while the current net asset value reflects market appreciation without altering the conservative cost basis used for financial reporting.
Understanding BTC Yield: A Unique Performance Metric
The Blockchain Group uses proprietary KPIs to measure progress in its Bitcoin Treasury strategy. The most notable is BTC Yield, which tracks growth in bitcoin holdings relative to fully diluted share count.
What Is BTC Yield?
BTC Yield measures the percentage increase in satoshis per fully diluted share over a defined period. One satoshi equals 0.00000001 BTC — the smallest divisible unit.
For example:
- On January 1, 2025: ~41 sats per share
- On June 30, 2025: 562 sats per share
- Result: BTC Yield of 1,270.7% YTD
This metric illustrates how effectively equity capital is being converted into incremental bitcoin value for shareholders.
Supporting Metrics: BTC Gain and BTC € Gain
- BTC Gain (YTD): +508.3 BTC
- BTC € Gain (YTD): +€46.7 million
- BTC Gain (QTD): +429.5 BTC
- BTC € Gain (QTD): +€39.5 million
These figures represent the theoretical increase in bitcoin holdings if all shares outstanding at the beginning of the period had remained constant — a way to quantify shareholder value creation through strategic financing.
👉 Learn how companies are using Bitcoin as a treasury reserve asset
Share Capital Structure and Future Dilution Outlook
As of June 30, 2025:
- Issued shares: 134,461,545
- Fully diluted basis (including convertible instruments): 318,109,554 shares
Key shareholders now include:
- Adam Back: 17 million shares (12.65%)
- TOBAM: Over 8.2 million shares (6.11%)
- Public & Institutional Investors: ~72.4%
The fully diluted model accounts for:
- Convertible bonds (OCA B-01 to OCA B-03)
- Exercised BSA warrants
- Free shares approved but not yet issued
An additional ~19.9 million shares could enter circulation from unexercised BSA warrants and pending legal adjustments — primarily benefiting Fulgur Ventures and executives.
Core Keywords and Strategic Focus
The Blockchain Group’s strategy revolves around several core concepts:
- Bitcoin Treasury Strategy
- BTC Yield
- Equity Financing for Bitcoin
- Fully Diluted Shares
- Satoshis Per Share
- Institutional Bitcoin Adoption
- Digital Asset Custody
- Blockchain Investment
These keywords naturally align with growing investor interest in corporate bitcoin adoption and transparent metrics for evaluating performance beyond traditional financial statements.
Frequently Asked Questions (FAQ)
What is BTC Yield and why does it matter?
BTC Yield measures the growth in bitcoin holdings per fully diluted share over time. It matters because it shows how efficiently a company converts equity capital into more bitcoin for shareholders — a critical metric for Bitcoin Treasury Companies.
How does The Blockchain Group acquire bitcoin?
The company raises capital through equity financing (share issuances, warrant exercises) and uses the proceeds to purchase bitcoin via regulated financial partners like Banque Delubac & Cie. Acquired BTC is stored securely with Taurus.
Does holding shares mean I own bitcoin directly?
No. Shareholders do not own bitcoin directly. They own equity in a company that holds bitcoin as part of its treasury strategy. The value of shares may trade at a premium or discount to the underlying BTC value.
Is BTC Yield similar to dividend yield?
No. BTC Yield is not a financial return or income stream like a dividend. It is a proprietary metric showing growth in BTC per share — not a payout or profit distribution.
Why use average acquisition cost instead of market price?
Using historical cost maintains conservative accounting practices and avoids volatility distortions. Market value fluctuations affect net asset value but are not recognized as gains until realized.
Can the company pay dividends in bitcoin?
While possible in theory, there are currently no plans to distribute dividends. All focus remains on accumulating and holding bitcoin to increase long-term shareholder value.
Final Thoughts: Building a Sustainable Bitcoin-Centric Future
The Blockchain Group continues to execute one of the most transparent and data-driven Bitcoin Treasury strategies in Europe. With over 1,788 BTC held, a proven ability to raise capital efficiently, and clear KPIs guiding decision-making, the company is positioning itself as a benchmark for institutional-grade corporate bitcoin adoption.
Its dual focus — growing operational subsidiaries in AI and decentralized tech while expanding its digital treasury — creates a unique hybrid model that blends innovation with financial resilience.
👉 See how modern treasuries are integrating Bitcoin into their asset strategy