France’s Blockchain Group to Acquire 590 Bitcoin Following €63M Bond Sale
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The Blockchain Group (TBG), a Paris-based company, has secured €63.3 million ($72 million) through convertible bonds. About 95% of the proceeds, roughly €60 million, will go toward purchasing 590 Bitcoin, pushing its total BTC holdings to 1,437.
Most of the bonds were acquired by Fulgur Ventures, which invested €55.3 million, while Moonlight Capital contributed another €5 million. The conversion price for bondholders is set at €3.809 per share.
https://x.com/_ALTBG/status/1927068909477204458
At current Bitcoin prices ($109,000 per BTC), the full amount could buy 658 coins. However, management allocated the remaining 5% to cover fees and daily operational costs.
Can TBG Become Europe’s MicroStrategy with Bitcoin?
The Euronext-listed Blockchain Group (ALTBG) has a simple formula of issuing debt and buying Bitcoin, on repeat.
By aggressively converting cash and borrowed capital into BTC, the company keeps pushing its “Bitcoin per share” metric higher, and shareholders are rewarding the playbook.
When ALTBG announced its first Bitcoin purchases on 5 November 2024, the stock rocketed 225% in a single day.
That explosive move kicked off a sustained rally, now up 766% year-to-date (closing at €2.77 on 26 May), as investors bet on Bitcoin’s upside outweighing dilution risks.
The company’s BTC holdings have already generated a 709% unrealized gain, while its core business revenues shrank 32% to €13.9 million in 2024.
This stark contrast explains why leadership is doubling down. Their 8-year plan targets 1% of Bitcoin’s total supply (≈260,000 BTC by 2033), aiming to become Europe’s MicroStrategy.
Convertible bonds mean future dilution, but management is gambling that Bitcoin’s price appreciation will outpace it. So far, the strategy has worked, as every fresh bond sale has acted like rocket fuel for the treasury, locking in more BTC at today’s prices before the next bull run.
For traders watching ALTBG’s ticker, each new BTC purchase adds momentum, creating a self-reinforcing cycle in which rising Bitcoin holdings attract more investors, driving the stock higher, which funds even more Bitcoin buys.
How Is Crypto Regulation and Adoption Evolving in Europe?
The EU has adopted a deliberate approach to cryptocurrency, implementing strict oversight while fostering measured innovation.
This careful balance has allowed Bitcoin treasury strategies to gain momentum, with firms like Sweden’s H100 Group and Strive Asset Management embracing the trend.
https://x.com/Sanderandersenn/status/1925552907643937210
Their rationale echoes that of The Blockchain Group and MicroStrategy. Bitcoin serves as both an inflation shield and a high-growth asset, often acting contrary to traditional markets.
In a significant development, Crypto.com obtained a MiFID license, granting it authorization to provide regulated crypto derivatives throughout the European Economic Area (EEA).
The company achieved this by acquiring Cyprus-based A.N. Allnew Investments, following a playbook similar to Kraken and other industry leaders.
Despite growing institutional adoption, EU regulators maintain a firm stance against illicit activity.
A recent high-profile operation saw Europol and Spanish authorities dismantle a sophisticated crypto laundering network that processed over €21 million for organized crime.
The investigation, spearheaded by an Almería court, exposed underground hawala-style crypto transfers and social media-facilitated money laundering, underscoring Europe’s uncompromising position on financial crime.
