A small company in France is spending 10 billion euros to build a Bitcoin empire, claiming to be the "European MicroStrategy".

Author: Weilin, PANews

Original title: French version of MicroStrategy? The Blockchain Group boldly claims to raise 10 billion euros to establish a Bitcoin treasury.

There is an old saying in China, "The bolder the person, the greater the harvest from the land." The French listed company The Blockchain Group, which holds 160 million USD in Bitcoin, claims it aims to raise tens of billions of euros to purchase Bitcoin.

On June 11, The Blockchain Group, a technology company listed on the Pan-European Stock Exchange in Paris under the ticker ALTBG, announced that it has convened a general and special shareholders' meeting. The main purpose of the meeting is to enhance the company's financing capacity by over 10 billion euros to accelerate its "Bitcoin Treasury Company" strategy, aiming to increase the number of Bitcoins per share on a fully diluted basis.

As early as December 2024, the company secured funding of 2.5 million euros, attracting the participation of British cryptographer and crypto hacker Adam Back, who was cited in the Bitcoin white paper.

The Blockchain Group(TBG)'s strategy aims to establish a "hedge" against currency depreciation, based on a simple principle: increase the number of Bitcoins per share. To achieve this goal, two core strategies are followed: first, financing operations will be issued at a premium over the stock price. The recent financing premium has ranged from 30% to 70%, thus having a "value-added effect" intended to enhance the interests of existing shareholders. Second, a long-term perspective is taken, measuring performance in units of Bitcoin rather than in euros or dollars. Will The Blockchain Group's strategy, modeled after Strategy, be successful?

The shareholders' meeting approved a 10 billion euro Bitcoin treasury plan.

Recently, The Blockchain Group held a shareholders' meeting and officially approved the Bitcoin Treasury Plan.

The meeting also approved the proposal to appoint Alexandre Laizet as a director of the company, effective from today, for a term of six years, which will expire at the end of the next annual general meeting of shareholders reviewing the financial statements for the fiscal year ending December 31, 2030. Alexandre Laizet, the Deputy Chief Executive Officer, will be in charge of Bitcoin strategy. ![France's MicroStrategy? The Blockchain Group boldly aims to raise 10 billion euros to establish a Bitcoin treasury]###https://img.gateio.im/social/moments-dc30b363d42d9636149225b725f37d52(

The financing amount approved this time is far higher than the 300 million euros announced by the company on June 9 for the at-the-market (ATM) mechanism. This mechanism was established in collaboration with The Blockchain Group and the asset management company TOBAM, allowing the company to issue new shares in batches at market price at its discretion, with TOBAM fully subscribing to them. If this mechanism is fully executed, TOBAM could acquire up to 39% of the company's shares.

The approved financing tools include common stock, preferred stock, warrants, and convertible bonds, allowing the company's finance team to match financing costs with capital allocation based on market demand. The company's management stated that it plans to continue investing the proceeds from this financing authorization into similar Bitcoin acquisitions, aiming to make The Blockchain Group the most active publicly listed Bitcoin buyer in Europe.

Executives stated that the company's allocation of Bitcoin is seen as a supplementary use of idle capital, rather than a complete shift of the business model to a "single asset."

) Struggled to be profitable for many years before the transformation, currently holding $160 million in BTC.

On June 3 this year, The Blockchain Group began to further acquire BTC on a large scale, purchasing 624 BTC at that time, worth approximately $69 million. Including several previous purchases, as of June 12, according to data from bitcointreasuries, the company holds a total of 1,471 bitcoins, with a total value of $160 million, an average holding cost of BTC at $102,507, and an unrealized profit of 5.21%.

It has not always been a company centered around Bitcoin. In fact, until the end of 2023, TBG was a diversified blockchain technology company with businesses covering multiple fields such as media, consulting, and software services.

In October 2021, TBG opened its first office and blockchain research center in North America in Montreal. In February 2022, TBG's blockchain institution The Blockchain Xdev collaborated with the NFT market Artrade to accelerate the latter's technology development and promote innovation in the NFT social ecosystem. On June 1, 2023, its subsidiary Eniblock announced the launch of the Wallet as a Service (WaaS) beta version. From June 2023 to October 2024, TBG remained relatively silent on Twitter for over a year, not posting any updates. Over the years, The Blockchain Group's performance has been mixed, with profitability proving difficult to achieve.

Everything changed in December 2023. At that time, the company restructured and formed a new board of directors, with old subsidiaries being divested or liquidated. A more streamlined and focused new entity emerged, centered around two profitable operating companies—Iorga (custom websites and blockchain solutions) and Trimane (data intelligence and AI consulting). In November 2024, TBG became the first Bitcoin treasury company in Europe, officially adopting a long-term strategy focused on accumulating Bitcoin, optimizing the number of Bitcoins per share, and viewing Bitcoin as a core operating capital in the digital scarcity economy rather than a speculative asset.

Subsequently, TBG purchased Bitcoin multiple times:

• In November 2024, issued 1 million euros in stocks at a 70% premium to purchase approximately 15 bitcoins.
• In December 2024, a refinancing of 2.5 million euros attracted participation from Adam Back and TOBAM, purchasing approximately 25 bitcoins.
• In March 2025, issued convertible bonds with a face value of 48.6 million euros, denominated in Bitcoin, to purchase 580 Bitcoins, increasing the total number of Bitcoins held by the company to 620.
• During the same period, the stock price increased by a total of 474%.

Behind this bold strategy is the support of a series of cryptocurrency investors: Blockstream CEO Adam Back, a figure mentioned in the Bitcoin white paper, personally participated in TBG's financing in December. Crypto institutions such as Fulgur Ventures, UTXO Management, and TOBAM have also joined the ranks of shareholders.

TBG has also outlined a blueprint for the next eight years, with even more ambitious plans for the future:

• By 2029, the goal is to hold between 21,000 and 42,000 Bitcoins.
• By 2033, the goal is to grow to between 170,000 and 260,000 bitcoins, accounting for about 1% of the fixed supply of bitcoin.
• And during this process, not selling any single satoshi (the smallest unit of Bitcoin).

To support growth, the company plans to expand its capital raising scale from 300 million euros this year to over 100 billion euros in the early 2030s. If the price of Bitcoin reaches between 1 million to 2 million euros (forecast), the net asset value of TBG's holdings will reach between 210 billion to 420 billion euros, potentially making it one of the most valuable listed companies in Europe.

![French version of MicroStrategy? The Blockchain Group boldly aims to raise 10 billion euros to establish a Bitcoin treasury]###https://img.gateio.im/social/moments-15363ef680825028fbef26ea19a1c24b(

) The chief of Bitcoin was a former consultant for CAC 40 and began focusing on Bitcoin five years ago.

Alexandre Laizet is the head of Bitcoin treasury strategy for The Blockchain Group this time. Although he is not as high-profile as Strategy CEO Michael Saylor, this former consulting advisor has provided services for numerous CAC 40 companies and financial institutions. Over the past five years, all of his focus has been on Bitcoin.

In a recent media interview, he stated that if the U.S. government implements the BTC accumulation plan advocated by Senator Cynthia Lummis, everything will undergo a fundamental change. We may enter a state of "escape velocity", just as celestial bodies break free from their orbits when subjected to strong enough gravitational forces. Bitcoin is currently in its own cyclical orbit, including price and valuation levels. When it breaks orbit, the following phenomena may occur:

• Market capitalization reaches gold level, approximately 200 trillion USD;
• The price of each Bitcoin reaches at least 1 million dollars;
• The Bitcoin cycle will be completely rewritten: volatility or duration will undergo a qualitative change.

He stated that if the United States begins to regularly purchase Bitcoin, we will see a key turning point. When the global Bitcoin adoption rate reaches 15% to 20%, it will trigger the critical point for mainstream adoption. The year 2025 will be a year when banks "rush into Bitcoin." Subsequently, bank customers will also flock in.

He also added that the United States has begun the race, and Europe will soon follow. Spain's second-largest bank, BBVA, has received regulatory approval to launch trading and custody services for Bitcoin and Ethereum in its home market. While this may be unexpected for some, BBVA had already launched similar services in Switzerland in 2021 and expanded to Turkey in 2023.

In addition, other European banks are also in preparation, although the progress of commercial promotion is relatively slow, they are basically in place: SG Forge under Société Générale, BPCE Group, Crédit Agricole, etc. 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.

"This is not surprising; we have entered a critical turning point. This is Bitcoin's iPhone moment—a dimensional shift that we have foreseen and are experiencing for years... Ultimately, wealth will be measured in Bitcoin. Bitcoin is the ultimate safe-haven asset. Capital will always flow to the most optimal value storage tool. Due to Bitcoin's absolute scarcity and global accessibility, it will eventually absorb most of the capital." emphasized Alexandre Laizet.

He also pointed out that "currently, the best strategy for listed companies is to purchase Bitcoin through regulated service providers. This is exactly what we are doing: we are buying BTC through the French bank Delubac & Cie and the Luxembourg platform Swissquote. So how can businesses join the new economy? Like everyone else, by buying Bitcoin."

So, what percentage of funds should companies invest in Bitcoin? He stated that the vast majority of companies make the same mistake: they only invest a small amount of cash into Bitcoin, while keeping the rest in fiat currency. The reason is that this is a form of "insurance" against currency devaluation, so they usually only invest about 2%. Our model is based on a simple principle: increase the number of Bitcoin per share. To achieve this goal, we follow two core strategies: first, TBG's financing operations will issue at a premium based on the stock price. The recent financing premiums have ranged from 30% to 70%, thus having a "value-added effect" that directly enhances the interests of existing shareholders. For example, TBG's financing premium for buying Bitcoin last November reached as high as 70%, and in December it was 40%.

Second, TBG takes a long-term perspective and measures performance in Bitcoin rather than in euros or dollars.

Overall, as one of the few listed companies in Europe that currently positions Bitcoin as a core financial strategy, The Blockchain Group is actively promoting its "Bitcoin Treasury Company" positioning through additional financing and financial restructuring. Despite the uncertainties in market performance and regulatory environment, The Blockchain Group has clarified its development path and attracted the attention of some industry investors, but whether it can deliver on its growth targets remains to be seen.