Bitcoin Magazine
The Rise of Europeâs First Bitcoin Treasury Company
In the United States, Strategy proved the Bitcoin treasury model. In Asia, Metaplanet took the baton ran with it. Now in Europe, a new name is emerging as a leader in balance sheet transformationâThe Blockchain Group (ALTBG).
Listed on Euronext Growth Paris, The Blockchain Group has delivered one of the most remarkable performances among all public Bitcoin companies since adopting its treasury strategy. In just six months, it has posted a 709.8% BTC Yield, far outpacing Bitcoinâs price performance and demonstrating how balance sheet engineeringâwhen executed through the Bitcoin lensâcan drive exponential shareholder value.
This isnât a story about riding Bitcoinâs price action. Itâs about manufacturing Bitcoin per share through disciplined capital strategy.
The Blockchain Group wasnât always a Bitcoin-first company. In fact, until late 2023, it was a diversified tech holding company with interests across media, consulting, and software services. But results were mixed, and profitability remained elusive.
Everything changed in December 2023. A new board was installed. Legacy subsidiaries were spun off or liquidated. A leaner, more focused entity emerged, anchored by two profitable operating companiesâIorga (custom web and blockchain solutions) and Trimane (data intelligence and AI consulting). But the most important shift wasnât operationalâit was philosophical.
In November 2024, TBG became Europeâs first Bitcoin Treasury Company, officially adopting a long-term strategy to accumulate Bitcoin, optimize BTC per share, and treat Bitcoin not as a speculative asset, but as core working capital in a digitally scarce economy.
What followed was a masterclass in capital efficiency. TBG didnât just buy Bitcoinâit refined its balance sheet into a satoshi-generation engine:
These werenât random capital injections. They were highly targeted refinements, designed to maximize the amount of Bitcoin acquired per share created.
In Q1 2025 alone, fully diluted shares increased by 100%, but BTC holdings grew by 1,450%. BTC/share rose from 41 to 332 satsâa 709.8% BTC Yield.
In this model, dilution is not a threatâitâs a tool. The question isnât âhow much are you raising?ââitâs âhow many sats per share are you generating?â
TBGâs rise isnât an accidentâitâs the product of a deliberate, multi-instrument capital strategy modeled after Strategyâs âBitcoin refineryâ playbook:
These tools allow TBG to source capital from multiple channels while retaining one goal: maximize BTC per share over time. The more instruments at its disposal, the more agility it has in optimizing capital flowsâwithout ever needing to sell Bitcoin.
Every funding event is a conversion: capital in, sats out. Thatâs the refinery at work.
If the strategy seems bold, the investors backing it suggest confidence.
This alignment between operational execution and long-term capital partners gives TBG a strong foundation to expand beyond Franceâand deep credibility among institutions eyeing Bitcoin-native capital strategies.
The roadmap ahead is even more ambitious.
To fund that growth, the company plans to expand its capital raising capacity from âŹ300M this year to over âŹ100B by the early 2030s. If Bitcoin reaches âŹ1â2 million per BTC, as projected by some, TBGâs BTC holdings could represent a âŹ210â420 billion NAVâpositioning it to become Europeâs most valuable public company.
These arenât moonshot projections. Theyâre mathematical extrapolations based on a capital model already proving itself.
TBGâs success doesnât just validate the Bitcoin Treasury modelâit globalizes it. No longer confined to U.S. equities or Asiaâs frontier plays, Bitcoin-native treasury strategy is now anchored in European capital markets.
This sends a strong message to European CFOs and capital allocators:
Bitcoin is not a speculative hedge. Itâs a superior capital foundation.
And for companies willing to measure success in BTC/shareânot just euros earnedâthe upside is exponential.
TBG isnât just holding Bitcoin. Itâs optimizing for it. And in doing so, itâs reshaping what shareholder value can look like in a world of finite money.
Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities. For full transparency, please note that UTXO Management, a subsidiary of BTC Inc., holds a stake in The Blockchain Group.
This post The Rise of Europeâs First Bitcoin Treasury Company first appeared on Bitcoin Magazine and is written by Nick Ward.
Full story here:
The Rise of Europeâs First Bitcoin Treasury Company
In the United States, Strategy proved the Bitcoin treasury model. In Asia, Metaplanet took the baton ran with it. Now in Europe, a new name is emerging as a leader in balance sheet transformationâThe Blockchain Group (ALTBG).
Listed on Euronext Growth Paris, The Blockchain Group has delivered one of the most remarkable performances among all public Bitcoin companies since adopting its treasury strategy. In just six months, it has posted a 709.8% BTC Yield, far outpacing Bitcoinâs price performance and demonstrating how balance sheet engineeringâwhen executed through the Bitcoin lensâcan drive exponential shareholder value.
This isnât a story about riding Bitcoinâs price action. Itâs about manufacturing Bitcoin per share through disciplined capital strategy.
A Strategic Resetâand a Bold Bet on Bitcoin
The Blockchain Group wasnât always a Bitcoin-first company. In fact, until late 2023, it was a diversified tech holding company with interests across media, consulting, and software services. But results were mixed, and profitability remained elusive.
Everything changed in December 2023. A new board was installed. Legacy subsidiaries were spun off or liquidated. A leaner, more focused entity emerged, anchored by two profitable operating companiesâIorga (custom web and blockchain solutions) and Trimane (data intelligence and AI consulting). But the most important shift wasnât operationalâit was philosophical.
In November 2024, TBG became Europeâs first Bitcoin Treasury Company, officially adopting a long-term strategy to accumulate Bitcoin, optimize BTC per share, and treat Bitcoin not as a speculative asset, but as core working capital in a digitally scarce economy.
From Restructuring to Refinement
What followed was a masterclass in capital efficiency. TBG didnât just buy Bitcoinâit refined its balance sheet into a satoshi-generation engine:
- âŹ1M equity raise (Nov 2024) at a 70% premium allowed the purchase of ~15 BTC.
- âŹ2.5M equity raise (Dec 2024) with Adam Back and TOBAM brought in another ~25 BTC.
- âŹ48.6M BTC-denominated convertible bond (Mar 2025) enabled the acquisition of 580 BTCâvaulting the company to 620 BTC held.
- Total share price appreciation over the same period: +474%
These werenât random capital injections. They were highly targeted refinements, designed to maximize the amount of Bitcoin acquired per share created.
In Q1 2025 alone, fully diluted shares increased by 100%, but BTC holdings grew by 1,450%. BTC/share rose from 41 to 332 satsâa 709.8% BTC Yield.
In this model, dilution is not a threatâitâs a tool. The question isnât âhow much are you raising?ââitâs âhow many sats per share are you generating?â
A Capital Refinery in Motion
TBGâs rise isnât an accidentâitâs the product of a deliberate, multi-instrument capital strategy modeled after Strategyâs âBitcoin refineryâ playbook:
- Equity placements were executed at premiums to market, avoiding value leakage.
- Bitcoin-denominated convertible bonds aligned liabilities with asset exposure, minimizing credit risk.
- Shareholder warrants were introduced to give all investors access to upside.
- âŹ300M in capital raise authorization was approved to fund future BTC acquisitions.
These tools allow TBG to source capital from multiple channels while retaining one goal: maximize BTC per share over time. The more instruments at its disposal, the more agility it has in optimizing capital flowsâwithout ever needing to sell Bitcoin.
Every funding event is a conversion: capital in, sats out. Thatâs the refinery at work.
Global Backing, Local Execution
If the strategy seems bold, the investors backing it suggest confidence.
- Adam Back, CEO of Blockstream and cited in the Bitcoin white paper, participated directly in TBGâs December raise.
- Fulgur Ventures, UTXO Management, and TOBAM have joined the cap table, providing global legitimacy and deep Bitcoin-native insight.
- TOBAM, in particular, authored a widely shared mathematical paper modeling how BTC Treasury Companies can outperform Bitcoin itself when BTC Yield is maximized.
This alignment between operational execution and long-term capital partners gives TBG a strong foundation to expand beyond Franceâand deep credibility among institutions eyeing Bitcoin-native capital strategies.
TBG Outlines Their 8-Year Roadmap
The roadmap ahead is even more ambitious.
- By 2029, TBG aims to hold 21,000â42,000 BTC.
- By 2033, that target grows to 170,000â260,000 BTCâjust under 1% of Bitcoinâs fixed supply.
- All without selling a single satoshi.
To fund that growth, the company plans to expand its capital raising capacity from âŹ300M this year to over âŹ100B by the early 2030s. If Bitcoin reaches âŹ1â2 million per BTC, as projected by some, TBGâs BTC holdings could represent a âŹ210â420 billion NAVâpositioning it to become Europeâs most valuable public company.
These arenât moonshot projections. Theyâre mathematical extrapolations based on a capital model already proving itself.
Why It Matters
TBGâs success doesnât just validate the Bitcoin Treasury modelâit globalizes it. No longer confined to U.S. equities or Asiaâs frontier plays, Bitcoin-native treasury strategy is now anchored in European capital markets.
This sends a strong message to European CFOs and capital allocators:
Bitcoin is not a speculative hedge. Itâs a superior capital foundation.
And for companies willing to measure success in BTC/shareânot just euros earnedâthe upside is exponential.
TBG isnât just holding Bitcoin. Itâs optimizing for it. And in doing so, itâs reshaping what shareholder value can look like in a world of finite money.
Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities. For full transparency, please note that UTXO Management, a subsidiary of BTC Inc., holds a stake in The Blockchain Group.
This post The Rise of Europeâs First Bitcoin Treasury Company first appeared on Bitcoin Magazine and is written by Nick Ward.
Full story here:
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