- The Blockchain Group launched a €300M funding deal with TOBAM to acquire more Bitcoin, using a modified ATM-style structure that avoids intermediaries and daily caps issuance at 21 % of trading volume.
- TOBAM can request new shares daily at the higher of the closing or average price, with potential to hold them long-term.
The Blockchain Group is escalating its bitcoin acquisition strategy with a new capital program designed to feed its treasury directly with BTC, using a structure modeled loosely on US at-the-market (ATM) deals.
Announced Monday, the Paris-listed firm has entered a standby agreement with French asset manager TOBAM, allowing for the issuance of new shares on a rolling basis. Rather than pre-selling or underwriting the shares, TOBAM can request issuance at the end of each trading day, priced at either that day’s closing price or the volume-weighted average—whichever is higher.
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The daily issuance is limited to 21 % of the day’s total volume, with the full program capped at €300M (AU$525M) for now. The deal runs for six months, but both parties can extend or scrap the arrangement at will.
Unlike standard ATM structures in the US, this one doesn’t involve a middleman offloading shares into the market. TOBAM isn’t being paid to facilitate the deal and may hold the new shares on its books, which suggests long-term alignment rather than short-term liquidity injection.
The Blockchain Group said it will publish regular updates detailing the number of new shares issued, their pricing, and the amount of bitcoin added to its treasury. It also committed to disclosing BTC-per-share figures on a fully diluted basis throughout the program.
Saylor-Style Approach, Reimagined for Europe
Overall, yes, this model is basically US tactics used by players like Michael Saylor’s Strategy, but the structure naturally has to adapt to a more European regulatory framework and a more shareholder-focused capital path.
Speaking of which, today Strategy bought another 1,045 Bitcoin for US$110M (AU$168M), bringing its total holdings to 582,000 coins. These have been acquired for an aggregate US$40.7B (AU$62B), at a total average cost of US$70,086 (AU$107.5K) per coin.
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