The Blockchain Group (TBG), a French-based company focused on blockchain technology and cryptocurrency investment, announced a significant step in its Bitcoin Treasury Company strategy through a €63.3 million convertible bond issuance.
This move aims to enhance TBG’s Bitcoin holdings, potentially increasing its total to approximately 1,437 BTC upon completion.
The announcement underscores TBG’s commitment to positioning itself as a leading player in the corporate adoption of Bitcoin as a treasury asset, drawing comparisons to companies like Strategy in the United States and Metaplanet in Japan.
The convertible bond program, executed through TBG’s Luxembourg subsidiary, comprises two key tranches.
The first, a €5 million issuance at €3.809 per share, was subscribed by Moonlight Capital.
The second, a €58.3 million issuance at €0.707 per share, saw participation from prominent crypto-focused investors, including Fulgur Ventures and UTXO Management.
Notably, a significant portion of these bonds was subscribed in Bitcoin, aligning with TBG’s strategy to deepen its exposure to the cryptocurrency.
This structure allows investors to convert their bonds into TBG shares, potentially creating up to 89.3 million new shares at €0.544 and an additional 103.1 million at €0.707, which could lead to a dilution of existing shares but also reflects confidence in TBG’s long-term vision.
The funds raised are earmarked for acquiring an additional 590 BTC, further solidifying TBG’s position as a Bitcoin-centric treasury company.
This follows a prior issuance on March 6, 2025, where TBG raised €48.6 million, including 580 BTC acquired at €47.3 million, with participation from notable crypto figures like Adam Back.
The company’s focus on increasing its Bitcoin-per-share ratio on a fully diluted basis highlights its belief in Bitcoin’s long-term value as a store of wealth and a hedge against inflation.
TBG’s strategy mirrors a growing trend among corporations globally, where Bitcoin is increasingly viewed as a strategic reserve asset.
The announcement comes ahead of TBG’s General Meeting on June 10, 2025, where shareholders will vote on approving the 2024 financial accounts and authorizing a capital raise capacity of up to €10 billion to further accelerate its Bitcoin accumulation strategy.
This plan, detailed in a presentation on TBG’s website, aims to maximize shareholder value by leveraging Bitcoin’s potential for appreciation.
The company’s stock has seen growth, with reports citing a 750% increase since the launch of its Bitcoin treasury strategy, reflecting strong market enthusiasm.
However, the strategy is not without risks.
Discussions on platforms like investisseurs-heureux.fr highlight concerns about potential share dilution from the convertible bonds and the need for influential Bitcoin-focused investors to ensure TBG remains committed to its strategy.
Critics have urged TBG to focus exclusively on Bitcoin, avoiding distractions from altcoins or other blockchain ventures.
TBG’s move signals a maturing corporate approach to cryptocurrency, particularly Bitcoin, as a treasury asset.
By aligning with crypto investors and pursuing aggressive accumulation, TBG is positioning itself as a potential “Strategy of France,” aiming to capitalize on Bitcoin’s growing acceptance in mainstream finance.
