Overview

The Blockchain Group (ALTBG), heralding itself as Europe’s pioneering Bitcoin Treasury Company, has initiated a share issuance program valued up to 300 million euros (approximately $342.5 million).

What You Should Know:

• The initiative enables French asset manager TOBAM to acquire shares at its discretion, influenced by daily market conditions.
• This scheme is akin to an at-the-market (ATM) offering and will be leveraged to purchase Bitcoin.
• Current shareholding by TOBAM stands at 3%, with the potential to escalate to 39% if the offer is fully utilized and approved in a shareholder vote on June 10.

Additional Insights

TOBAM will determine its preference to hold or sell the newly issued shares autonomously, without acting as a broker, aiming to optimize its returns based on the prices gleaned from previous market performance. Proceeds from the sale are anticipated to advance the Group’s aspiration to enhance its ‘bitcoins per share’ metric over time. The initiative signifies a strategic move to increase its Bitcoin reserves, having started such acquisitions in November of the prior year.