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 transformation—The 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 Bitcoin’s price performance and demonstrating how balance sheet engineering—when executed through the Bitcoin lens—can drive exponential shareholder value.
This isn’t a story about riding Bitcoin’s price action. It’s about manufacturing Bitcoin per share through disciplined capital strategy.
A Strategic Reset—and a Bold Bet on Bitcoin
The Blockchain Group wasn’t 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 companies—Iorga (custom web and blockchain solutions) and Trimane (data intelligence and AI consulting). But the most important shift wasn’t operational—it was philosophical.
In November 2024, TBG became Europe’s 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 didn’t just buy Bitcoin—it refined its balance sheet into a satoshi-generation engine:
- €1M equity raise (Nov 2024) at a 70% premium allowed the purchase of ~15 BTC.
- €2.5M equity raise (Dec 2024) with Adam Back and TOBAM brought in another ~25 BTC.
- €48.6M BTC-denominated convertible bond (Mar 2025) enabled the acquisition of 580 BTC—vaulting the company to 620 BTC held.
- Total share price appreciation over the same period: +474%
These weren’t 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 sats—a 709.8% BTC Yield.
In this model, dilution is not a threat—it’s a tool. The question isn’t “how much are you raising?”—it’s “how many sats per share are you generating?”
A Capital Refinery in Motion
TBG’s rise isn’t an accident—it’s the product of a deliberate, multi-instrument capital strategy modeled after Strategy’s “Bitcoin refinery” 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.
- €300M 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 flows—without ever needing to sell Bitcoin.
Every funding event is a conversion: capital in, sats out. That’s 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 TBG’s 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 France—and 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 21,000–42,000 BTC.
- By 2033, that target grows to 170,000–260,000 BTC—just under 1% of Bitcoin’s fixed supply.
- All without selling a single satoshi.
To fund that growth, the company plans to expand its capital raising capacity from €300M this year to over €100B by the early 2030s. If Bitcoin reaches €1–2 million per BTC, as projected by some, TBG’s BTC holdings could represent a €210–420 billion NAV—positioning it to become Europe’s most valuable public company.
These aren’t moonshot projections. They’re mathematical extrapolations based on a capital model already proving itself.
Why It Matters
TBG’s success doesn’t just validate the Bitcoin Treasury model—it globalizes it. No longer confined to U.S. equities or Asia’s 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. It’s a superior capital foundation.
And for companies willing to measure success in BTC/share—not just euros earned—the upside is exponential.
TBG isn’t just holding Bitcoin. It’s optimizing for it. And in doing so, it’s 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.
