The Blockchain Group completes a €9.9 million capital increase by issuing 9 million new shares at €1.0932 each, reinforcing its Bitcoin Treasury Company strategy. The funds will support further Bitcoin accumulation and the development of its subsidiaries in Data Intelligence, AI, and decentralised technologies. Following the increase, the Company’s share capital rises to over €4 million, with new shares admitted to trading on Euronext Growth Paris.
The Blockchain Group (ISIN: FR0011053636, ticker: ALTBG), listed on Euronext Growth Paris, confirms its commitment to accelerating its Bitcoin Treasury Company strategy through a significant capital increase of approximately €9.9 million. This step enables the Company to intensify its Bitcoin accumulation while maintaining the growth of its subsidiaries specialising in Data Intelligence, Artificial Intelligence (AI), and decentralised technology consulting and development.
The Board of Directors approved the issuance of 9,045,039 new shares at a subscription price of €1.0932 per share, reflecting a premium of roughly 61.69% compared to the average closing price of the previous twenty trading sessions. This operation, completed without shareholders’ pre-emptive rights, involves key institutional investors and individuals who have subscribed proportionally to the shares offered. The capital increase strengthens the Company’s financial resources, supporting both its Bitcoin accumulation ambitions and the expansion of operational activities across its subsidiaries.
Capital increase details and shareholder participation
The capital increase complies with Article L. 411-2 1° of the French Monetary and Financial Code and is conducted under the delegated authority granted by the shareholders’ meeting on February 21, 2025. The Company issues 9,045,039 new ordinary shares at €1.0932 each, which includes an issuance premium. The total subscription amount reaches €9,888,036.63. Notably, the subscription price reflects a discount of 16.99% compared to the closing price on the day of the press release, addressing recent market volatility.
The shareholders’ pre-emptive subscription rights are waived in favour of a group of subscribers, including Tobam, Generali Ambition Solidaire, Jean-Marie Formigé, Quadrille Capital – Disruption Fund Master, EFG Bank, VP Bank, V Bank, and Patrick Zbinden. The detailed breakdown of shares and subscription amounts shows Tobam subscribing to over 3.6 million shares, with other investors contributing smaller allocations, collectively reinforcing the capital raise.
| Subscriber | Number of Shares | Amount (€) |
| Tobam | 3,658,980 | €3,999,996.94 |
| Generali Ambition Solidaire | 1,000,000 | €1,093,200.00 |
| Jean-Marie Formigé | 2,000,000 | €2,186,400.00 |
| Quadrille Capital – Disruption Fund Master | 686,059 | €749,999.70 |
| EFG Bank | 1,000,000 | €1,093,200.00 |
| VP Bank | 245,000 | €267,834.00 |
| V Bank | 255,000 | €278,766.00 |
| Patrick Zbinden | 200,000 | €218,640.00 |
| TOTAL | 9,045,039 | €9,888,036.63 |
Following this capital increase, the Company’s share capital rises to €4,097,179.52, represented by 102,429,488 ordinary shares of €0.04 nominal value each (excluding convertible warrants). The settlement and admission of these new shares to trading on Euronext Growth Paris are expected upon completion.
Impact on share capital distribution
The capital increase also affects the distribution of share capital. A detailed comparison table shows both the current shareholding and the fully diluted positions after conversion of all convertible bonds and exercise of warrants. Executives hold 12.49% of shares currently, which reduces to 7.66% on a fully diluted basis. Institutional investors such as Fulgur Ventures and Adam Back hold significant fully diluted stakes of 34.90% and 9.56%, respectively. Other new investors like Tobam and Jean-Marie Formigé gain notable equity stakes through this capital increase.
| Situation as of May 9, 2025 | Fully diluted basis (*) | |||
| Shareholders | Number of shares | % capital | Number of shares | % capital |
| Executives | 11,899,918 | 12.49% | 16,989,864 | 7.66% |
| Fulgur Ventures | – | 0.00% | 77,422,168 | 34.90% |
| Adam Back | 3,666,666 | 3.85% | 21,202,997 | 9.56% |
| TOBAM | – | 0.00% | 5,759,820 | 2.60% |
| UTXO Management | – | 0.00% | 4,244,478 | 1.91% |
| Generali Ambition Solidaire | – | 0.00% | 1,000,000 | 0.45% |
| Jean-Marie Formigé | – | 0.00% | 2,000,000 | 0.90% |
| Quadrille Capital – Disruption Fund Master | – | 0.00% | 686,059 | 0.31% |
| EFG Bank | – | 0.00% | 1,000,000 | 0.45% |
| VP Bank | – | 0.00% | 245,000 | 0.11% |
| V Bank | – | 0.00% | 255,000 | 0.11% |
| Patrick Zbinden | – | 0.00% | 200,000 | 0.09% |
| Free Shares to be Issued | 1,880,000 | 1.97% | 1,880,000 | 0.85% |
| Public & Institutional | 77,817,865 | 81.69% | 88,934,702 | 40.09% |
| Total | 95,264,449 | 100.00% | 221,820,088 | 100.00% |
Equity per share before and after capital increase
The capital increase substantially raises the Company’s equity from approximately €5.36 million to over €15.2 million. This growth impacts the equity value per share, increasing it from €0.06 to €0.15 on an undiluted basis and from €0.33 to €0.36 on a fully diluted basis. These figures reflect the stronger capital base and improved financial position post-issuance.
Equity amount | Total number of shares | Equity per share (undiluted basis) | Equity per share (fully diluted basis) (1) | |
| Before the Capital Increase | €5,359,487.02 | 93,384,449 | €0.06 | €0.33 |
| After the Capital Increase | €15,247,523.65 | 102,429,488 | €0.15 | €0.36 |
This capital increase represents a key milestone in The Blockchain Group’s strategy to enhance its position as a Bitcoin Treasury Company. The Company continues to prioritise Bitcoin accumulation while simultaneously expanding the operational capacity of its technology subsidiaries.
Shikha Negi is a Content Writer at ztudium with expertise in writing and proofreading content. Having created more than 500 articles encompassing a diverse range of educational topics, from breaking news to in-depth analysis and long-form content, Shikha has a deep understanding of emerging trends in business, technology (including AI, blockchain, and the metaverse), and societal shifts, As the author at Sarvgyan News, Shikha has demonstrated expertise in crafting engaging and informative content tailored for various audiences, including students, educators, and professionals.
