The Blockchain Group, the first Bitcoin Treasury Company in Europe, has announced a series of financial operations with a total value of 9.7 million euros, aimed at strengthening its exposure in Bitcoin.
Furthermore, the goal is to consolidate its position in the decentralized technology sector. The operations, conducted through the Luxembourg subsidiary The Blockchain Group Luxembourg SA, include issuances of convertible bonds and subscriptions in BTC.
In particular with the involvement of prominent investors such as TOBAM, Adam Back, and Ludovic Chechin-Laurans.
New issuances by The Blockchain Group to strengthen the treasury in Bitcoin
Following the meeting on June 10, 2025, the Board of Directors authorized the issuance of Convertible Bonds A-03 Tranche 1 for a nominal value of 6 million euros, fully subscribed by TOBAM.
The bonds, with a nominal value of 1 euro each, grant the right to convert into 961,538 ordinary shares of the company at a price of 6.24 euros per share, with a 30% premium compared to the closing price on June 9, 2025.
The 95% of the funds raised will be allocated to the purchase of Bitcoin, while the remaining 5% will cover the operational expenses of the Luxembourg branch.
The bonds will be convertible at any time until June 10, 2028, provided that the volume-weighted average price (VWAP) of the shares reaches at least 130% of the conversion price, which is 8.112 euros.
Within three months from the issuance of Tranche 1, TOBAM may subscribe to Tranche 2 of the A-03 Convertible Bonds, for a maximum amount of 9 million euros.
The conversion conditions remain similar, but the conversion price rises to 8,112 euros per share, with the possibility of conversion being activated if the VWAP reaches at least 10,5456 euros.
In parallel, Ludovic Chechin-Laurans exercised the subscription right of the Tranche 2 of the OCA B-02, for an amount of 2.42 million euros, entirely paid in Bitcoin.
The bonds grant the right to conversion into 3,422,555 ordinary shares at a price of ~0.7072 euros per share, with a premium of 30% compared to Tranche 1.
The conversion price represents a discount of 86.37% compared to the closing price on June 12, 2025.
Completed conversions: Adam Back and TOBAM increase participation
The investor and industry pioneer Adam Back has completed the conversion of 8,097,961 OCA Tranche 1, receiving in exchange 14,885,957 ordinary shares at a price of 0.544 euros per share.
Additionally, it has subscribed to 2,126,565 additional shares for a value of 1.16 million euros, as part of the legal adjustment measures provided for holders of OCA Tranche 1. TOBAM has also converted 1,000,000 OCA Tranche 1, obtaining 1,838,235 ordinary shares.
He also subscribed to 262,605 additional shares for an amount of 142,857 euros, always at the price of 0.544 euros per share. Both operations were carried out through debt compensation.
The announced operations could allow The Blockchain Group to acquire approximately 80 BTC, bringing the total potential holdings to 1,611 BTC, including the proceeds from the operations announced on May 26, 2025.
The theoretical reference value for BTC has been set at 100,000 euros, with 95% of the funds allocated for the purchase of criptovaluta.
Following the conversions and new issuances, the share structure of the company will undergo significant changes.
On a fully diluted basis, Fulgur Ventures could hold up to 46.81% of the capital, while Adam Back and TOBAM would reach 10.97% and 2.85% respectively. The share capital would increase from 123,748,877 shares to 311,726,634 shares.
Strategic Objectives and Future Perspectives
With these operations, The Blockchain Group confirms its strategy to become a full-fledged Bitcoin Treasury Company, integrating blockchain and cryptocurrencies into its financial structure.
The almost total allocation of the funds raised to the purchase of BTC underscores the company’s commitment to an innovative treasury model, focused on high-potential digital assets.
The company also continues to expand its activities in the fields of Data Intelligence, artificial intelligence, and decentralized technological development, strengthening its position as a key player in the European landscape of digital finance.
The recent issuances and conversions represent a decisive step for The Blockchain Group, which positions itself as a European pioneer in the management of reserves in Bitcoin.
With the support of strategic investors and a clear vision, the company seems ready to capitalize on the opportunities offered by the blockchain economy, aiming for sustainable and cutting-edge growth.
