Blockchain Group Launches €300M ATM Program with TOBAM

• The Blockchain Group launches €300M ATM-style capital program with TOBAM.
• Daily share issuance priced at market, capped at 21% of prior day’s trading volume.
• Funds aim to boost Bitcoin-per-share; no lock-up or resale conditions for TOBAM.

The Blockchain Group, listed on Euronext Growth Paris under ticker ALTBG, has launched a standby capital increase agreement with asset manager TOBAM for a maximum of €300 million. Structured after U.S.-style At-The-Market (ATM) models, the program aims to support the firm’s Bitcoin Treasury strategy by issuing new shares under dynamic, market-driven conditions.

TOBAM, a long-term investor in Bitcoin and The Blockchain Group, will be authorized to subscribe to ordinary shares based on daily trading conditions. Each subscription will follow a fixed pricing methodology and volume limit, with the resulting capital used to increase the company’s bitcoin reserves per share over time.

Program Terms Mirror ATM Offering Structures

The agreement permits TOBAM to make daily subscription requests after the close of trading. The price for each request will be calculated based on the higher of the previous day’s closing share price or the volume-weighted average price (VWAP). However, any given request must not exceed 21% of the prior trading day’s volume.

Subscription requests collected during a given week will be consolidated into a single capital increase on the following week’s first business day. The issue price applied will be the average of the prices set in each request. If any price falls below a floor set by prior shareholder approval, that minimum will apply. These newly issued shares will be listed on Euronext Growth Paris under the same offer compartment.

Legal Authorization and Expansion Plans

The current program operates under the authority granted in the fifth resolution of the Extraordinary General Meeting held on February 21, 2025. That resolution permits capital increases reserved for specialized investors, including those in fintech, AI , blockchain, and digital asset sectors. The authorized ceiling is €37.5 million in nominal value, with a minimum price based on a 20-day VWAP, allowing a discount up to 15% if specified conditions are met.

A new resolution, scheduled for a vote on June 10, 2025, seeks to expand the nominal limit to €500 million. If approved, it would supersede the earlier resolution. The board is expected to meet immediately after the vote to authorize continuation of the program under the new framework.

Unlike standard ATM programs in the U.S., where intermediaries subscribe and immediately resell shares, TOBAM may retain or sell the shares at its discretion. It does not act as a placement agent and receives no compensation from The Blockchain Group. TOBAM may also use stock lending or derivative strategies, but is under no lock-up restrictions.

Market Communication and Dilution Implications

Throughout the program’s life, the company will report new shares issued, prices, and timelines in its disclosures. Any significant capital increase will prompt a dedicated press release. The number of bitcoins acquired and the evolution of bitcoin-per-share metrics on a fully diluted basis will also be disclosed.

If TOBAM fully subscribes to €300 million of shares on June 6, 2025, with a closing price of €4.1, and retains all shares, the firm’s stake in The Blockchain Group could grow substantially. However, this projection is based on static assumptions, and real-time market activity will likely produce different outcomes.