The Blockchain Group: Europe’s Leader in Bitcoin Treasury Transformation
The rise of Bitcoin treasury models in the corporate world has been nothing short of revolutionary. What started in the United States with companies like Strategy and continued in Asia with Metaplanet, has now found a new leader in Europe—The Blockchain Group (ALTBG).
Listed on Euronext Growth Paris, The Blockchain Group has taken the concept of balance sheet transformation to a whole new level. Since adopting its treasury strategy, the company has delivered an impressive 709.8% BTC Yield in just six months, far surpassing Bitcoin’s price performance. This success showcases how a focused capital strategy, centered around Bitcoin, can drive exponential shareholder value.
The journey of The Blockchain Group began with a strategic reset in late 2023. The company, previously a diversified tech holding entity, underwent a transformation under a new board. Legacy subsidiaries were restructured, and a leaner, more focused business emerged, anchored by profitable operating companies like Iorga and Trimane. However, the real paradigm shift came in November 2024 when TBG became Europe’s first Bitcoin Treasury Company.
From that point on, TBG embarked on a journey of capital efficiency like no other. Through targeted equity raises and Bitcoin-denominated convertible bonds, the company was able to accumulate a substantial amount of Bitcoin while minimizing dilution. The result? A remarkable increase in BTC per share, with fully diluted shares growing by 100% and BTC holdings increasing by a staggering 1,450% in Q1 2025 alone.
TBG’s capital strategy is akin to a refinery, converting capital into Bitcoin in the most efficient way possible. By leveraging various financial instruments, the company aims to maximize BTC per share over time without ever needing to sell Bitcoin. This approach has garnered the support of prominent investors like Adam Back, Blockstream’s CEO, and TOBAM, further solidifying TBG’s position in the market.
Looking ahead, The Blockchain Group has outlined an ambitious roadmap for the next eight years. By 2029, the company aims to hold between 21,000 and 42,000 BTC, growing to 170,000 to 260,000 BTC by 2033—representing nearly 1% of Bitcoin’s fixed supply. With plans to expand its capital raising capacity to over €100B by the early 2030s, TBG is poised to become one of Europe’s most valuable public companies, all while holding onto its Bitcoin reserves.
The success of The Blockchain Group not only validates the Bitcoin treasury model but also paves the way for a new era of capital allocation in Europe. By optimizing for Bitcoin and reshaping shareholder value in a world of finite money, TBG is setting a new standard for corporate finance. For European CFOs and capital allocators, the message is clear: Bitcoin is not just a speculative hedge but a superior capital foundation with exponential upside potential.