In the United States, strategy proves the Bitcoin treasury model. In Asia, Metaplanet took the baton. Now in Europe, a new name is becoming a leader in balance sheet transformation –Blockchain Group (ALTBG).
The blockchain group listed at Euronext Growth in Paris, has achieved one of the best performances among all public bitcoin companies since adopting its Treasury strategy. In just six months, it released a 709.8% BTC yieldexceeding Bitcoin’s price performance and demonstrating how balance sheet engineering (executed through the Bitcoin lens) drives the value of index shareholders.
This is not a story about the price action of riding Bitcoin. This is about Making Bitcoin per share Through a disciplined capital strategy.
Strategy Reset – Bold Betting on Bitcoin
Blockchain groups are not always Bitcoin-first companies. In fact, until the end of 2023, it is a diversified tech holding company with interest in cross-media, consulting and software services. But the results are mixed, and profitability is still elusive.
Everything changed in December 2023. A new board was installed. The estate subsidiary is divested or liquidated. A leaner, more centralized entity anchored by two profitable operating companies,Elga (custom network and blockchain solutions) and triangle (Data intelligence and artificial intelligence consulting). But the most important transformation is not operational, it is philosophical.
In November 2024, TBG became Europe’s first Bitcoin finance companyformally adopt long-term strategies to accumulate Bitcoin, optimize BTC per share and treat Bitcoin as a speculative asset, but rather as Core working capital In an economy with digital scarcity.
From reorganization to perfection
Then comes the master class of capital efficiency. TBG not only buys Bitcoin, but also perfects its balance sheet into Satoru’s generation engine:
- Equity salary increase of 1 million euros (November 2024) ~15 BTC is allowed to purchase at a 70% premium.
- Equity salary increase of 2.5 million euros (December 2024) With Adam returning, Tobham brought about 25 btc.
- €4.86 million in BTC convertible bonds (March 2025) Enabled 580 BTC acquisition – Make the company off the road 620 BTC held.
- The total stock price during the same period is appreciated: +474%
These are not random capital injections. They are Highly targeted improvementsdesigned to maximize the amount of Bitcoin per share created.
In Q1 alone, fully diluted stocks rose 100% but BTC holdings rose 1,450%. BTC/SHARE rose from 41 to 332 SAT 709.8% BTC yield.
In this model, Dilution is not a threat – it is a tool. The question is not “How much do you want to raise?” – is “How many seats are you generating per share?”
Capital refineries in motion
The rise of TBG is no accident, it is the product of a deliberate multifunctional instrument capital strategy established with the strategic “Bitcoin Refinery” script:
- Equity resettlement Execute to the market at a premium to avoid value leakage.
- Convertible bonds denominated in Bitcoin Align liabilities with asset exposure to minimize credit risk.
- Shareholder warrants It was introduced to give all investors access to the upside.
- €300 million in capital increase authorization Approved to fund future BTC acquisitions.
These tools allow TBG to acquire capital from multiple channels while retaining a goal: Maximize BTC per share over time. The more tools it can use, the more agility it will be in optimizing capital flows – no need to sell Bitcoin.
Every capital activity is a conversion: capital comes in and sits out. That’s the refinery at work.
Global support, local execution
If the strategy seems bold, then investors who support it show confidence.
- Adam is backBlockstream’s CEO, and cited in the Bitcoin white paper, directly participated in TBG’s December salary increase.
- Folgour Adventure,,,,, UTXO Managementand Tobam Has been added to the hat table, providing global legitimacy and in-depth Bitcoin local insights.
- Tobam, in particular, wrote a widely shared mathematical paper modeling on how BTC Finance Better than Bitcoin itself When BTC production is maximized.
This consistency between operational execution and long-term capital partners provides a strong foundation for TBG to expand beyond France and credibility among institutions focusing on Bitcoin’s local capital strategy.
TBG outlines their 8-year roadmap
The roadmap ahead is more ambitious.
- go through 2029TBG aims to keep 21,000–42,000 BTC.
- go through 2033the goal of growing into 170,000–260,000 BTC– Just below 1% of Bitcoin fixed supply.
- No one sold a satoshi.
To fund this growth, the company plans to increase its capital raising capabilities from 300 million euros this year Finish €100B By the early 2030s. If some people predict that if Bitcoin reaches 10,000-200,000 euros per BTC, TBG’s BTC holdings may represent NAV of 21-2 billion euros– Place it as The most valuable listed companies in Europe.
These are not moon projections. They are based on mathematical extrapolation of capital models that have proven themselves.
Why it matters
TBG’s success not only verifies the Bitcoin treasury model, but also enables globalization. No longer limited to US stocks or dramas on the Asian borders, Bitcoin local treasury strategy is now fixed in European capital markets.
This sends a strong message to European CFOs and capital allocators:
Bitcoin is not a speculative hedge. This is an excellent capital foundation.
For companies willing to measure the success of BTC/shares, it is not just the euro obtained by the euro, it is indexed.
TBG not only holds Bitcoin. It is optimizing it. In this way, it can reshape the shareholder value in limited money.
Disclaimer: This content was written for the company on behalf of Bitcoin. This article is for informational purposes only and should not be construed as an invitation or invitation to obtain, purchase or subscribe to securities. For full transparency, please note that UTXO Management, a subsidiary of BTC Inc., holds a stake in the blockchain group.
