Today, The Blockchain Group (ALTBG), listed on Euronext Growth Paris and known as Europe’s first Bitcoin Treasury Company, announced it has raised approximately €12.1 million through a convertible bond issuance reserved for Adam Back. This investment is part of their effort to strengthen and accelerate their Bitcoin Treasury Company strategy.
The company’s main focus is to increase the number of bitcoin per fully diluted share over time, not just hold bitcoin, but grow its value on a per-share basis. The €12.1 million was raised through their wholly-owned subsidiary, The Blockchain Group Luxembourg SA. The bonds issued, officially called OCA Tranche 2, can be converted into ALTBG shares at a price of €0.707. This price reflects a roughly 30% premium compared to Tranche 1, which was issued earlier in March 2025.
Tranche 2 was actually part of the original agreement back in March. Adam Back had a three-month option to subscribe to this second tranche after Tranche 1, and now he’s decided to move forward with it. These convertible bonds give him the potential to receive up to 17,176,106 new ALTBG shares—assuming the market conditions for conversion are met.
The conversion can happen at any time if the company’s average stock price reaches at least 30% over the €0.707 conversion price (which is €0.919) over 20 consecutive trading days. The bonds have a maturity period of five years, giving both parties a long-term horizon to see value from this deal.
Also worth noting, the €0.707 conversion price is a 51.61% discount compared to the company’s market price on May 12, 2025. That makes this a very strategic move, especially given current price movements and market conditions.
In an update shared on April 30, The Blockchain Group emphasized that their goal is to grow the amount of bitcoin per fully diluted share—not just accumulate bitcoin passively. This investment deal helps them push that mission forward.
What stands out here is that the subscription was made entirely in bitcoin, not cash. That choice reflects the company’s full commitment to bitcoin and its long-term value. It also aligns with their stated goal of operating as a true Bitcoin Treasury Company. This new capital will not only help grow their bitcoin holdings but will also support innovation efforts through their subsidiaries working in artificial intelligence, data intelligence, and decentralized technology.
