Introduction: Europe's Answer to MicroStrategy?
A small French tech company is making waves in the cryptocurrency world with an unprecedented Bitcoin accumulation strategy. The Blockchain Group (TBG), a Paris-listed firm, recently announced plans to raise over €100 billion to establish a Bitcoin treasury, positioning itself as "Europe's MicroStrategy."
👉 Discover how companies are leveraging Bitcoin as treasury assets
The €100 Billion Bitcoin Treasury Initiative
On June 11, 2024, The Blockchain Group held a landmark shareholders' meeting that approved:
- A massive increase in fundraising capacity to €100+ billion
- Creation of a dedicated Bitcoin treasury strategy
- Appointment of Alexandre Laizet as Bitcoin Strategy Director
This ambitious plan follows TBG's earlier €3 million ATM (At-The-Market) mechanism established with asset manager TOBAM. If fully executed, TOBAM could acquire up to 39% of TBG's shares.
Current Bitcoin Holdings
As of June 2024, TBG holds:
- 1,471 BTC (~$160 million at current prices)
- Average purchase price: $102,507 per BTC
- Current unrealized gains: 5.21%
TBG's Bitcoin Accumulation Timeline
| Date | Activity | BTC Acquired | Value (€) |
|---|---|---|---|
| Nov 2024 | Premium share issuance (70%) | 15 | 1M |
| Dec 2024 | Funding round with Adam Back | 25 | 2.5M |
| Mar 2025 | Bitcoin-denominated bond issuance | 580 | 48.6M |
| Jun 2025 | Latest purchase | 624 | 69M |
The company's stock has risen 474% since adopting this strategy in late 2024.
The Strategy Behind the Bitcoin Bet
TBG's approach focuses on two core principles:
- Premium Financing: All fundraising occurs at 30-70% premiums to market price
- Bitcoin-Centric Accounting: Performance measured in BTC rather than fiat
Alexandre Laizet, TBG's Bitcoin Strategy Director, explains:
"We're building insurance against currency devaluation. Our model increases Bitcoin-per-share ratio through disciplined accumulation."
The company plans to:
- Hold 21,000-42,000 BTC by 2029
- Reach 170,000-260,000 BTC (~1% of supply) by 2033
- Never sell any satoshis (smallest BTC units)
Banking on Bitcoin: Europe's Financial Landscape
Laizet predicts significant banking sector adoption:
- BBVA (Spain) already offers BTC/ETH services
- French banks (Société Générale, Crédit Agricole) expected to enter by 2026
- Regulatory approvals accelerating across EU
👉 Explore Bitcoin's growing institutional adoption
He envisions a future where:
- BTC reaches $1M+ per coin
- Market cap rivals gold ($20 trillion)
- Volatility decreases as adoption crosses 15-20%
Frequently Asked Questions
Q: How does TBG's strategy differ from MicroStrategy?
A: While both focus on BTC accumulation, TBG emphasizes premium financing and European market opportunities.
Q: What's the risk profile of this approach?
A: High volatility remains, but TBG views BTC as long-term "operational capital" rather than speculative asset.
Q: How can other companies adopt similar strategies?
A: Through regulated custodial services—TBG uses Delubac & Cie (France) and Swissquote (Luxembourg).
Q: What percentage of cash reserves should go to Bitcoin?
A: TBG advocates significant allocations rather than token "insurance" positions (typically 2%).
Q: How does TBG justify its €100B target?
A: At projected BTC prices (€1-2M), holdings could value €210-420B, potentially making TBG Europe's most valuable company.
Challenges and Outlook
While promising, TBG faces:
- Execution risk in massive fundraising
- Regulatory uncertainty
- Bitcoin price volatility
The company has transformed from a struggling blockchain service provider to a focused Bitcoin treasury play. Its success hinges on:
- Continued premium financing execution
- BTC price performance
- Broader institutional adoption
As Europe's most aggressive public Bitcoin accumulator, TBG represents a fascinating case study in corporate crypto strategies. Will this bold bet pay off? The crypto world watches closely.