The Bitcoin Treasury Model Proved in the US. Now Europe Has Its Champion: The Blockchain Group (ALTBG)

In the United States, Strategy proved the Bitcoin treasury model. In Asia, Metaplanet took the baton ran with it. Now in Europe, a new name is emerging as a leader

In the vast tapestry of the financial markets, new narratives are constantly unfolding, presenting unique perspectives on the prevailing trends and the institutions that are driving them. Recently, a European company has been making waves with its unconventional yet highly effective strategy for transforming a company's balance sheet in the age of Bitcoin.

Listed on Euronext Growth Paris, The Blockchain Group (ALTBG:FR) has executed one of the most interesting capital light strategies among public Bitcoin companies since adopting its treasury strategy. In just six months, the company has posted a 709.8% BTC Yield, significantly outpacing Bitcoin’s price performance and highlighting how balance sheet engineering—when executed through the Bitcoin lens—can drive rapid shareholder value.

While several U.S. companies, like Strategy (Nasdaq: STGY), and Asian ventures, like Metaplanet, have showcased the Bitcoin treasury model's prowess in their respective domains, TBG is now emerging as a European frontrunner in this domain.

A Strategic Reset and a Bold Bet on Bitcoin

TBG's journey began with a focus on technology and multimedia services. However, despite the efforts of previous management, the company struggled to consistently achieve profitability.

But late in 2023, a new chapter dawned for TBG with the appointment of a new board of directors who recognized the need for a capital strategy. This led to the divestiture or liquidation of legacy subsidiaries, paving the way for a leaner and more agile entity.

At the heart of this transformation lay two profitable operating companies: Iorga, specialized in custom web and blockchain solutions, and Trimane, an expert in data intelligence and AI consulting. These two subsidiaries form the core of TBG's activities.

Further propelling this evolution was TBG's groundbreaking move in November 2024 when it unveiled plans to become Europe's first Bitcoin Treasury Company. This announcement marked a pivotal moment in the company's history as it adopted a long-term strategy for accumulating Bitcoin.

The company also announced its intention to maximize the amount of BTC per share and treat the primary hard currency in a digital scarce world, Bitcoin, not as a speculative asset but rather as a key component of working capital within a digital scarcity economic framework.

From Restructuring to Refinement

Since kicking off its treasury strategy, TBG has deftly executed a series of capital maneuvers to fund its Bitcoin accumulation. These actions are summarized in the table below:

These capital injections were meticulously planned to maximize the amount of Bitcoin acquired with respect to the shares created.

As a result, TBG's shares fully diluted increased by 100% in Q1 2025, but its BTC holdings went up by 1,450%. Consequently, the BTC/share went from 41 sats to 332 sats, which translates to a 709.8% BTC Yield.

In this model of capital efficiency, dilution is viewed not as a threat but as a tool. The key question isn't "How much are you raising?" but rather "How many sats per share are you generating?"

A Capital Refinery in Motion

TBG's rapid transformation isn't an accident. It's the product of a deliberate, multi-instrument capital strategy modeled after Strategy’s “Bitcoin refinery” playbook, which is used to process capital. To date, TBG has employed the following instruments:

Capital increases (private and public)

Convertible bonds

Pref shares

ETW warrants

Surgris (employee stock purchase plan)

These instruments allow TBG to source capital from multiple channels while remaining focused on the long-term goal of maximizing BTC per share over time. The more instruments at its disposal, the more agility it has in optimalizing capital flows without needing to sell any Bitcoin.

Every funding event contributes to the conversion of capital into sats. This is the essence of the Bitcoin refinery in action.

Global Backing, Local Execution

If TBG's strategy seems bold, the investors who are backing it suggest great confidence in the company's vision. Among its notable shareholders are:

BTC Inc., a leading crypto-focused investment firm, is a significant shareholder in TBG and provides strategic guidance.

CoinShares, a prominent digital asset investment firm, is also a shareholder, bringing expertise in digital asset markets.

Several European institutional investors are participating in TBG's capital journey, showcasing the company's appeal to sophisticated investors.

This alignment between operational execution and long-term capital partners gives TBG a strong foundation for expansion beyond France and provides deep credibility as institutions increasingly seek out companies with Bitcoin-native capital strategies.

TBG Outlines Their 8-Year Roadmap

Looking ahead,