The Blockchain Group (TBG) Plans to Accumulate Up to 260,000 Bitcoins by 2034

A publicly listed Bitcoin treasury firm backed by Adam Back is aiming to acquire between 170,000 and 260,000 Bitcoin by 2034.

The company, The Blockchain Group (TBG) (EPA:ALTBG), plans to use a phased strategy over eight years to expand its holdings. The goal is to reach 1,000 to 3,000 BTC by the end of 2025, and 100,000 BTC by 2032.

“If Bitcoin reaches €1-2 million per coin by 2033-2035, holding 210,000 BTC could represent between €210 billion and €420 billion in net asset value,” TBG highlighted in its latest fiscal report.

TBG’s “BTC Yield,” a proprietary performance indicator measuring Bitcoin holdings per fully diluted share, increased around 709% in Q1 2025, with Bitcoin-per-share rising from 41 to 332 sats.

The company, listed on Euronext Growth Paris, transitioned to a Bitcoin Treasury Company model in November 2024. Starting with 15 BTC in December, TBG managed to accumulate 620 BTC by April through various capital raising initiatives, including equity placements and Bitcoin-denominated convertible bonds.

This initiative is backed by crypto-native investors like Fulgur Ventures, UTXO Management, and TOBAM, with Adam Back serving as TBG’s strategic advisor.

TBG acknowledges the risks tied to its strategy but remains focused on the goal: to “accumulate as much BTC as possible, as fast as possible, in the most accretive way possible.”

The plan is supported by a projected capital-raising capacity of €150 million to €100 billion ($169 million to $112 billion) over eight years, depending on market conditions and investor participation. If successful, TBG could become Europe’s largest corporate holder of Bitcoin.

TBG shares have risen 474% in six months

The company is following in the footsteps of Bitcoin treasury pioneers like Strategy (NASDAQ:MSTR), which began adopting a Bitcoin reserve strategy in 2020 and has since seen its share price increase nearly 3,000% over five years.

Since adopting its Bitcoin treasury model, TBG has posted early gains of 120% in the first month, 265% after three months, and 474% at the six-month mark. These figures closely mirror the early performance of both Strategy and Metaplanet (MOL:META), which joined the movement in April 2024.