比特幣國庫模式在美國得到了證明。現在，歐洲擁有其冠軍：區塊鏈集團（ALTBG）

在美國，戰略證明了比特幣國庫模式。在亞洲，Metaplanet拿走了接力棒。現在在歐洲，一個新的名字正在成為領導者

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.

在金融市場的巨大掛毯中，新的敘述在不斷發展，對當前趨勢和驅動它們的機構提出了獨特的觀點。最近，一家歐洲公司一直以其非常規且高效的戰略在比特幣時代改變公司資產負債表的浪潮。

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.

自從採用其財政部策略以來，區塊鏈集團（ALTBG：FR）在巴黎的Euronext Growth Paris上列出了公共比特幣公司中最有趣的資本光策略之一。在短短六個月內，該公司發布了709.8％的BTC收益率，大大超過了比特幣的價格績效，並突出了資產負債表工程（通過比特幣鏡頭執行時）如何推動快速股東的價值。

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.

儘管幾家美國公司（如戰略（NASDAQ：STGY）和Metaplanet等亞洲風險公司）在各自的領域中展示了比特幣國庫模式的實力，但TBG現在正成為該領域中的歐洲領跑者。

A Strategic Reset and a Bold Bet on Bitcoin

對比特幣的戰略重置和大膽的賭注

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.

TBG的旅程始於專注於技術和多媒體服務。但是，儘管以前的管理層做出了努力，但該公司仍在努力始終如一地實現盈利能力。

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.

但是在2023年下半年，任命了一個新的董事會成立了新的董事會，該董事會意識到需要資本戰略。這導致了遺產子公司的剝離或清算，為更苗條，更敏捷的實體鋪平了道路。

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.

這種轉型的核心是兩家有利可圖的運營公司：IORGA，專門從事自定義網絡和區塊鏈解決方案，以及Trimane（數據情報和AI諮詢專家）。這兩個子公司構成了TBG活動的核心。

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.

進一步推動了這一進化，這是TBG在2024年11月宣布成為歐洲第一家比特幣財政公司的計劃的開創性舉動。這一公告標誌著公司歷史上的關鍵時刻，因為它採取了積累比特幣的長期戰略。

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.

該公司還宣布打算最大化BTC的每股BTC數量，並在數字稀缺世界（比特幣）中處理主要硬幣，而不是作為投機性資產，而是作為數字稀缺經濟框架中營運資金的關鍵組成部分。

From Restructuring to Refinement

從重組到完善

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:

自從制定國庫策略以來，TBG巧妙地執行了一系列資本操作，以資助其比特幣積累。這些動作總結在下表中：

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

精心計劃這些資本注射，以最大程度地提高所創造股票的比特幣數量。

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.

結果，TBG的股票在2025年第1季度增長了100％，但其BTC持有量增長了1,450％。因此，BTC/股份從41個SAT到332 SAT，轉化為709.8％的BTC收益率。

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?"

在這種資本效率模型中，稀釋不是威脅，而是一種工具。關鍵問題不是“您要籌集多少？”而是“您每股銷售多少座？”

A Capital Refinery in Motion

運動中的資本煉油廠

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:

TBG的快速轉變不是偶然的。它是以策略的“比特幣煉油廠”劇本建立的故意多功能資本策略的產物，該戰略用於處理資本。迄今為止，TBG已經採用了以下工具：

Capital increases (private and public)

資本增加（私人和公共）

Convertible bonds

可轉換債券

Pref shares

Pref股票

ETW warrants

保證

Surgris (employee stock purchase plan)

Surgris（員工股票購買計劃）

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.

這些工具使TBG能夠從多個渠道中獲取資本，同時側重於隨著時間的推移最大化BTC的長期目標。它可以使用的工具越多，它在最佳資本流動最佳時就越不需要出售任何比特幣。

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

每個資金活動都會有助於將資本轉換為SAT。這是比特幣煉油廠的本質。

Global Backing, Local Execution

全局支持，本地執行

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:

如果TBG的策略看起來大膽，那麼支持它的投資者對公司願景充滿信心。其著名股東包括：

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

BTC Inc.是一家領先的以加密貨幣為中心的投資公司，是TBG的重要股東，並提供了戰略指導。

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

Coinshares是一家著名的數字資產投資公司，也是股東，在數字資產市場中帶來了專業知識。

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

幾位歐洲機構投資者正在參加TBG的資本旅程，展示了該公司對成熟投資者的吸引力。

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.

運營執行與長期資本合作夥伴之間的這種一致性為TBG提供了強大的擴展基礎，並隨著機構越來越多地尋找具有比特幣本地資本戰略的公司而提供了深厚的信譽。

TBG Outlines Their 8-Year Roadmap

TBG概述了他們的8年路線圖

Looking ahead,

展望未來，