比特币国库模式在美国得到了证明。现在，欧洲拥有其冠军：区块链集团（ALTBG）

在美国，战略证明了比特币国库模式。在亚洲，Metaplanet拿走了接力棒。现在在欧洲，一个新的名字正在成为领导者

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.

在金融市场的巨大挂毯中，新的叙述在不断发展，对当前趋势和驱动它们的机构提出了独特的观点。最近，一家欧洲公司一直以其非常规且高效的战略在比特币时代改变公司资产负债表的浪潮。

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.

自从采用其财政部策略以来，区块链集团（ALTBG：FR）在巴黎的Euronext Growth Paris上列出了公共比特币公司中最有趣的资本光策略之一。在短短六个月内，该公司发布了709.8％的BTC收益率，大大超过了比特币的价格绩效，并突出了资产负债表工程（通过比特币镜头执行时）如何推动快速股东的价值。

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.

尽管几家美国公司（如战略（NASDAQ：STGY）和Metaplanet等亚洲风险公司）在各自的领域中展示了比特币国库模式的实力，但TBG现在正成为该领域中的欧洲领跑者。

A Strategic Reset and a Bold Bet on Bitcoin

对比特币的战略重置和大胆的赌注

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的旅程始于专注于技术和多媒体服务。但是，尽管以前的管理层做出了努力，但该公司仍在努力始终如一地实现盈利能力。

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，任命了一个新的董事会成立了新的董事会，该董事会意识到需要资本战略。这导致了遗产子公司的剥离或清算，为更苗条，更敏捷的实体铺平了道路。

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.

这种转型的核心是两家有利可图的运营公司：IORGA，专门从事自定义网络和区块链解决方案，以及Trimane（数据情报和AI咨询专家）。这两个子公司构成了TBG活动的核心。

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.

进一步推动了这一进化，这是TBG在2024年11月宣布成为欧洲第一家比特币财政公司的计划的开创性举动。这一公告标志着公司历史上的关键时刻，因为它采取了积累比特币的长期战略。

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.

该公司还宣布打算最大化BTC的每股BTC数量，并在数字稀缺世界（比特币）中处理主要硬币，而不是作为投机性资产，而是作为数字稀缺经济框架中营运资金的关键组成部分。

From Restructuring to Refinement

从重组到完善

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:

自从制定国库策略以来，TBG巧妙地执行了一系列资本操作，以资助其比特币积累。这些动作总结在下表中：

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

精心计划这些资本注射，以最大程度地提高所创造股票的比特币数量。

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.

结果，TBG的股票在2025年第1季度增长了100％，但其BTC持有量增长了1,450％。因此，BTC/股份从41个SAT到332 SAT，转化为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?"

在这种资本效率模型中，稀释不是威胁，而是一种工具。关键问题不是“您要筹集多少？”而是“您每股销售多少座？”

A Capital Refinery in Motion

运动中的资本炼油厂

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的快速转变不是偶然的。它是以策略的“比特币炼油厂”剧本建立的故意多功能资本策略的产物，该战略用于处理资本。迄今为止，TBG已经采用了以下工具：

Capital increases (private and public)

资本增加（私人和公共）

Convertible bonds

可转换债券

Pref shares

Pref股票

ETW warrants

保证

Surgris (employee stock purchase plan)

Surgris（员工股票购买计划）

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.

这些工具使TBG能够从多个渠道中获取资本，同时侧重于随着时间的推移最大化BTC的长期目标。它可以使用的工具越多，它在最佳资本流动最佳时就越不需要出售任何比特币。

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

每个资金活动都会有助于将资本转换为SAT。这是比特币炼油厂的本质。

Global Backing, Local Execution

全局支持，本地执行

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的策略看起来大胆，那么支持它的投资者对公司愿景充满信心。其著名股东包括：

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

BTC Inc.是一家领先的以加密货币为中心的投资公司，是TBG的重要股东，并提供了战略指导。

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

Coinshares是一家著名的数字资产投资公司，也是股东，在数字资产市场中带来了专业知识。

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

几位欧洲机构投资者正在参加TBG的资本旅程，展示了该公司对成熟投资者的吸引力。

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.

运营执行与长期资本合作伙伴之间的这种一致性为TBG提供了强大的扩展基础，并随着机构越来越多地寻找具有比特币本地资本战略的公司而提供了深厚的信誉。

TBG Outlines Their 8-Year Roadmap

TBG概述了他们的8年路线图

Looking ahead,

展望未来，