While many European companies were still debating whether to add Bitcoin to their balance sheets, The Blockchain Group (TBG) went all-in. The Paris-listed firm, previously focused on software and consulting, transformed itself into Europe’s first Bitcoin Treasury Company in November 2024. Talk about a plot twist. Among over 21,000 cryptocurrencies currently in existence, TBG chose to focus exclusively on Bitcoin.
TBG didn’t just dip its toes in the crypto waters – it dove headfirst into the deep end. After raising €3.5 million through equity issuances, the company snatched up 40 BTC in late 2024. But that was just the warm-up. By March 2025, they’d accumulated a whopping 620 BTC, worth about €50.5 million at purchase prices. Not bad for a company that just reversed a €22.7 million loss into a €1.36 million profit. The company’s impressive 709.8% yield increase in just six months demonstrated their strategy’s effectiveness.
The company’s ambitions? Nothing short of astronomical. TBG plans to acquire 260,000 Bitcoin over the next decade. If Bitcoin hits their projected target of €1-2 million per BTC, we’re looking at a potential net asset value between €210-420 billion. That would make TBG Europe’s most valuable public company. Ambitious? Yes. Impossible? Well, stranger things have happened in crypto. With notable investors like Adam Back and TOBAM joining their December 2024 equity raise, TBG’s vision seems increasingly credible.
TBG’s moonshot: 260,000 Bitcoin by 2035, potentially reaching €420 billion in value. Europe’s next corporate giant? The crypto world watches.
Their strategy is invigoratingly straightforward: raise capital, buy Bitcoin, repeat. They’re calling it the “capital in, sats out” model. Like a refinery, but for money. The company’s already secured €48.6 million in convertible bonds and increased its capital raising capacity to €300 million. They’re targeting €100 billion by the early 2030s.
This isn’t just another corporate crypto experiment. TBG’s move sends a clear message to European CFOs: Bitcoin isn’t just for tech bros anymore. Despite revenue dropping 32% to €13.86 million, the company’s radical restructuring – including a 43% cut in administrative expenses and 34% reduction in staff costs – shows they’re dead serious about this Bitcoin treasury strategy.
The big question isn’t whether TBG will succeed. It’s whether other European companies will follow suit. Either way, corporate treasury management may never be the same.
