European Bitcoin treasury company launches $20B Bitcoin strategy

European Bitcoin treasury company The Blockchain Group confirmed its return to profitability while unveiling aggressive plans to expand its Bitcoin reserves over the coming years.

The Paris-listed firm, which formally rebranded itself as Europe’s first “Bitcoin Treasury Company ” in November 2024, recorded a net profit of €1.36 million for 2024, reversing a €22.7 million loss from the prior year.

European Bitcoin treasury company rebrand

The result followed deep restructuring efforts, including divestitures and cost reductions, which reduced general and administrative expenses by 43% and overall staff costs by 34%, per its annual financial report.

While revenue fell 32% year-over-year to €13.86 million due to a narrower operational focus, non-recurring gains and lower operating costs aided profitability. The shift coincided with a transformation in corporate strategy.

Beginning in late 2024, the company initiated substantial Bitcoin purchases using capital raised through equity issuances and convertible bonds. The initial acquisitions, completed in November and December, totaled 40 BTC and were funded via €3.5 million in capital increases.

Momentum accelerated in early 2025. Following shareholder approval in February to increase capital raising capacity to over €300 million, the company issued €48.6 million in convertible bonds in March, according to its disclosures.

The proceeds enabled the firm to acquire 580 BTC later that month, expanding its holdings to 620 BTC. At acquisition prices, the holdings were valued at approximately €50.5 million.

European Bitcoin treasury company backing

The Blockchain Group’s approach centers on maximizing what it terms “BTC Yield,” or the ratio of Bitcoin per fully diluted share. The metric climbed from 41 sats per share in late 2024 to 332 sats by the end of Q1 2025, representing a 709.8% increase. As of April 2025, shares had advanced more than 1,100% in less than 12 months, propelled by investor enthusiasm for the Bitcoin-centric model.

Future ambitions stretch considerably further. The company outlined an eight-year roadmap targeting Bitcoin holdings of between 170,000 and 260,000 BTC by 2033, a range that represents approximately 1% of Bitcoin’s capped 21 million supply.

To fund the plan, The Blockchain Group projects to scale its capital raising activities dramatically, estimating potential needs between €1 billion and €100 billion across various phases.

Key backers have lent weight to the vision. Strategic investors participating in the recent bond issue included Adam Back, UTXO Management, and Paris-based asset manager TOBAM. As the company noted in its filing, TOBAM has previously published research suggesting that Bitcoin treasury companies may outperform Bitcoin itself over time, based on capital accretion and market premiums.

Despite the momentum, risks remain. The company flagged extreme price volatility, liquidity constraints, cybersecurity exposure, and regulatory uncertainty among potential headwinds. Notably, Bitcoin holdings are not subject to legal or contractual restrictions but depend on market conditions and internal risk management practices.

The Blockchain Group closed its fiscal year with net financial debt of €2.74 million and available cash of €729,000. Auditors certified the financial statements without reservations, confirming the company’s going concern status.

For now, the European Bitcoin treasury company’s management path forward rests squarely on executing its Bitcoin accumulation strategy. The next phases will rely heavily on continued capital market access and investor appetite.

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