The Blockchain Group approved to raise approximately $11 billion for Bitcoin purchase

BlockBeats reported that on June 11, The Blockchain Group, the first Bitcoin reserve company in Europe, received shareholder approval on June 10 to immediately raise over 10 billion euros (approximately 11 billion USD) for additional Bitcoin purchases. According to a statement posted on X, at a general and special shareholders' meeting, investors holding 39% of the voting rights passed all resolutions with over 95% support. This authorization grants the board the power to issue equity or other securities and to access public or private markets without preemptive rights if necessary.

CEO Jean-Philippe Casadepax-Soulet stated that this authorization will "accelerate our Bitcoin treasury company strategy" by increasing the fully diluted BTC per share over time. Additionally, shareholders elected Alexandre Laizet to the board and appointed him as Deputy CEO in charge of Bitcoin strategy. His six-year term will last until December 2030.

The authorization significantly raises the cap, far exceeding the 300 million euro at-the-market (ATM) facility announced by the company in collaboration with asset management firm TOBAM on June 9. This structure allows The Blockchain Group to sell new shares in batches at current market prices, with TOBAM as the sole subscriber. If fully executed, TOBAM could acquire up to 39% of the company's equity.

BlockBeats note: The total market capitalization of Blockchain Group SA is 498 million euros.