On June 11, the first European Bitcoin reserve company, The Blockchain Group, received shareholder approval on June 10, immediately raising over 10 billion euros (approximately 11 billion USD) for additional BTC purchases. According to a statement published on X, investors holding 39% of voting rights passed all resolutions with over 95% support at an ordinary and extraordinary shareholders' meeting. This authorization grants the board the right to issue equity or other securities and enter public or private markets without preemptive subscription rights if necessary.
CEO Jean-Philippe Casadepax-Soulet stated that this authorization will "accelerate our Bitcoin treasury company strategy" by increasing the number of BTC per fully diluted share over time. Additionally, shareholders elected Alexandre Laizet to the board and appointed him as deputy CEO, responsible for the Bitcoin strategy. His six-year term will continue until December 2030.
The authorization significantly raises the ceiling, far exceeding the 300 million euro At-The-Market (ATM) facility announced on June 9 with asset management company TOBAM. 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 shares.
BlockBeats Note: The total market capitalization of Blockchain Group SA is 498 million euros.
