Adam Back Invests €12.1M in Bitcoin to Back The Blockchain Group’s BTC Strategy

Publicly listed firm The Blockchain Group (ALTBG), trading on Euronext Growth Paris, has announced a strategic €12.1 million Bitcoin investment. The deal was backed by Adam Back, co-founder and CEO of Blockstream, noted cryptographer, and one of the few individuals cited in the original Bitcoin whitepaper. 

The company raised the funds through the issuance of Tranche 2 convertible bonds. The move reinforces ALTBG’s position as the first publicly listed company in Europe to adopt Bitcoin as part of a long-term corporate treasury strategy.

Tranche 2 follows the March 2025 agreement between The Blockchain Group and Adam Back. Under the deal’s terms, the investor had a three-month window to activate the second tranche, which has now been exercised.

The €12.1 million in convertible bonds can be exchanged for 17,176,106 ALTBG shares at €0.707 per share. While that marks a 30% premium over the first tranche, it reflects a 51.61% discount to the market price as of May 12, 2025, making the deal strategically favorable for the investor and offering downside protection in case of a market decline.

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Equity conversion is subject to one condition: the average market price of ALTBG shares must exceed €0.919 for 20 consecutive trading days. The bonds carry a five-year maturity.

Notably, the subscription was made entirely in Bitcoin, with no fiat involved. This underscores the company’s focus on BTC as the core asset in its corporate strategy.

ALTBG Strategy: More BTC Per Share

The Blockchain Group (ALTBG) is positioning itself as the first publicly listed company in Europe to operate under a Bitcoin Treasury Company model, focused not only on accumulating BTC, but on increasing the amount of Bitcoin per fully diluted share.

Since adopting the Bitcoin standard in November 2024, the company has reported the following results: 

• ALTBG stock has climbed 474%
• BTC Yield (a metric tracking the rise in Bitcoin per share) has hit a record 709.8%

The numbers point to the successful execution of a bold strategy.

Unlike passive asset-holding models, ALTBG uses a full suite of financial instruments, including: 

• Convertible bond issuances 
• Private placements 
• Warrants 

The aim is to maximize BTC density per shareholder.

Proceeds from the Adam Back deal will go toward expanding the company’s Bitcoin reserves and funding key initiatives under ALTBG’s subsidiaries, including:  

• AI-powered products 
• Data intelligence 
• Web3 infrastructure

Long-Term Vision: BTC as a Balance Sheet Infrastructure Asset

The Blockchain Group is building its strategy around a core idea: Bitcoin as a new infrastructure asset for public companies. 

ALTBG aims to accumulate up to 1% of Bitcoin’s total supply by 2033 (roughly 210,000 BTC). 

To reach that target, the company plans to implement a scalable, phased financing model over the next eight years, with rounds ranging from €150 million to as much as €100 billion.

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Unlike companies focused on short-term profitability, ALTBG is pursuing a long-term public growth strategy built around three core metrics:

• BTC Yield — the increase in Bitcoin per fully diluted share
• BTC Gain — the total growth of the company’s BTC reserves
• BTC € Gain — the euro-equivalent return, calculated at the current BTC exchange rate

According to the company, this model not only preserves value in Bitcoin but also creates an asset framework designed to compete with the fiat-based approach to corporate balance sheets and governance.