The Blockchain Group (ALTBG), a tech firm that sets itself as European Bitcoin’s first Treasury company, announced a sharing sharing program worth up to 300 million euros ($ 342.5 million).
The increasing capital is structured as a market (ATM) program and is supported by French asset manager Tobam, a long -term investor in the same Bitcoin
And the company listed in Paris on behalf of clients, the blockchain group said in a Press release.
The program allows Tobam to buy new shares at its discretion, based on sunny market conditions. The price of each tranche will be higher than the previous day closing price or the average weight price, with a purchase volume trapped at 21% of day -to -day trading activity, the firm said.
It is expected to use revenues to buy Bitcoin, expanding the company’s stated purpose to increase the “bitcoins per share” measure over time. The blockchain group started buying bitcoin in November. Since then, it has been collected by 1,471 btc At an average price of $ 102,507, it said on June 3.
Unlike standard ATM programs in the US, which use brokers to sell stock in the market, Tobam acts in its own interest, not as an intermediary. This will decide whether to hold or sell newly issued shares to its own criteria and the company will not be paid for participation.
If fully executed in recent market prices, Tobam’s stake in the company can increase from 3% to more than 39%. A shareholder vote scheduled for June 10 may expand the increase of capital to 500 million euros.
Shares to the company, with a market cap of 543 million euros, rose 20% today to 4.9 euro.
