The Blockchain Group (ALTBG): Europe’s Rising Bitcoin Treasury Pioneer
This is a guest post by ₿themoon, one of the foremost experts on ALTBG.
A small group of companies are redefining treasury management by embracing Bitcoin as a reserve asset.
Strategy (MSTR), with its pioneering Bitcoin strategy, has set the standard, but a new player has emerged in Europe: The Blockchain Group.
Listed on the Paris Stock Exchange under the ticker $ALTBG, this Paris-based company has undergone a remarkable transformation to become Europe’s first Bitcoin treasury company.
In this article, we explore ALTBG’s strategic pivot, its performance metrics, and its potential to lead the Bitcoin treasury movement in Europe.
The Blockchain Group’s transformation
Founded as a blockchain-focused startup, The Blockchain Group initially explored various applications. However, in November 2024, Deputy CEO Alexandre Laizet announced a bold pivot: ALTBG would emulate MicroStrategy’s model, transforming into a Bitcoin treasury company focused solely on accumulating Bitcoin to enhance shareholder value.
This strategic shift, backed by a proven ability to execute, as evidenced by a treasury growth from 40 BTC to 1,471 BTC in just five months, positions ALTBG as a formidable force.
By positioning itself as Europe’s answer to MicroStrategy, ALTBG aims to establish itself as a dominant player in the continent’s Bitcoin investment landscape.
ALTBG’s ambitious goals
The Blockchain Group’s vision extends far beyond its initial pivot, aiming to redefine corporate finance through aggressive Bitcoin accumulation and strategic innovation.
ALTBG’s flagship goal is to own 1% of all Bitcoin (approximately 210,000 BTC) within eight years, a target that would position it among the world’s largest corporate Bitcoin holders.
This ambition is underpinned by a commitment to leverage Bitcoin convertible bonds to fuel rapid treasury growth, as demonstrated by its acquisition of 1,471 BTC in just five months.
By aligning its balance sheet with Bitcoin’s decentralized ethos, ALTBG aims to drive shareholder value while igniting a continent wide shift toward Bitcoin adoption, positioning itself as a global leader in the corporate Bitcoin revolution.
Understanding ALTBG’s treasury strategy
ALTBG’s adoption of Bitcoin as a treasury asset reflects a broader trend among forward thinking companies. Bitcoin’s appeal lies in its potential as a hedge against inflation and a store of value in an era of economic uncertainty.
ALTBG’s early results are impressive. In just five months, the company achieved a 1,098% BTC Yield year-to-date, raising its BTC per share from 40 to 491 sats and surpassing a €300 million market cap (non diluted).
Normally this is not possible, but due to the way ALTBG raises capital with BTC convertible bonds, it is.
BTC Convertible Bonds
The Blockchain Group’s (ALTBG) Bitcoin convertible bonds are the optimal method for raising capital to fuel its Bitcoin treasury strategy, offering a smart, bullish, and unlimited scalable alternative to traditional financing.
These bonds enable ALTBG to secure substantial funds (such as the €63.3M issuance in May 2025 to acquire 604 BTC) without immediate equity dilution, as bondholders can convert debt into shares only if the stock price reaches a predefined strike price within five years, or ALTBG can force conversion in the final two years if the target is met.
Unlike traditional fiat bonds, which are typically capped at a 20-30% Loan-to-Value (LTV) ratio of Bitcoin on the balance sheet due to high credit risk, Bitcoin convertible bonds have potentially unlimited size and lower credit risk by aligning assets and liabilities in BTC (so 1 BTC = 1 BTC).
This structure has driven ALTBG’s rapid treasury growth from 40 BTC to 1,471 BTC in five months, demonstrating scalability.
The bonds’ flexibility, allowing ALTBG to return BTC if conversion fails without any credit or currency risk, further enhances their appeal, enabling the company to efficiently pursue its goal of owning 1% of all Bitcoins while maximizing shareholder value and solidifying its position as Europe’s leading Bitcoin treasury company.
Performance and market position
Compared to peers like Strategy and MetaPlanet, ALTBG stands out for its agility. With a BTC yield of 1.57% and a “Days to Cover mNAV” of just 113 days, ALTBG outperforms MicroStrategy (0.12% yield, 626 days) and competes more closely with MetaPlanet (1.2% yield, 180 days).
If we compare the first 200 days since first purchase of BTC ALTBG exceeds the pace of MetaPlanet by 50% (1,471 vs 1,081 BTC).
This efficiency highlights ALTBG’s ability to compound Bitcoin holdings quickly, appealing to investors seeking exposure to Bitcoin’s growth through corporate equities.
Moreover, ALTBG’s stock price has surged over 10x in six months, reflecting strong market confidence:
Conclusion & what's next
The Blockchain Group (ALTBG) is not merely participating in the global Bitcoin treasury movement, it is redefining it as Europe’s trailblazer.
Through its bold pivot to a Bitcoin-centric model, ALTBG has showcased unparalleled agility, achieving an extraordinary ~1,098% BTC Yield year-to-date and scaling its treasury to 1,471 BTC in just five months, underpinned by a market cap exceeding €300M.
Innovative use of Bitcoin convertible bonds, including a €63.3M issuance in May 2025, unlocks unlimited capital-raising potential, as evidenced by its rapid accumulation of BTC.
The upcoming Combined General Meeting on June 10, 2025, where shareholders will vote on increasing ALTBG’s capital-raising capacity to over €10 billion, signals an audacious leap to accelerate its Bitcoin treasury strategy, potentially positioning ALTBG as a global leader in corporate Bitcoin adoption.
Bolstered by the confidence of prominent shareholders like Adam Back, who holds about 12% of the company, ALTBG is forging a new path for European companies to harness Bitcoin’s transformative potential. Investors seeking exposure to this dynamic, publicly traded entity (ticker: ALTBG) should closely monitor this rising star, as it sets a new standard for corporate treasury innovation.
Want to know even more about ALTBG? Watch this great deep dive:
BTC Treasuries - Ep.1: ALTBG - The Bull Case https://t.co/imd2kThepa
— Enea₿⚡️ (@EneaDenkt) May 23, 2025
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