The Blockchain Group (ALTBG), a technological firm that is marked as the first Bitcoin Treasury company in Europe, announced a program of award of shares worth up to 300 million euros ($ 342.5 million).
Capital increase is structured as a market program (ATM) and backed by French Assets Manager Tobam, an investor for a long time in Bitcoin
And the company that is quoted in Paris in the name of the clients, said Blockchain Group in a press release.
The program allows Tobam to buy new shares at their discretion, according to daily market conditions. The price of each section will be the highest of the closing price of the previous day or its average price weighted by the volume, with a purchase volume limited to 21% of the commercial activity of the day, said the firm.
Income is expected to be used to buy Bitcoin, promoting the company’s established objective to increase its “bitcoins per action” metric over time. The Blockchain group began buying Bitcoin in November. Since then, he has accumulated 1,471 BTC at an average price of $ 102,507, he said on June 3.
Unlike typical automatic ATM programs in the US, who use runners to sell shares to the market, Tobam is acting in their own interest, not as an intermediary. It will decide whether to retain or sell the actions recently issued in their own criteria and will not be compensated by the company to participate.
If you run completely at recent market prices, Tobam’s participation in the company could increase from 3% to more than 39%. A shareholder vote scheduled for June 10 could extend the capital increase to 500 million euros.
The company’s shares, which has a market capitalization of 543 million euros, have increased 20% today to 4.9 euros.
