Blockchain Group Raises $7.7M for Bitcoin Treasury as BTC Tests $109K — Breakout or New ATH?

Paris-listed company, The Blockchain Group, has accelerated its capital expansion initiative, announcing the completion of a €7.2 million ($7.7 million) funding round led by asset management firm TOBAM, as the company advances its Bitcoin Treasury Company approach.

The capital was raised through an “At-The-Market” offering, which issued 1,603,306 new ordinary shares at an average price of €4.49 per share.

This pricing represented a 20.76% discount to the stock’s closing price on June 13, attributed to market volatility during the offering period.

Why Blockchain Group Just Became Europe’s Most Attractive Bitcoin Play

A June 17 press release revealed that Blockchain Group consolidated subscription requests from TOBAM received between June 9 and June 13 into a single capital increase.

The subscription price was established according to the ATM Agreement terms signed on June 6. The newly issued shares will commence trading on Euronext Growth Paris.

Notably, TOBAM participated in the capital raise through three of its investment funds, subscribing to the entire 1.6 million share allocation. The TOBAM Bitcoin CO2 Offset Fund acquired the largest stake with over 834,000 shares.

The remaining shares were divided between the Bitcoin Treasury Opportunities Fund and the Blockchain Equity Fund.

Following this transaction, TOBAM now controls over 3% of Blockchain Group’s capital on a fully diluted basis.

TOBAM, which has been an institutional Bitcoin advocate since 2017, participated in the transaction without serving as a financial intermediary and will not collect fees.

The asset manager maintains flexibility to either retain or divest its acquired shares.

The funding follows a June 11 shareholder meeting that built upon a June 9 announcement to expand the company’s fundraising capacity to €500 million in nominal value. The resolution received approval from over 95% of shareholders.

This capital injection enables Blockchain Group to continue acquiring Bitcoin for its treasury reserves, part of a comprehensive strategy launched in late 2024 that positioned it as Europe’s inaugural Bitcoin Treasury Company.

The firm operates subsidiaries specializing in data intelligence, artificial intelligence, and decentralized technology consulting and development.

This approach follows similar strategies implemented by companies such as MicroStrategy and Japan’s Metaplanet, both of which maintain substantial Bitcoin holdings.

Blockchain Group has set an ambitious target to accumulate up to 260,000 BTC, currently valued at approximately $24 billion, by 2033.

Between March and June of this year alone, the French-listed company confirmed the acquisition of 1,431 BTC worth over $152 million based on Bitcoin’s current price of $106,599.

Geopolitical Crisis Could Crash Bitcoin to $100K — Here’s the Timeline

Examining Bitcoin’s 4-hour price chart reveals potential for an upward breakout after the leading crypto asset attempted to break the $109,000 last night.

At the time of analysis, Bitcoin was trading near $106,479, rebounding from a recent low of around $100,385.

The cryptocurrency has moved above the 0.786 Fibonacci retracement level, which previously served as resistance, and is currently trading just below a descending trendline with limited price action since late May.

Multiple Fibonacci levels calculated from recent swing points indicate critical support and resistance zones.

The 0.382 level at $104,818 and the 0.5 level at $105,999 provide immediate support, coinciding with an ascending trendline and horizontal support levels, creating technical confluence in this area.

The 0.618 level at $107,557 represents the next resistance target, followed by a more significant barrier at the 0.786 level near $109,507.

Technical projections suggest a potential move toward the 1.618 Fibonacci extension target at $119,164, contingent on a decisive break above the overhead resistance at $109,507 and the psychological level near $111,991.77, which previously marked a swing high.

However, escalating geopolitical tensions between Israel and Iran could undermine the $104,800–$105,400 support zone, potentially invalidating this bullish scenario and pushing Bitcoin back toward the $103,100 and $100,385 levels.

The post Blockchain Group Raises $7.7M for Bitcoin Treasury as BTC Tests $109K — Breakout or New ATH? appeared first on Cryptonews.