French Firm Reinvents Itself as Europe’s First Bitcoin Treasury
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A little-known French tech firm is turning heads across Europe’s crypto space.
The Blockchain Group (TBG), once focused on software and consulting, has reinvented itself as the continent’s first public company built around Bitcoin as a core asset. In just half a year, the company has recorded a staggering 709.8% increase in its Bitcoin yield per share—without relying on BTC price spikes.
After restructuring in late 2023, TBG shed most of its previous operations and pivoted toward a bold Bitcoin-first strategy.
The new leadership leaned into an unconventional financing model: issuing equity at premium prices to purchase Bitcoin, a move that increased BTC exposure without diluting shareholder value. That approach earned it the nickname “Bitcoin factory” from some in the crypto community.
TBG doesn’t just track Bitcoin price—it tracks how much Bitcoin it adds per share, using this BTC yield as a performance metric. This model has drawn attention from major industry names including Blockstream’s Adam Back, Fulgur Ventures, UTXO Management, and TOBAM, many of whom have invested or partnered with the company.
To fuel its accumulation strategy, TBG relies on three tools: above-market equity sales, Bitcoin-denominated bonds, and performance-based investor warrants. With 620 BTC already under management (worth nearly $60 million), the company is aiming high—hoping to hold 21,000 to 42,000 BTC within five years. Its ultimate goal? Controlling 1% of all Bitcoin in circulation by 2033.
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