The Blockchain Group (ALTBG), a technological company that is a brand as a first company in Europe Bitcoin Treasury, announced a program of sharing establishments of a value of up to 300 million euros ($ 342.5 million).
The capital increase is structured as a program on the market (ATM) and supported by the French asset manager Tobam, a long -standing investor in the two bitcoin
And the company listed by Paris on behalf of the customers, said Blockchain Group in a press release.
The program allows Tobam to buy new actions at its discretion, depending on the daily conditions of the market. The price of each tranche will be the highest of the closing price of the day before or its average weighted price depending on the volume, with a purchase volume capped at 21% of the day’s negotiation activity, the firm said.
Profits should be used to buy Bitcoin, promoting the company’s declared objective of increasing its metric “bitcoins by action” over time. The blockchain group started buying Bitcoin in November. Since then, he has raised 1,471 BTC at an average price of $ 102,507, said June 3.
Unlike typical ATM programs in the United States, which use brokers to sell stocks on the market, Tobam acts in its own interest, not as an intermediary. He will decide to hold or sell the shares newly issued on his own criteria and will not be compensated by the company for participating.
If it is fully executed at recent market prices, Tobam’s participation in the company could drop from 3% to more than 39%. A vote of shareholders scheduled for June 10 could extend the increase in capital to 500 million euros.
The company’s shares, which has a market capitalization of 543 million euros, increased by 20% today to 4.9 euros.
