Blockchain Group (AltBG), the first European Bitcoin finance company to brand and invest in the brand, has announced a share issue programme of up to 300 million euros ($342.5 million).
Capital Rays is organized as an AT The Market (ATM) program and is supported by French asset manager Tobam.
BTC$105,954.21
Blockchain Group is a Paris listed company on behalf of its clients, the company said in a press release.
The program allows Tobam to purchase new shares at its discretion, based on daily market conditions. The price of each tranche will be higher within the previous day’s closing price or its volume-weighted average price, with purchases being limited to 21% of daily trading activity, the company said.
The revenue is expected to be used to buy Bitcoin, which will promote the company’s stated goal of increasing “per bitcoin” metrics over time. Blockchain Group began purchasing Bitcoin in November. Since then, it has accumulated 1,471 BTC with an average price of $102,507, said June 3.
Unlike the typical US ATM program where brokers use brokers to sell stocks to the market, Tobam acts not as an intermediary, but in its own interests. You decide whether to hold or sell the newly issued shares on its own standards and will not be compensated by the company for participation.
If fully implemented at recent market prices, Tobam’s interest in the company could be between 3% and 39%. The shareholder vote, scheduled for June 10, could expand capital raises to 500 million euros.
The shares of the company, which has a market capitalization of 543 million euros, rose 20% today to 4.9 euros.
