European Bitcoin finance company The Blockchain Group has confirmed its return to profitability while announcing aggressive plans to expand its Bitcoin reserve over the coming years.
The Paris-listed company, officially rebranded as Europe’s first “Bitcoin Treasury” in November 2024, recorded a net profit of 1.36 million euros in 2024, reversing a loss of 22.7 million euros from the previous year.
European Bitcoin Finance Company Brands
The results, according to the annual financial report, followed by deep restructuring efforts, including sales and cost reductions, reduced general and administrative costs by 43% and overall staff costs by 34%.
A narrower operating focus, non-repeat profits and reduced operating costs led to revenues falling 32% year-on-year to 13.86 million euros. This shift coincided with a transformation in corporate strategy.
Starting in late 2024, the company began purchasing significant bitcoin using capital raised through stock issuances and convertible bonds. The first acquisitions, which were completed in November and December, totaled 40 BTC, funded with a capital increase of 3.5 million euros.
The momentum accelerated in early 2025. Following shareholder approval in February, the company issued 48.6 million euros of convertible debt in March to increase its capital by over 300 million euros.
The revenue allowed the company to acquire 580 BTC later that month, expanding its holdings to 620 BTC. At the acquisition price, the holdings were valued at approximately 55 million euros.
Support for European Bitcoin Finance Companies
The Blockchain Group approach focuses on what is called “BTC yield,” or maximizing the ratio of Bitcoin per share that is fully diluted. The metric rose from SATS per share in late 2024 to 332 SATs by the end of the first quarter 2025, representing an increase of 709.8%. As of April 2025, stocks have advanced more than 1,100% in under 12 months, driven by investors’ enthusiasm for a Bitcoin-centric model.
Future ambitions are growing even more. The company outlined an eight-year roadmap for 170,000 to 260,000 BTC Bitcoin holdings by 2033. This accounts for about 1% of Bitcoin’s supply, which is capped at 21 million.
To fund the plan, the Blockchain Group has carried out projects to dramatically expand its capital raising activities, estimated potential needs in various phases between 1 billion and 100 billion euros.
The main backers lend weight to their vision. Strategic investors taking part in the recent bond issue include Adam Back, UTXO Management, and Paris-based asset manager Tobam. As the company noted in its submission, Tobam ​​previously published research suggesting that bitcoin financing companies could outweigh Bitcoin itself over time, based on capital additions and market premiums.
Despite the momentum, the risk remains. The company has flagged regulatory uncertainty between extreme price volatility, liquidity constraints, cybersecurity exposure and potential headwinds. In particular, Bitcoin holdings are not subject to legal or contractual restrictions and are dependent on market conditions and internal risk management practices.
Blockchain Group closed the fiscal year with a net financial obligation of 2.74 million euros and 729,000 euros of available cash. The auditor certified the financial statements without reservation and confirmed the company’s concerns.
For now, the European Bitcoin Treasury Management Pass is resting straight on implementing Bitcoin accumulation strategies. The next phase will depend heavily on continued capital market access and investor appetite.
