A French company boldly announces a 10 billion euro Bitcoin acquisition plan

A publicly listed technology company in France has recently announced a remarkable Bitcoin acquisition plan, attracting widespread attention in the industry. Although the company currently holds only $160 million worth of Bitcoin, it claims to raise up to €10 billion in funds to purchase Bitcoin on a large scale.

Recently, this company listed on the Euronext Paris held a shareholders' meeting, where the core agenda was to significantly enhance the company's financing capability to advance its "Bitcoin treasury company" strategy. The company's goal is to increase the number of Bitcoins per share on a fully diluted basis through this strategy.

The company's Bitcoin acquisition plan dates back to the end of last year. In December 2024, the company secured €2.5 million in funding, attracting investors including a well-known cryptographer.

The company's strategy is based on two core principles: first, when financing, it will be issued at a premium, with the premium rate for recent financing ranging from 30% to 70%, aimed at enhancing the equity of existing shareholders; second, the company adopts a long-term perspective, measuring performance in Bitcoin rather than euros or dollars.

The shareholders' meeting approved a 10 billion euro Bitcoin acquisition plan.

At the recent shareholders' meeting, the company officially approved this ambitious Bitcoin acquisition plan.

The meeting also appointed a new director responsible for the company's Bitcoin strategy, with a term of six years until the end of 2030. This new director will serve as the primary person in charge of the company's Bitcoin strategy.

The approved financing scale far exceeds the company's previously announced mechanism of issuing 300 million euros at market price. This mechanism allows the company to flexibly issue new shares based on market conditions, and if fully executed, it could result in an asset management company acquiring nearly 40% of the company's shares.

The approved financing instruments this time include various types, such as common stocks, preferred stocks, warrants, and convertible bonds, allowing the company's financial team to flexibly adjust financing strategies according to market demands. The company's management stated that these funds will continue to be used to purchase Bitcoin, aiming to become the most active listed Bitcoin buyer in Europe.

Company executives emphasize that Bitcoin allocation is seen as an auxiliary use of idle capital, rather than a complete shift to a single asset business model.

Company Transformation Process and Current Holdings Situation

The company began a large-scale acquisition of Bitcoin in early June this year, purchasing 624 BTC in a single transaction, worth approximately 69 million USD. As of June 12, the company held a total of 1,471 Bitcoins, with a total value of 160 million USD, an average acquisition cost of 102,507 USD, and a current unrealized gain of 5.21%.

This company did not initially focus on Bitcoin. In fact, until the end of 2023, it was a diversified blockchain technology company with operations covering multiple fields such as media, consulting, and software services.

The company established offices in North America, collaborated with NFT markets, and launched wallet-as-a-service among other businesses from 2021 to 2023, but the profit situation during this period was not ideal.

At the end of 2023, the company underwent significant changes. A new board of directors was established, and some subsidiaries were divested or liquidated, forming a more streamlined and focused new entity. In November 2024, the company officially transformed into Europe's first Bitcoin treasury company, focusing on accumulating Bitcoin and viewing it as core operating capital.

Since then, the company has made several large-scale acquisitions of Bitcoin:

• In November 2024, issue new shares at a 70% premium to acquire approximately 15 Bitcoins.
• In December 2024, a refinancing of 2.5 million euros will be used to acquire approximately 25 Bitcoins.
• In March 2025, issued nearly 50 million euros worth of Bitcoin-denominated convertible bonds, purchasing 580 Bitcoins.

During this series of operations, the company's stock price has risen by a cumulative 474%.

The company's future plans are even more ambitious:

• By 2029, the goal is to hold between 21,000 and 42,000 Bitcoins.
• By 2033, the goal is to increase to 170,000 to 260,000 Bitcoins, accounting for about 1% of the total Bitcoin supply.
• Commit not to sell any Bitcoin during this process.

To support this growth plan, the company plans to expand its financing scale from 300 million euros this year to over 100 billion euros by the early 2030s. If the price of Bitcoin reaches between 1 million and 2 million euros per coin, the company's net asset value could reach hundreds of billions of euros, making it one of the most valuable listed companies in Europe.

Bitcoin Strategic Director's Perspective

The company's newly appointed Bitcoin strategy head is a former consulting advisor who has served multiple large companies and financial institutions. In a recent interview, he stated that if the U.S. government begins to systematically purchase Bitcoin, it could trigger fundamental changes in the Bitcoin market, pushing Bitcoin into a new stage of development.

He predicts that when the market value of Bitcoin reaches the level of gold (about $20 trillion), and the price of each Bitcoin reaches at least $1 million, the cyclical nature and volatility of Bitcoin may undergo a qualitative change. He believes that when the global adoption rate of Bitcoin reaches 15% to 20%, it will trigger the critical point of mainstream adoption.

The official also pointed out that the United States has already begun to take action, and Europe will follow suit. He expects that major banks in Europe will make a high-profile entry into the Bitcoin field between the end of 2025 and the beginning of 2026.

He suggested that enterprises participate in this new economy by purchasing Bitcoin through regulated service providers. He believes that most companies make the mistake of only investing a small amount of money in Bitcoin, while their model is focused on increasing the number of Bitcoins per share.

Overall, as one of the few listed companies in Europe that has Bitcoin as its core financial strategy, the company is actively promoting its "Bitcoin treasury company" positioning through various means. Despite the uncertainties in market performance and the regulatory environment, the company has clarified its development path and attracted the attention of some industry investors. Whether it can achieve its ambitious growth targets in the future remains to be seen.