Why did we invest in ALTBG? Because Europe needs a credible, listed Bitcoin treasury vehicle, and ALTBG, also known as Capital B and formerly The Blockchain Group, is the first to step into that role at scale. Founded in 2015 and listed on Euronext Growth Paris, the company adopted a Bitcoin Standard treasury strategy in November 2024 and has been systematically converting balance sheet capital into BTC ever since.

The model takes the playbook pioneered in the United States and adapts it for European capital markets. ALTBG raises equity and debt in euros, deploys those proceeds into Bitcoin, and aims to grow BTC per share over time, providing investors with a regulated, exchange-traded path to leveraged Bitcoin exposure. Alongside the treasury strategy, the group operates subsidiaries in data intelligence and AI that generate cash flow and strategic optionality.

Europe has been notably underserved on this front. Listed Bitcoin proxies have been concentrated in North America, leaving European pensions, family offices, and retail investors with limited domestic options that meet their mandate constraints. ALTBG fills that gap with a Paris-listed instrument operating under European disclosure standards and accessible through standard brokerage rails.

This investment fits Fulgur's thesis that Bitcoin will pull capital out of fiat balance sheets and into BTC-denominated ones, and that the firms which execute that transition early and disciplined will compound advantages over time. ALTBG is positioning itself to be a flagship of that movement in Europe. We are proud to back the team as they build the continent's premier Bitcoin treasury company.