The Blockchain Group is raising €300 ($342 million) to add Bitcoin to its BTC holding, according to its statement on Monday—a move that aligns the Paris-based Bitcoin Treasury with a growing number of public companies emulating software firm Strategy’s Bitcoin-based playbook. 

The company intends to raise the funds through an “at-the-market”-type offering, in partnership with French asset manager TOBAM. Under the offering, TOBAM will acquire shares directly from The Blockchain Group on a daily basis, with the purchase price to be determined by either the previous day’s closing price or volume-weighted average price, depending on which is higher. 

The number of purchasable shares will be capped at 21% of daily trading volume. 

The Blockchain Group did not immediately respond to Decrypt’s request for comment. 

The move follows The Blockchain Group’s purchase last week of $68 million BTC as part of its corporate strategy to stock up on the world’s oldest cryptocurrency. 

The Blockchain Group’s shares were trading at €4.80 ($5.48), up 17% in the past 24 hours. 

The raise comes as The Blockchain Group aims to build out its Bitcoin treasury strategy as more public and private firms hop on the Strategy bandwagon following a recent surge in the price of Bitcoin, regardless of whether or not they have ties to the crypto industry. 

Bitcoin was recently trading at roughly $108,400, up an eye-watering 55% over the past year, according to data provider CoinGecko. . 

More than five dozen public companies hold Bitcoin on their balance sheets, with their holdings worth a combined $82 billion as of publication time, according to data from Bitbo. Meanwhile, several companies have announced their plans to establish Bitcoin treasuries in the past few weeks, including public companies such as Treasure Global and Davis Commodities. 

Under The Blockchain Group’s agreement with TOBAM, TBG may issue up to €300 million worth of new shares of its stock over six months. 

The company’s board of directors may choose to renew, or not renew the issuance limit and extend the length of the program. 

The Blockchain Group will provide updates on new shares issued over the course of the offering, according to its statement. It will also disclose its growing Bitcoin holdings, tracking Bitcoin per share on a fully diluted basis.

Edited by James Rubin