- Blockchain Group Buys 182 BTC, Expanding Treasury to 1,653 Bitcoins
- Company Seeks $340M via ATM Facility to Boost Bitcoin Reserves
- Blockchain Group Signals Long-Term Confidence in Bitcoin Treasury Strategy
The Blockchain Group has added 182 more Bitcoins to its treasury, spending approximately $19.6 million on the latest purchase. This increases the Bitcoin amount in possession of the Paris-based technology company to 1,653 BTC. The total amount of Bitcoin reserves of the company is worth more than $170 million at current market rates.
Blockchain Group Eyes 1,723 BTC with Pending Share Subscription
According to the formal announcement that was rolled out on Wednesday, this latest acquisition was held in the period between May 26 and June 12. The firm financed this acquisition out of proceeds obtained during recent issues of convertible bonds. The bonds placed almost 18 million euros, or about 20.7 million dollars.
The Blockchain Group is termed the first Bitcoin treasury firm in Europe. It has been progressively accumulating its stocks of cryptocurrency over the last few months. This was highlighted by the company in its recent statement, where the establishment stressed that its investments in Bitcoin have generated high returns. It announced a 1,173% growth in yield on its BTC assets up to this year.
Being on top of the 182 BTC already purchased, the firm announced that one of their previous share subscriptions is yet to be redeemed. The subscription of asset management company TOBAM and crypto pioneer Adam Back is worth approximately 7.31 million dollars. In a case of utilization, it would enable the company to purchase an additional 70 Bitcoin, bringing its total to 1,723 BTC.
The company, formerly known as The Blockchain Group, has been steadily adding to its Bitcoin treasury since early this year. As a result, it reflects the growing institutional interest in cryptocurrencies. Such moves have been adopted by other major firms. Indeed, Japanese company Metaplanet currently possesses nearly 10,000 BTC, whereas Strategy has recently revealed having bought 10,100 BTC.
Company Confirms Long-Term Faith in Bitcoin as Treasury Asset
At the current moment, Bitcoin can be bought at the price of about 104,740 dollars with a -0.46 percent decline in the last 24 hours. The interest in utilizing Bitcoin as a treasury asset is accumulating, and despite the dynamics of the short-term signals, institutional players do not seem to be frightened.
Just a few days before the announcement of its recent purchase, The Blockchain Group announced a new strategy to find another 340 million dollars. It will use the capital to generate more Bitcoin reserves. The company intends to accomplish this by issuing shares on a structure that is modelled after what is known as “At The Market (ATM)” facilities in the United States. The idea is to bring additional investors and strengthen the position of the company in the cryptocurrency market.
The company had previously made its largest single Bitcoin acquisition of 580 BTC, paid earlier this year back in March. After two previous purchases: 15 and 25 BTC. These acquisitions reflect The Blockchain Group’s active and consistent strategy to integrate Bitcoin into its core financial model. The company aims to solidify Bitcoin as a fundamental asset in its long-term investment and treasury framework.
The company is actively positioning itself to benefit from future Bitcoin price increases through consistent accumulation. Moreover, it demonstrates strong confidence in the long-term integration of digital assets within corporate finance. As a result, its strategy signals both financial foresight and commitment to innovation in the evolving crypto landscape.
