The Blockchain Group Boosts Bitcoin Holdings by 12% to 1,653 BTC

The Blockchain Group, a Paris-listed technology firm and Europe’s first Bitcoin treasury company, has significantly bolstered its Bitcoin holdings. The firm recently acquired 182 BTC for approximately $19.6 million, elevating its total Bitcoin reserves to 1,653 BTC. At current market prices, the company’s Bitcoin stash is valued at over $170 million. This acquisition was finalized on June 17 and was funded through a series of convertible bond issuances totaling nearly 18 million euros ($20.7 million).

The convertible bond issuances attracted notable investors, including UTXO Management, Moonlight Capital, TOBAM, and Ludovic Chechin-Laurans. Each investor participated in different portions of the company’s bond deals. The purchases were executed by commercial banking institution Banque Delubac & Cie and digital investing bank Swissquote Bank Europe SA, with custody managed by Taurus, a Switzerland-based infrastructure provider for digital assets.

The Blockchain Group’s strategic move to increase its Bitcoin holdings reflects a growing trend among public companies to incorporate Bitcoin into their treasury management strategies. The firm’s year-to-date Bitcoin yield stands at an impressive 1,173.2%, indicating a significant increase in the ratio of Bitcoin held to its fully diluted share count. Since the beginning of the year, the company has added 469 BTC, resulting in over $49.4 million in gains in Bitcoin value. The firm’s average acquisition cost per BTC is around $103,000, which is lower than current market prices. With plans to purchase an additional 70 BTC, the company’s total reserves could soon approach 1,723 BTC.

The Blockchain Group is traded under the ticker ALTBG on Euronext Growth Paris. The company’s recent announcement also included plans to raise 300 million euros ($342 million) through an “At the Market” (ATM)-style offering. This fundraising will occur in tranches, with shares sold at market-driven prices based on the previous day’s close or the volume-weighted average price, capped at 21% of daily trading volume. This strategic move aims to further boost the company’s Bitcoin treasury, aligning with its long-term vision of integrating Bitcoin into its financial operations.

The Blockchain Group’s decision to expand its Bitcoin holdings underscores the growing acceptance of Bitcoin as a viable asset for treasury management. The firm’s proactive approach to acquiring Bitcoin, coupled with its strategic fundraising efforts, positions it as a leader in the emerging trend of companies adopting Bitcoin as part of their financial strategies. As more public companies explore the benefits of holding Bitcoin, The Blockchain Group’s actions serve as a model for others considering similar moves.