The Blockchain Group Secures 95% Shareholder Approval for $11 Billion Bitcoin Purchase

The Blockchain Group, a prominent cryptocurrency company based in Paris, has secured approval to raise approximately $11 billion for the purpose of purchasing Bitcoin. This significant move was backed by an overwhelming 95% of shareholders, marking a landmark decision in the European crypto treasury landscape. The approval was granted during the company's Annual General Meeting, where shareholders authorized new financial delegations exceeding EUR 10 billion. This substantial fundraising effort is aimed at accelerating the company's Bitcoin acquisition strategy, positioning it as a leading player in the institutional adoption of cryptocurrency in Europe.

The Blockchain Group's decision to raise funds for Bitcoin purchases is part of a broader trend of institutional investment in cryptocurrency. The company, which already holds $154 million worth of Bitcoin, is Europe’s first Bitcoin treasury company. The fundraising round, structured similarly to the US practice of “At the Market” (ATM) offerings, will involve selling shares at market conditions initiated by the company’s counterparty. The raise will be carried out in tranches, with pricing based on the higher of the previous day’s closing price or the volume-weighted average price, capped at 21% of that day’s trading volume.

This move by The Blockchain Group comes at a time when institutional adoption of Bitcoin is on the rise. The company's recent acquisition of $68 million worth of Bitcoin, which pushed its total holdings to 1,471 Bitcoin, underscores its commitment to expanding its Bitcoin treasury. Other institutional Bitcoin holders are also launching fundraising efforts to increase their BTC holdings, further driving the momentum in the cryptocurrency market.

The Blockchain Group's strategic treasury moves are seen as a long-term confidence booster for Bitcoin, regardless of short-term price fluctuations. The company's decision to raise funds for Bitcoin purchases is part of a broader trend of institutional investment in cryptocurrency, which is expected to continue driving the market forward. The Blockchain Group's move is a significant step in the institutional adoption of Bitcoin in Europe, and it is expected to have a positive impact on the cryptocurrency market in the long run.