The Blockchain Group issues €63M in convertible bonds to fund Bitcoin purchases, aiming to boost its treasury with 590 BTC.
The Blockchain Group is the latest company to signal an intention to increase the extent of its Bitcoin holdings. The company has disclosed a €63 million convertible bond issuance to finance its BTC accumulation objectives, consistent with Michael Saylor’s Strategy.
The Blockchain Group has disclosed convertible bonds denominated in Bitcoin (BTC)
According to a press release, The Blockchain Group, a French technology firm, announced a convertible bond issuance valued at €63 million. The company’s ambitions for Bitcoin accumulation will be fueled by the bond, which is convertible into The Blockchain Group shares and denominated in BTC.
As stated in the announcement, Moonlight Capital, Fulgur Ventures, and UTXO Management were all involved in the bond issuance. It is important to note that The Blockchain Group Luxembourg will allocate 95% of the €63 million raised to acquiring and storing Bitcoin.
The Bitcoin treasury allocates 5% to operational expenses and management fees. The company has increased its total holdings to 1,437 BTC by adding 590 BTC to its treasury, which has been bolstered by new capital. As indicated in the press release, the Blockchain Group acquired each Bitcoin for €100,000.
“The company thus pursues its Bitcoin accumulation strategy, while continuing to develop the operational activities of its subsidiaries,” read the statement.
Investors have been able to capitalize on their profits as Bitcoin’s realized market valuation has reached $900 billion. This acquisition coincides with this trend.
A surge in institutional interest impacts the price of bitcoin
BTC prices have experienced a minor correction over the weekend but have since surged at the beginning of the week. Renewed institutional interest supports Bitcoin prices, as evidenced by Strategy’s acquisition of 4020 BTC, which has sparked a modest rally.
Bitcoin is trading at $109,256, a mere 2.31% drop from its all-time peak of $111,970. There is growing speculation regarding the possibility of a new all-time high, as new institutional participants such as The Blockchain Group have announced their intention to incorporate BTC into their portfolios.
Earlier in the day, speculation regarding Trump Media’s capacity to acquire Bitcoin for $3 billion acquired momentum. BlackRock has also been steadily increasing its holdings via its ETF while Japan’s Metaplanet continues its red-hot accumulation streak.
Additionally, James Wynn, a high-risk cryptocurrency trader, stated on X that the price of Bitcoin is “on the brink of an explosion.” James Wynn has opened an additional 40X BTC long position as prices approach a new ATH, driven by increasing institutional interest.
