Blockchain Group added $68 million in Bitcoin to its treasury as more firms turn to crypto assets for diversification and long-term value preservation.
Paris-based Blockchain Group acquired $68 million in Bitcoin, boosting its total holdings to 1,471 BTC amid rising institutional interest in crypto treasury strategies.
Blockchain Group, a cryptocurrency company based in Paris, has added $68 million worth of Bitcoin to its balance sheet, joining an increasing number of European institutions that have done so.
The Blockchain Group has paid 60.2 million euros ($68.7 million) for 624 Bitcoin (BTC $105,077), claiming to be Europe’s first Bitcoin treasury company.
The Blockchain Group said in a June 3 X post that the most recent acquisition increases the company’s overall holdings to 1,471 Bitcoin, or more than $154 million, with a BTC yield of 1,097.6% YTD.
Institutional demand has increased since the US authorized spot Bitcoin exchange-traded funds in January 2024, launching the first fully regulated BTC investment vehicles for conventional investors.
After US President Donald Trump issued an executive order on March 7 detailing a desire to establish a Bitcoin reserve using cryptocurrency acquired in criminal cases, corporate demand experienced another notable uptick.
Only a few European businesses have shown signs of pursuing Bitcoin treasury goals even though the cryptocurrency’s economic mechanism rewards early adopters. These include Austrian fintech company Bitpanda, Swiss company 21Shares AG, VanEck Europe, Malta-based Jacobi Asset Management, and French banking behemoth BNP Paribas.
Additionally, the Czech National Bank has openly considered utilizing Bitcoin to diversify its foreign exchange holdings.
According to Ryan Lee, chief analyst of Bitget Research, Bitcoin is expected to “consolidate between $103,000 and $108,000” in the market following its May 22 peak of $112,000.
However, the analyst noted that on-chain data indicates ongoing whale accumulation, which presents a bullish signal and frames any additional corrections as a possible entry point.
Corporate treasuries are using Bitcoin globally.
Bitcoin treasury companies like Michael Saylor’s Strategy have led global Bitcoin adoption initiatives.
According to Arkham Intelligence, Strategy, the largest corporate Bitcoin holder in the world with over $60.5 billion in BTC, is currently about $8.3 billion away from overtaking BlackRock’s iShares Bitcoin Trust ETF, which is currently valued at over $68.9 billion.
Between May 26 and 30, Strategy purchased $75 million worth of Bitcoin at an average price of $106,495 per BTC.
To finance its upcoming Bitcoin acquisitions, Strategy announced on June 2 that it would raise $250 million through an IPO of a new class of perpetual preferred equities.
On June 2, Metaplanet also referred to as “Asia’s MicroStrategy,” invested $118 million in Bitcoin, making it the eighth-largest Bitcoin holder in the world.
