The Blockchain Group, a technology company based in Paris, has raised $7 million to grow its Bitcoin treasury. This latest purchase shows its strong commitment to Bitcoin and strengthens its position as Europe’s first Bitcoin Treasury Company, listed on Euronext Paris.
Ongoing Bitcoin Acquisition Strategy
The Blockchain Group took to its X handle to announce this latest fundraiser of $7 million aimed at strengthening its Bitcoin treasury. Earlier on June 3, the company spent $68.7 million to purchase 624 BTC, its largest single-day acquisition, bringing its total holdings then to 1,471 BTC.
Additionally, it bought 116 BTC for $12.5 million, which raised its total Bitcoin holdings to 1,904 BTC. This year, The Blockchain Group’s bitcoin yield is an impressive 1,348.8%, with an average purchase price of $105,53 million. These relentless Bitcoin acquisitions are fuelled by strategic fundraising like its latest one, showing the firm is not backing down anytime soon.
This latest fundraiser of $7 million mirrors a similar move The Blockchain Group made on June 24, when the company increased their capital by $3.52 million, adding 25 BTC, to raise its holding to 1929 BTC.
Bitcoin Buying Continues Despite Dip
More companies are now holding Bitcoin in their treasury funds, even with the recent market ups and downs. For example, Hilbert Group AB, a global crypto asset manager listed on Nasdaq (HILB B), has taken a $28.5 million Bitcoin loan from Deus X Capital. The loan is the second-largest investment in their plan to build a crypto treasury.
Last week, Hilbert announced a $19 million convertible bond and a new loan adding 233 Bitcoins, valued at about $28.5 million. This brings Hilbert’s total Bitcoin holdings to around 430 Bitcoins, worth approximately $52 million. The company aims to become Europe’s largest crypto asset manager with the biggest actively managed corporate Bitcoin treasury.
Just yesterday, Sequans Communications, a French chip company, acquired 683 BTC, adding 1,053 BTC to its portfolio. Sonnet BioTherapeutics, on the other hand, announced a $900 million cryptocurrency strategy. Meanwhile, Bitcoin has been volatile, recently reaching a peak of $123,000, with a current price of above $116,800 after a 10% weekly increase, as noted by CoinMarketCap.
