Bitcoin Treasury Madness: Blockchain Group Pushes Bold BTC Accumulation Plan
As part of its $342 million at-the-market initiative to buy more Bitcoin, The Blockchain Group, Europe’s first Bitcoin treasury firm, today announced a capital increase plan of €7.2 million ($8.3 million). The firm, which is listed on Euronext Growth Paris, stated in a statement today that it plans to raise capital by issuing roughly 1.6 million new common shares at an average subscription price of about €4.49 ($5.19) per share.
French Firm Partners with TOMAB in Massive $342M Bitcoin Strategy
The capital augmentation proposal comes after the business announced last week that it had partnered with TOMAB, a French asset management and stakeholder, on a €300 million ($342.5 million) ATM program. In order to advance its bitcoin treasury strategy, the company also stated last Friday that it would issue convertible bonds and shares for around €9.7 million ($11.2 million). Bitcointreasuries.net data shows that the corporation presently owns 1,471 BTC.
Public Companies Are All-In on Bitcoin: Blockchain Group Latest to Join
A rising number of businesses are hoarding Bitcoin, including The Blockchain Group. After its 10,100 BTC purchase on Monday, Strategy, under the leadership of Michael Saylor, is still the biggest publicly traded corporate bitcoin holder, with total holdings of 592,100 BTC.
In addition, according to Euronext data, the Blockchain Group‘s shares have dropped more than 4% since opening and are currently trading at €5.53 as of this writing. The stock is still in circulation.
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