NewsletterBlockchain Group Expands Bitcoin Strategy With €63M Bond Issuance
Highlights
- The Blockchain Group is increasing its Bitcoin holdings.
- The France-based tech firm has issued a €63 million convertible bond.
- Bitcoin is courting institutional interest from corporate entities.
The Blockchain Group is the latest company to signal an intention to increase the size of its Bitcoin holdings. The company has announced a €63 million convertible bond issuance to fund its BTC accumulation plans, mirroring Michael Saylor’s Strategy.
The Blockchain Group Unveils BTC-Denominated Convertible Bonds
According to a press release, French technology firm The Blockchain Group has announced a convertible bond issuance valued at €63 million. The bond, denominated in BTC and convertible into The Blockchain Group shares, will power the company’s Bitcoin accumulation plans.
Per the announcement, Moonlight Capital, Fulgur Ventures, and UTXO Management participated in the bond issuance. Notably, The Blockchain Group Luxembourg will use 95% of the €63 million raised to purchase and hold Bitcoin.
The remaining 5% is earmarked for operational expenses and management fees from the Bitcoin treasury. Armed with fresh capital, the company has added 590 BTC to its treasury, bringing its total haul to 1,437 BTC. According to the press release, the Blockchain Group purchased 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.
The purchase comes on the heels of investors cashing in on profits as Bitcoin’s realized market cap soars to $900 billion.
Renewed Institutional Interest Jolts Bitcoin Price
After a weekend marked by a slight correction, BTC prices have spiked at the start of the week. Renewed institutional interest is propping up Bitcoin prices with Strategy’s purchase of 4020 BTC, triggering a small rally.
At the moment, Bitcoin is trading at $109,256, only 2.31% down from its all-time high of $111,970. Speculation for a new all-time high is soaring with new institutional players like The Blockchain Group unveiling plans to add BTC to their holdings.
Earlier in the day, chatter about Trump Media raising $3 billion to buy Bitcoin gained traction. BlackRock has also been steadily increasing its holdings via its ETF while Japan’s Metaplanet continues its red-hot accumulation streak.
Furthermore, high-risk cryptocurrency trader James Wynn disclosed on X that the Bitcoin price is “about to explode.” Fuelled by rising institutional interest, James Wynn has opened another 40X BTC long as prices near a new ATH.
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