The Blockchain Group Bolsters Bitcoin Holdings to Over $170M with 182 BTC Purchase: A Commitment to Digital Asset Growth
The Blockchain Group (ALTBG), a Paris-listed tech firm that bills itself as Europe's first bitcoin treasury company, has announced a significant purchase of 182 BTC for 17 million euros ($19.6 million), bringing its total stash to 1,653 BTC valued at nearly 149 million euros.
The purchase follows a series of convertible bond issuances totaling over 18 million euros, subscribed by UTXO Management, Moonlight Capital, Ludovic Chechin-Laurans, and asset manager TOBAM. Additionally, the company converted share warrants into nearly 3 million ordinary shares, raising another 1.6 million euros for bitcoin purchases.
The Blockchain Group has achieved a 1,173% BTC yield so far this year, defined as the ratio of total BTC held to fully diluted shares outstanding. This metric is used by several companies to measure the accretive nature of their bitcoin acquisition strategy. While Strategy (MSTR), the world's largest corporate holder of bitcoin, reported a 19.1% BTC yield year-to-date, Metaplanet (3350) reported 266.07% and Semler Scientific (SMLR) 26.7%.
The Blockchain Group's bitcoin was purchased through Swissquote Bank Europe and Banque Delubac, and is held in custody by Taurus, a Swiss digital asset infrastructure provider. The latest round of purchases brings the average cost basis of the firm's bitcoin to about 90,000 euros per coin.
Despite the recent purchases, shares of The Blockchain Group fell 2.1% to 4.895 euros in early Wednesday trading on Euronext Paris. The benchmark CAC 40 Index was little changed.
Overall, The Blockchain Group's continued investment in bitcoin demonstrates its commitment to the asset class and its potential for long-term growth and returns. As the company continues to expand its bitcoin holdings and explore new opportunities in the digital asset space, investors may see further gains in the future.
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Commendable move by The Blockchain Group in strengthening their Bitcoin holdings; this commitment to digital asset growth demonstrates a strategic understanding of the potential drying up 20% long supply before targets establish, ensuring future stability and expansion.
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