The Blockchain Group completes $72 million bond issuance to fuel bitcoin buying strategy
Quick Take
- The France-based tech consulting firm said it’s completed multiple convertible bond issuances valued at a total of about €63.3 million ($72 million) to fund purchasing Bitcoin.
- The company wants to bring its total holdings to over 1,400 BTC.
The Blockchain Group, a French-based company focused on Bitcoin treasury strategies, said Monday it has completed convertible bond issuances totaling €63.3 million ($72 million) to fund additional BTC purchases.
The company also said in a statement that it hopes to purchase roughly 590 more bitcoin to bring its total holdings to over 1,400 BTC. In March, The Blockchain Group announced that it had added 580 BTC to its treasury, marking its largest purchase since adopting a Bitcoin accumulation strategy.
According to Monday's statement, multiple bond issuances have been completed to support this strategy. Since adopting the approach, the company's share price has more than doubled, Euronext data shows.
The Blockchain Group added that while it "pursues its Bitcoin accumulation strategy," it will "continue to develop the operational activities of its subsidiaries."
Other companies adopting a Bitcoin accumulation strategy include Strategy, Metaplanet and the video game retailer GameStop. Strategy is the largest corporate holder of Bitcoin, owning a total of 580,250 BTC, valued at $63 billion as of publication time.
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