Paris-based cryptocurrency firm The Blockchain Group has purchased 624 Bitcoin (BTC) for approximately €60.2 million ($68.7 million), increasing its total Bitcoin holdings to 1,471 BTC valued at over $154 million. The company, billed as Europe's first Bitcoin treasury firm, reported an impressive Bitcoin yield of 1,097.6% year-to-date.
This recent acquisition follows two significant financing operations: a reserved capital increase and a convertible bond issuance raising a combined €62.1 million, facilitating the purchases of additional BTC. The firm’s aggressive accumulation of Bitcoin mirrors a growing trend among European institutions adopting Bitcoin as a treasury asset.
Institutional interest has surged since the U.S. approved spot Bitcoin exchange-traded funds (ETFs) in January 2024, which provided regulated investment avenues. Additionally, policy developments like a U.S. executive order to establish a Bitcoin reserve from seized crypto assets have further validated Bitcoin's role as a strategic asset.
Other European firms showing Bitcoin treasury ambitions include BNP Paribas, 21Shares AG, VanEck Europe, Jacobi Asset Management, and Bitpanda. The Czech National Bank has also explored Bitcoin for reserve diversification strategies.
Bitcoin's price recently hit $112,000 before consolidating between $103,000 and $108,000. Whale accumulation and corporate treasury adoption underline a bullish outlook. Prominent treasury firms like Michael Saylor’s Strategy hold massive Bitcoin positions ($60.5 billion) and continue expanding.
The Blockchain Group’s €68.8 million purchase and continuous Bitcoin treasury accumulation embody the ongoing institutional embrace of BTC, affirming Bitcoin's growing stature in corporate balance sheets across Europe and beyond.