The technological company listed by Paris, The Blockchain Group, has expanded its Bitcoin reserves with the purchase of 182 BTC for around 19.6 million dollars, bringing its total assets to 1,653 BTC. At current market prices, the company’s reserve is estimated at more than $ 170 million.
The latest acquisition of the first European Bitcoin Treasury company, finalized on Tuesday, was financed by a series of recently completed convertible bonds totaling nearly 18 million euros ($ 20.7 million), the company announced during an announcement on Wednesday.
Notable round investors included UTXO management, Moonlight capital, Tobam and the Ludovic-Laurans chechechine. The announcement has shown that each participant had bought a different part of the company’s bond offers.
Purchases were executed by the commercial banking institution Banque Debic et Cé Cie and the digital investment bank Swissquote Bank Europe SA, with the Taurus custody, a Swiss infrastructure provider for digital assets.
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The Blockchain group requires a Bitcoin (BTC) performance of the year up to date, reflecting an increase in the Bitcoin ratio maintained at its number of entirely diluted shares. Since the start of the year, the company has added 469 BTC and has declared more than $ 49.4 million in Bitcoin value gains.
The company’s average acquisition cost amounts to around $ 103,000 per BTC, lower than current market prices. With current plans that could allow the purchase of additional 70 BTC, total reserves could soon approach 1,723 BTC.
The Blockchain group is exchanged under the Altbg Ticker on Euronext Growth Paris. The company’s shares are down 3.9% today, according to Google Finance data.
Earlier this month, the Blockchain group announced its intention to raise 300 million euros ($ 342 million) thanks to an “market” style offer (ATM) to stimulate its Bitcoin treasure.
The fundraising will occur in the tranches, with actions sold at market prices on the market according to the closure or the weighted average price depending on the volume and capped at 21% of the daily negotiation volume.
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26 entities add bitcoin to the treasure during the last month
An increasing number of public companies add bitcoin to their balance sheets, with at least 26 entities doing so in the last 30 days, according to BitcoinTareries.net.
However, criticism warns that some companies can turn to Bitcoin as a last resort rather than a strategic game. Voices of the industry like Fakhul Miah of the institutional prudence of Gomining that small businesses imitating the stratum gaming book can lack risk management required for such movements.
Standard Chartered Bank warned that half of these companies could face serious problems if Bitcoin fell below $ 90,000, which potentially triggered widespread liquidations and harm the reputation of the assets.
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