The cryptocurrency company based in Paris, The Blockchain Group plans to lift more than $ 340 million for its Bitcoin treasure, reporting a continuous institutional adoption of crypto in Europe.
The Blockchain group, which claims to be the first Bitcoin Cash (BTC), is planning to raise 300 million euros ($ 342 million) to finance more BTC purchases, according to a press release on Monday.
The 340 million dollars round structure is inspired by the American practice of “market” offers (ATM). The shares will be sold under market conditions initiated by the company’s counterpart, subject to a pre-aggressive volume.
The increase will be made in tranches, with prices based on the “higher closing price of the day before or the average weighted price depending on the volume”, capped at 21% of the negotiation volume of this day, said the ad.
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The announcement comes a week after the company acquired $ 68 million in Bitcoin, pushing its total assets to 1,471 bitcoin, or more than $ 154 million, Cointelegraph reported on June 3.
Other institutional bitcoin holders also launch fundraising efforts to stack more BTC.
Friday, Michael Saylor’s strategy announced its intention to increase nearly a billion dollars thanks to a share offer to finance its future Bitcoin purchases, quadrupling the increase of $ 250 million in the company.
The strategy is the largest holder of corporate bitcoin in the world, with more than $ 61 billion in Bitcoin in its books, representing 2.76% of the entire BTC offer, according to Bitbo data.
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Bitcoin momentum motivated by “strategic treasure”
Bitcoin entered a period of price consolidation after breaking the highest $ 112,000 on May 22.
Despite the short -term drawback, institutional adoption and strategic cash flow movements continue to “anchor the long -term bullish account,” said Cointelegraph, editor -in -chief of Nexo Dispatch, Stella Zlatareva, adding:
“Strategic purchases, cash benefits and infrastructure investment paint a long -term confidence table – regardless of short -term prices.”
The strong bitcoin rebound in the resilience of the support signals of $ 103,000, with “no sign of mass deterioration or forced sales,” added Zlatareva.
Despite a positive feeling around the accumulation based on cash, the funds negotiated in exchange for bitcoins listed in the United States had trouble maintaining the entries.
ETFs experienced more than $ 47 million in outings on June 6, a second consecutive day after 278 million dollars in net outings on June 5, according to Farside Investors.
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