The Crypto company based in Paris Blockchain Group adds more bitcoin to its growing treasury thanks to a sale of bonds of 63.3 million euros ($ 72 million).
The company hopes to buy 590 other bitcoin (BTC) with funds, increasing its total assets to 1,437 BTC, said the blockchain group on May 26.
Bitcoin is negotiated at more than $ 109.00, and at current prices, the Blockchain group could buy 658 BTC with the total amount it has raised, according to Coingecko.
However, the company said that only 95% of the emission products will be used to buy bitcoin; The rest is marked for “operational expenses and to pay for management costs”.
The venture capital company Fulgur Ventures has invested the lion’s share for the sale of bonds, with 55.3 million euros ($ 62.9 million), while Crypto Private Investment Fund Capital invested 5 million euros ($ 5.7 million). The bonds will be convertible into stocks of the Blockchain group at € 3.809 ($ 4.34).
The Blockchain group (Altbg) is listed on Euronext Paris, the second European scholarship by market capitalization. The company’s website indicates that it is focused on “the increase in the number of bitcoins per share over time by taking advantage of the cash excess and appropriate financing instruments from Holding”.
The ALTBG closed on May 26 on May 26.1.5% to 2.77 euros ($ 3.16), but has earned almost 766% this year, according to Google Finance. After the company began to buy Bitcoin on November 5, the action increased by 225% to 0.48 euros ($ 0.52).
During its results for the 2024 fiscal year, published on April 30, the Blockchain group listed the current performance of its Bitcoin holdings at more than 709%.
At the same time, its total consolidated revenues for the year were € 13,864,000 ($ 15.8 million), compared to € 2,408,000 ($ 23.2 million) for the previous year, which represents a decrease of 32.1%.
As part of its results, the company declared that its long -term strategy was to acquire 1% of the total Bitcoin supply over the next eight years, with an target of more than 170 by 2032.
More companies take the “orange pill”
An increasing number of public enterprises buy Bitcoin to hold in the long term in the hope of making gains from the assets.
In relation: Metaplanet collects additional $ 21 million on bonds to buy more bitcoin
The Swedish Health Technology Company H100 Group AB has become one of the last companies to take the Orange pill after announcing a Bitcoin purchase pivot on May 22.
Strive Asset Management also announced on May 7 that it would go to a Bitcoin cash company.
Experts speculate that there are long -term tangible advantages for a company holding Bitcoin despite its unpredictable volatility, such as coverage against inflation, the assessment of long -term prices and the correlation theoretically lower than stock markets over time.
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