The Blockchain Group, Europe’s first Bitcoin treasury company, has announced raising $8.3 million to increase its Bitcoin reserves.
Capitalization and Share Sale
The Blockchain Group, listed on the Paris-based Euronext Growth exchange, will issue approximately 1.6 million new shares at an average price of €4.49 ($5.19).
Bitcoin Purchasing Program
This move is part of a €300 million ($342 million) at-the-market (ATM) Bitcoin purchasing program that the company launched last week. Last week, the company announced plans to increase its Bitcoin treasury by issuing shares and convertible bonds worth €9.7 million ($11.2 million).
Market and Shareholder Reaction
Currently holding 1,471 BTC, The Blockchain Group solidifies its place among companies accumulating Bitcoin at the institutional level. However, with the news of the capital increase, the company's shares lost more than 4% of their value during the day, falling to €5.53, according to Euronext data.
The aggressive Bitcoin strategy by The Blockchain Group follows the path taken by giants like MicroStrategy, highlighting the growing interest of institutional investors in this asset.
