The Blockchain Group successfully raised €7.2 million from French asset manager TOBAM to boost its Bitcoin reserves.
Funding for Bitcoin Reserves
The Blockchain Group, a prominent European blockchain company, secured €7.2 million for increasing its Bitcoin reserves. TOBAM was the sole investor. These funds will be used for the company’s Bitcoin vault strategy. Alexandre Laizet, Deputy CEO, emphasized the strategic importance of this ATM-like capital increase on Twitter.
Growing Institutional Interest
The immediate effect is heightened institutional interest in Bitcoin as a reserve asset. This move aligns with strategies previously implemented by corporations like MicroStrategy. The impact on the crypto market could drive further corporate Bitcoin acquisition strategies in Europe.
Bitcoin Acquisition Strategy in Europe
The €7.2 million capital was raised through the issuance of 1,603,306 ordinary shares at €4.49 each. Institutional backing from TOBAM highlights the increasing confidence in Bitcoin’s strategic asset role. The shareholder-approved raise includes an overall capital increase cap, emphasizing potential for further expansion. "This move cements The Blockchain Group’s ambition to become a leading European corporate Bitcoin vault and signals continued institutionalization of Bitcoin as a balance sheet asset in the EU," said Alexandre Laizet.
The growing interest from institutional investors and new acquisition strategies for Bitcoin may lead to higher Bitcoin accumulation and enhanced corporate treasury utilization across Europe.
