French firm The Blockchain Group announced the acquisition of 182 Bitcoin (BTC) for approximately $19.6 million, raising its total crypto reserves to 1,653 BTC.
Financing the Bitcoin Purchase
The Blockchain Group revealed that the Bitcoin acquisition was funded through multiple convertible bond issues. Institutional and private investors participated in the funding, including UTXO Management, which subscribed approximately $3.45 million to buy around 31 BTC.
Record Bitcoin Yields
The company noted an impressive Bitcoin yield of approximately 1,173.2% year-to-date, attributed to the addition of 469.3 BTC to its reserves since January, 354.8 of which were added in the latest quarter.
Market Response and Strategic Plans
Following the announcement of the purchase, ALTBG shares slipped by 1%. Earlier in June, the firm also announced plans to raise up to €300 million through a stock offering to fund further Bitcoin purchases. Observers note that such moves reflect a growing institutional demand for Bitcoin in Europe.
Despite the share decline, The Blockchain Group continues to strengthen its position in the cryptocurrency sector amidst rising investor interest.
