The French tech company has completed the acquisition of 624 BTC through a capital rise of €60.2 million and bond issuance. The company has been reporting a BTC yield of 1,097.6% since the beginning of the year as a European company to accelerate adoption by the Bitcoin Ministry of Finance.
Blockchain Group, Europe’s first Bitcoin financing company, has acquired 624 Bitcoin for around 60.2 million euros ($69 million), indicating a significant expansion of Bitcoin holdings through a combination of stock sales and convertible bonds.
According to a press release issued on June 3, the company registered with EuroNext Growth Paris completed its purchases with two tranches. 80BTC acquired 5,44 BTC for 52.5 million euros at 5,44 BTC via convertible bonds subscribed by Fulgur Ventures.
The acquisition brought the company’s total Bitcoin holdings of 1,471 BTC, and was purchased at an average price of 89,687 ($103,000). The group achieved a “BTC yield,” which measures changes in Bitcoin holdings, compared to fully diluted stocks of 1,097.6% per year.
The purchase was provided custody by Swiss infrastructure company Taurus and was carried out through Banke Delubac & Cie and Swissquote Bank Europe SA. The company shows plans to acquire an additional 60 BTC through ongoing issuance of convertible debt from UTXO Management and Moonlight Capital.
The group’s latest acquisition was funded through a capital increase of 8.6 million euros, with participation from investors including the Tobam Bitcoin Treasury Opportunities Fund and Quadrille Capital, as well as the issuance of a convertible debt of 55.3 million euros to Fulgur Ventures.
The company reported a BTC gain of 439 BTC and a BTC € gain of around 42.3 million euros, highlighting the growth trends of European companies diversifying into Bitcoin.
At the time of pressing, Bitcoin is trading for 92,349 euros ($105,260) as it continues to restructure its corporate financial management in Europe and around the world.
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