Blockchain Group, known as Europe’s first Bitcoin financing company, has announced a capital increase of 7.2 million euros ($8.3 million) to expand its Bitcoin purchases.
Blockchain Group raises $8.3 million to increase Bitcoin reserve
The blockchain group listed on Paris-based EuroNext Growth Exchange will issue approximately 1.6 million shares at an average price of 4.49 euros ($5.19), the company announced today.
The transaction is part of the Bitcoin Purchasing Program, which sold 300 million euros ($342 million) in the Market (ATM) Bitcoin Purchasing Program, which launched last week.
The company announced plans to increase the Bitcoin Treasury Ministry last Friday.
The blockchain group, which currently holds 1,471 BTC, is solidifying its position among companies accumulating Bitcoin at the institutional level. The company’s strategic partner, Tomab, also supports this move as a shareholder.
However, as capital news increased, the company’s stock lost more than 4% of its value in the day, dropping to 5.53 euros, according to data from EuroNext.
This aggressive Bitcoin strategy by the Blockchain Group follows the path taken by giants in the world of institutional investment, including micro-strategy led by Michael Saylor.
With the announcement of 10,100 BTC purchases earlier this week, MicroStrategy introduced its total Bitcoin holdings to 592,100 BTC, and is now the largest publicly traded Bitcoin holder.
*This is not investment advice.