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Europe's First Bitcoin Treasury Company Raises Capital to Acquire More Bitcoin! Here are the Details
The Blockchain Group, known as Europe’s first Bitcoin treasure company, announced that it will carry out a capital increase totaling 7.2 million euros (8.3 million dollars ) in order to expand its Bitcoin purchases.
The Blockchain Group is Raising $8.3 Million in Capital to Increase Bitcoin Reserves
According to the announcement made by the company today, 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 euros (5.19 dollars).
This transaction is being carried out as part of the company's "at-the-market" ATM Bitcoin purchase program, which was initiated last week and amounts to 300 million euros (342 million dollars).
The company announced last Friday its plan to grow its Bitcoin treasury with the issuance of shares and convertible bonds worth 9.7 million euros and 11.2 million dollars.
Currently holding 1.471 BTC, The Blockchain Group is solidifying its position among companies accumulating Bitcoin at an institutional level. TOMAB, the company's strategic partner, is also supporting this move as a shareholder.
However, with the news of the capital increase, the company's shares fell by more than 4% during the day, declining to as low as 5.53 euros according to Euronext data.
The Blockchain Group's aggressive Bitcoin strategy is following the path taken by giants in the institutional investment world, such as Michael Saylor's MicroStrategy.
MicroStrategy increased its total Bitcoin holdings to 592,100 BTC with the purchase of 10,100 BTC announced just earlier this week, and is now the largest public holder of Bitcoin.
*Not investment advice.
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