The Paris -based crypto company Blockchain Group adds more Bitcoin to the growing Treasury ark by a 63.3 million euro ($ 72 million) bond sale.
The company expects to buy another 590 Bitcoin (Btc) Includes funds, increases its total handling to 1,437 BTC, the blockchain team Says on May 26th.
Bitcoin trades over $ 109,00, and at current prices, the blockchain group can buy 658 BTC with the total amount it raised, According to In coingecko.
However, the company said that only 95% of the proceeds from the release would be used to buy bitcoin;;;;;;;;;;;;;;;;;;;;;;; The residue is marked for “operational costs and pay management fees.”
Venture capital firm Fulgur Ventures invested a lion’s part for bond sale, with 55.3 million euros ($ 62.9 million), while the Crypto Private Investment Fund Moonlight Capital invests 5 million euros ($ 5.7 million). The bonds will be replaced with blockchain group shares at € 3.809 ($ 4.34).
The Blockchain Group (ALTBG) is listed in Euronext Paris, Europe’s second largest stock exchange by market cap. Company website Says It focuses on “increasing the number of bitcoin per part over time by seizing excess cash and appropriate financing instruments.”
Altbg May 26 trading down nearly 5.5% to 2.77 euro ($ 3.16), but gained about 766% to this year, According to In Google Finance. After the Bitcoin company started buying on November 5, Stock scored 225% to 0.48 Euro ($ 0.52).
In the results of the financial year of 2024, released April 30, the Blockchain Group listed The current yield from its Bitcoin handles to more than 709%.
Meanwhile, the total combined income for the year is € 13,864,000 ($ 15.8 million) compared to € 20,408,000 ($ 23.2 million) for last year’s fiscal year, which represents a decrease of 32.1%.
As part of its results, the company said its long -term approach was to obtain 1% of the total Bitcoin supply over the next eight years, with a target of over 170 to 2032.
Many companies take “orange pill”
A growing number of public companies is buying bitcoin to handle for long -term in hopes of making acquisitions from ownership.
Related: Metaplanet raises another $ 21m by bonds to buy more bitcoin
The Swedish Health Tech Company H100 Group AB has become one of the latest companies to take orange pill after announcing A Bitcoin Purchase Pivot on May 22.
Striver Asset Management also announced On May 7 it moved to a Treasury company of Bitcoin.
Experts Speculation -haka with tangible Long -term benefit for a company with hold Bitcoin Despite unpredictable volatility, such as a fence against inflation, long -term price and theoretical appreciation of lower relationships in equity markets over time.
Magazine: Rise of Microstrategy Clones, Asia leads Crypto Adoption: Asia Express 2024 Review
