French crypto holding firm Blockchain Group has intensified its Bitcoin accumulation strategy following a successful €63.3 million bond issuance.
The company, listed on Euronext Paris under the ticker ALTBG, revealed that 95% of the proceeds will go toward acquiring 590 Bitcoin (BTC), taking its total holdings to 1,437 BTC.
The move is part of a long-term ambition to secure 1% of Bitcoin’s total supply—equivalent to roughly 170,000 BTC—by 2032.
At current prices of approximately $109,000 per BTC, Blockchain Group’s strategy comes as more public companies look to hedge balance sheets with crypto.
Blockchain Group’s BTC treasury strategy has so far rewarded its investors handsomely. The company’s stock, which closed down 5.5% on May 26 at €2.77, has still surged 766% year-to-date.
The initial catalyst was its first Bitcoin purchase in November 2023, which alone sent the stock up 225%.
In its 2024 financials released in April, the firm reported a 709% yield from its Bitcoin holdings. However, total annual revenue dropped 32% to €13.86 million, highlighting that crypto gains—not core business income—have driven the performance.
The new Bitcoin purchase, worth over $64 million, will again dwarf the company’s operating metrics.
The €63.3 million bond raise was led by Fulgur Ventures, which contributed €55.3 million. Moonlight Capital followed with €5 million.
The bonds are convertible into Blockchain Group shares at €3.809 per share, representing a significant premium to the current trading price.
Blockchain Group clarified that while the raised amount could technically buy around 658 BTC at market rates, only 95% of the funds will be spent on Bitcoin.
The remaining 5% is earmarked for operational costs and management fees related to the acquisition and treasury operations.
Blockchain Group’s announcement adds to a wave of institutional moves into Bitcoin.
On May 22, Sweden’s H100 Group AB said it would begin acquiring Bitcoin for its treasury.
Earlier in the month, Strive Asset Management unveiled a similar strategy.
Meanwhile, US-based DigiAsia Corp, listed on Nasdaq, saw its shares spike 91% on May 19 after announcing plans to raise $100 million for Bitcoin purchases.
The firm stated it would allocate up to 50% of net profits toward building a BTC reserve.
That followed a May 20 filing from Blackstone, confirming it had entered the crypto market by acquiring 23,094 shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at roughly $1.08 million.
Michael Saylor’s Strategy remains a frontrunner in the corporate Bitcoin space.
The Virginia-headquartered company is now targeting $84 billion in capital-raising efforts to double down on its Bitcoin holdings.
With institutional participation rising and the number of Bitcoin available to be mined gradually decreasing, firms like Blockchain Group are positioning themselves early.
The company’s goal of acquiring 1% of total Bitcoin supply—approximately 170,000 BTC—would give it a major share of an increasingly scarce asset.
Given that only 21 million BTC will ever exist, and nearly 19.7 million have already been mined, the competition for remaining supply is expected to intensify.
Blockchain Group’s current holdings of 1,437 BTC represent roughly 0.0068% of the total supply.
Achieving the 1% mark would require continued capital inflows and consistent execution of its treasury strategy over the next seven years.
The move also underscores the increasing interplay between traditional finance and digital assets, as more listed firms begin to mirror the reserve strategies long seen in crypto-native entities.
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The Blockchain Group announces a convertible bond issuance of ~€63.3M to pursue its Bitcoin Treasury Company strategy, bringing its total potential holdings to ~1,437 BTC after completion
