French Company Aims to Raise $342 Million for Bitcoin Holdings
The Blockchain Group plans to raise $342 million (300 million euros) to enhance its Bitcoin holdings. The initiative marks a significant step in institutional crypto adoption in Europe.
- The firm identifies as Europe's first Bitcoin treasury company.
- Funds will be raised using an "At the Market" model, with shares issued under market conditions.
- Pricing will be based on either the previous day’s close or the volume-weighted average, limited to 21% of daily trading volume.
- The firm recently added $68 million in Bitcoin, bringing its total to 1,471 BTC, valued at over $154 million.
Strategy, led by Michael Saylor, aims for $1 billion in fresh funds to expand its Bitcoin position, currently holding over $61 billion in BTC, which constitutes 2.76% of all Bitcoin in circulation.
- Bitcoin recently cooled from a record high of $112,000 on May 22 but has shown resilience, bouncing back from $103,000.
- U.S.-listed Bitcoin ETFs experienced outflows totaling $325 million over two days.
- Institutional interest remains strong despite these fluctuations.