The Blockchain Group, a cryptocurrency company based in Paris, plans to raise over $340 million for its Bitcoin (BTC) reserve, indicating the continuous preference for cryptocurrencies among European institutions.
The company, claiming to be the first Bitcoin – reserve company in Europe, plans to raise 300 million euros (about $342 million) to purchase more BTC, according to a news release on June 9. The structure of this $340 – million – round financing is inspired by the “at the market” (ATM) practice in the United States. Shares will be sold under market conditions initiated by the company’s counterparty, subject to a pre – agreed volume. The financing will be carried out in installments, and the pricing is based on the “higher of the previous day’s closing price or the volume – weighted average price”, capped at 21% of that day’s trading volume.
A week before the announcement, the company acquired $68 million worth of Bitcoin, increasing its total holdings to 1,471 BTC, worth over $154 million. Other institutional Bitcoin holders are also launching fundraising activities to accumulate more BTC. For example, on June 7, Michael Saylor’s Strategy announced plans to raise nearly $1 billion through a stock offering to fund its future Bitcoin purchases, quadrupling the firm’s previously announced $250 – million raise. According to Bitbo data, Strategy is the world’s largest corporate Bitcoin holder, with over $61 billion worth of Bitcoin on its books, accounting for 2.76% of the entire BTC supply.
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