The Blockchain Group (BCG) Raises €63M From Convertible Bonds to Buy Bitcoin

The Blockchain Group is the latest company to signal an intention to increase the size of its Bitcoin holdings. The company has announced a €63 million convertible bond issuance to fund its BTC accumulation plans, mirroring Michael Saylor's Strategy.

French technology firm The Blockchain Group has announced the issuance of a convertible bond for a total of €63 million. The bond, valued in BTC and convertible into shares of The Blockchain Group, will be used to fund the company’s Bitcoin accumulation plans.

According to a press release, Moonlight Capital, Fulgur Ventures, and UTXO Management participated in the convertible bond issuance. The Blockchain Group Luxembourg will use 95% of the funds raised to purchase and hold Bitcoin. The remaining 5% will be used for operational expenses and management fees from the Bitcoin treasury.

After adding 590 BTC to its treasury, the company now holds 1,437 BTC, purchased at an average price of €100,000 per coin.

“The company thus pursues its Bitcoin accumulation strategy, while continuing to develop the operational activities of its subsidiaries,” the statement reads.

The Blockchain Group’s move to increase its Bitcoin holdings comes as investors are cashing in on their crypto profits. According to Glassnode data, Bitcoin’s realized market cap has now risen to $900 billion.

Bitcoin price slid slightly over the weekend as investors took some profits, however, the flagship token rebounded on Monday.

Institutional investors are continuing to pour money into Bitcoin, helping to prop up prices. Strategy, a U.S. holding company, announced that it has purchased 4020 BTC, in an investment round that also saw participation from several crypto funds.

At the moment, Bitcoin is trading at $109,256, down 2.31% from the all-time high of $111,970, reached earlier this week.

As speculation mounts for a new all-time high, more institutional players are announcing plans to add BTC to their companies’ treasuries.

Earlier in the day, there were rumors of Trump Media planning to raise $3 billion to buy Bitcoin. In other news, BlackRock has been steadily increasing its Bitcoin holdings via its ETF, and Japan’s Metaplanet continues its red-hot accumulation streak.

Moreover, high-risk cryptocurrency trader James Wynn announced on X that the Bitcoin price is “about to explode.”

Fuelled by rising institutional interest, James Wynn has announced that he has opened another 40X BTC long as prices approach a new all-time high.