The Blockchain Group Completes €63.3M Convertible Bond Issuance to Add More Bitcoin to Its Treasury

The Blockchain Group, a Paris-listed decentralized technology development company, has completed a €63.3 million convertible bond issuance to add more Bitcoin to its treasury.

Paris-listed decentralized technology development company The Blockchain Group has completed a €63.3 million convertible bond issuance to add more Bitcoin to its treasury.In a May 26 announcement, the firm confirmed that the issuance was carried out through its wholly-owned Luxembourg subsidiary, The Blockchain Group Luxembourg SA.

The operation will enable the company to acquire approximately 590 BTC based on current prices, raising its total potential holdings to around 1,437 BTC. According to data from Bitcointreasuries, the firm currently holds 847 BTC.

According to the Blockchain Group, 95% of the proceeds will be allocated for Bitcoin purchases, while the remaining 5% will be used for operational expenses and management fees.

The bonds, subscribed and denominated in Bitcoin, are convertible into shares of The Blockchain Group at varying strike prices depending on the tranche and investor.

Fulgur Ventures accounted for the majority of the €63.3 million (approximately $72 million) raised, subscribing to Tranche 2 bonds valued at approximately €55.3 million. UTXO Management contributed an additional €3 million. Meanwhile, Moonlight Capital subscribed to a separate tranche at a conversion price of €3.809 per share, totalling around €5 million.

The Blockchain Group began accumulating Bitcoin in November 2024. In its 2024 financial results, the company reported a 709% yield on its Bitcoin holdings.

The firm’s long-term goal is to acquire 1% of the total Bitcoin supply, which is around 170,000 BTC, by 2032, while steadily increasing the number of Bitcoins per fully diluted share over time.

The Paris-listed company, which focuses on AI, data intelligence, and blockchain development, saw its stock (ALTBG) rise by over 1,350% since it first acquired Bitcoin in November 2024. As of May 26, shares were trading at €2.77, marking a 766% year-to-date gain despite a 5.5% drop on the day.

The Blockchain Group is one of a growing number of publicly traded companies that have either pivoted entirely to Bitcoin or allocated a substantial portion of their treasury to the asset.

Last week, Hong Kong-based DDC Enterprise disclosed its entry into Bitcoin with a 21 BTC purchase while targeting a long-term goal of 5,000 BTC. More recently, Swedish health tech firm H100 Group secured $2.2 million via convertible loans to begin its own Bitcoin treasury strategy.

In the meantime, companies like Strategy, Strive Asset Management, and Metaplanet have continued to ramp up their Bitcoin exposure, doubling down on the asset as a long-term treasury anchor.

As of May 27, 2025, Bitcoin is trading near $108,759, having recently reached an all-time high of $112,509.65 on May 22.