France-based The Blockchain Group Has Added Another 580 Bitcoin to Its Bitcoin Treasury

By: CoinDesk Updated Apr 1, 2024 at 1:13 a.m. PDT. France-based The Blockchain Group has added another 580 Bitcoin to its Bitcoin treasury, following a 225% surge

France-based The Blockchain Group has added another 580 Bitcoin to its Bitcoin treasury.

This is the largest of the three Bitcoin purchases made by the organization, per a March 26 after-hours statement. At the time of publication, 580 Bitcoin is worth $50.64 million, with Bitcoin's (BTC) price trading at $87,311, according to CoinMarketCap data.

First purchases at pivotal Bitcoin moments

The Blockchain Group's first two Bitcoin purchases happened around significant milestones for the Bitcoin industry. It bought 15 BTC on Nov. 5, the same day Donald Trump won the United States presidential election and before Bitcoin went on a month-long rally that saw it reach $100,000 for the first time in December.

Bitcoin is up 24.38% over the past 12 months. Source: CoinMarketCap

The second purchase was 25 Bitcoin on Dec. 4, when Bitcoin was trading at $96,000 during the post-election rally, with anticipation growing about a six-figure price — which happened the next day.

March 26 isn't a major date for Bitcoin, but it's five days before the end of Q1 2025 — a quarter where Bitcoin has underperformed compared to previous years' first quarters — and it's also approaching the first anniversary of the Bitcoin halving on April 20.

According to The Blockchain Group's website, the Bitcoin strategy was an effort to leverage the holding company's excess cash and appropriate financing instruments.

The Blockchain Group (ALTBG) is listed on Euronext Paris, Europe's second-largest stock exchange by market cap.

The firm refers to itself as a "global umbrella" of companies specializing in data intelligence, AI and decentralized technology. Since it began its Bitcoin accumulation on Nov. 5, ALTBG has risen 225% to 0.48 euros ($0.52), according to Google Finance data.

The latest Bitcoin purchase was announced after the market already closed on March 26.

Blockchain Group SA (ALTBG) stock has soared since it announced its Bitcoin accumulation. Source: Google Finance

It comes on the same day that GameStop shares jumped nearly 12% after the company announced plans to purchase Bitcoin.

The company plans to finance the purchase through debt financing. After markets closed on March 26, GameStop announced a $1.3 billion convertible notes offering.

Related: Bitcoin must break this level to resume bull market as $2.4B in BTC leaves exchanges

N7 Capital founder Anton Chashchin said in a recent statement viewed by Cointelegraph, “It’ll be interesting to observe if other companies take up the baton from GameStop and where this will lead the market.”

Meanwhile, US-based angel investor Jason Calacanis said buying Bitcoin was a solution well-suited for public companies that do not have a suitable business model.

Michael Saylor, the original advocate for corporate Bitcoin adoption, has led his firm, Strategy, to recently cross the 500,000 Bitcoin mark, currently holding 506,137 Bitcoin.

Between November and January, Strategy maintained a 12-week consecutive Bitcoin buying streak.

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