France-based tech firm, The Blockchain Group, has strengthened its position among global Bitcoin holders with the purchase of 580 BTC valued at $50.64 million.
The acquisition brings the company’s total Bitcoin holdings to 620 BTC, aligning with its long-term strategy of accumulating and perpetually holding BTC as a reserve asset.
Listed on Euronext Paris, The Blockchain Group has continued its Bitcoin accumulation strategy that began in November 2024, acquiring BTC to optimize its cash reserves.
The latest purchase, made through its 100% subsidiary The Blockchain Group Luxembourg SA, was financed using proceeds from a convertible bond issuance announced in early March.
The company’s accumulation strategy is driven by Bitcoin’s “unique attributes: unparalleled scarcity, security, and decentralization,” as noted on its website.
At the time of the announcement, the Bitcoin price was $87,311, bringing the total value of the group’s holdings to roughly $54 million.
The company’s initial buys coincided with pivotal events like the U.S. presidential election and Bitcoin’s rise toward $100,000, giving the company a strong entry into the market.
The Blockchain Group, trading under the ALTBG ticker, saw its stock rise from $0.16 per share on November 5 to $0.51 on Wednesday, as per Google Finance data, marking a 220% increase since it began accumulating Bitcoin.
To track the performance of its Bitcoin treasury strategy, The Blockchain Group has introduced key performance indicators (KPIs) including BTC Yield, BTC Gain, and BTC € Gain.
Such metrics measure the percentage change in the ratio of total Bitcoin holdings to shares outstanding, offering transparency into the growth of the company’s Bitcoin assets.
As of the latest report, the company has achieved a BTC Yield of 709.8% year-to-date (YTD), pointing to the success of its Bitcoin acquisition strategy.
The French firm’s latest acquisition places it among the top 30 corporate Bitcoin holders globally, a list dominated by Michael Saylor’s Strategy, which holds over 500,000 BTC.
The Blockchain Group’s action is in step with a broader trend of companies embracing BTC as part of their financial strategies.
GameStop Corp., for instance, recently announced plans to raise $1.3 billion to purchase BTC, following a similar path to that of Strategy, formerly known as MicroStrategy, a company known for its extensive BTC holdings.
Japanese investment firm Metaplanet is another major company that has been actively increasing its Bitcoin holdings following Strategy’s playbook, recently adding 150 BTC to bring its total to 3,350 BTC, valued at approximately $291 million.
Edited by Stacy Elliott.
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