The cryptocurrency company The Blockchain Group in Paris plans to raise over $340 million for its Bitcoin (BTC) reserves, demonstrating the continued adoption of cryptocurrencies by European institutions.
According to a press release on Monday (June 3), the company claims to be the first Bitcoin reserve company in Europe and plans to raise €300 million (approximately $342 million) to fund the purchase of more BTC.
This $340 million financing structure is inspired by the U.S. "at-the-market" (ATM) practice. Shares will be sold based on market conditions initiated by the company's trading counterparties and will be limited to a pre-agreed trading volume.
The announcement stated that the financing will be conducted in batches, with pricing based on "the higher of the previous day's closing price or the volume-weighted average price," and limited to 21% of the day's trading volume.
According to Cointelegraph on June 3, the week before the announcement, the company acquired $68 million worth of Bitcoin, bringing its total holdings to 1,471 BTC, valued at over $154 million.
Other institutional Bitcoin holders are also initiating fundraising activities to accumulate more BTC.
Last Friday (June 7), Michael Saylor's Strategy company announced plans to raise nearly $1 billion through a stock issuance for future Bitcoin purchases, which is four times the $250 million financing previously announced by the company.
According to Bitbo data, Strategy is the largest corporate Bitcoin holder globally, with its Bitcoin holdings valued at over $61 billion, accounting for 2.76% of the total BTC supply.
After Bitcoin broke through the historical high of $112,000 on May 22, it entered a price consolidation phase.
Despite a short-term price pullback, institutional adoption and strategic reserve initiatives continue to "support a long-term bullish narrative," Nexo communications editor Stella Zlatareva told Cointelegraph, adding:
Strategic purchases, reserve allocations, and infrastructure investments paint a picture of long-term confidence—regardless of short-term price fluctuations.
Zlatareva also noted that Bitcoin's strong rebound from the support level of $103,000 shows resilience, with "no signs of large-scale deleveraging or forced selling."
Despite the positive sentiment surrounding reserve accumulation, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have struggled to maintain inflows.
According to Farside Investors, these ETFs recorded over $47 million in outflows on June 6, marking the second consecutive day of selling following a net outflow of $278 million on June 5.
Related: Michael Saylor hints at new Bitcoin (BTC) purchases after $1 billion stock issuance
Original: “The Blockchain Group plans to raise $340 million for Bitcoin (BTC) reserves”
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