Paris-based cryptocurrency firm The Blockchain Group is set to raise over $340 million to expand its Bitcoin treasury, marking a significant step in Europe’s institutional embrace of crypto.
In a news release on Monday, the company—touted as Europe’s first dedicated Bitcoin treasury firm—announced plans to secure 300 million euros ($342 million) to fund additional Bitcoin acquisitions.
The fundraising will follow a model similar to the U.S. “At the Market” (ATM) offerings, where shares are sold based on market conditions through a designated counterparty, within a pre-agreed volume framework.
The capital raise will occur in tranches, with pricing determined by either the previous day’s closing price or the volume-weighted average price—whichever is higher—capped at 21% of that day’s trading volume, according to the announcement.
The announcement follows The Blockchain Group’s recent $68 million Bitcoin purchase, bringing its total holdings to 1,471 BTC—valued at over $154 million, according to a June 3 report by Cointelegraph.
The move aligns with a broader trend among institutional investors ramping up their Bitcoin acquisitions. Just days earlier, Michael Saylor’s MicroStrategy revealed plans to raise nearly $1 billion through a stock offering to fund further Bitcoin purchases—significantly increasing its initial $250 million fundraising target.
MicroStrategy is currently the world’s largest corporate holder of Bitcoin, with over $61 billion worth of BTC on its balance sheet—accounting for approximately 2.76% of the total Bitcoin supply, according to data from Bitbo.
Bitcoin Momentum Fueled by “Strategic Treasury” Initiatives
Bitcoin has entered a phase of price consolidation following its climb past the all-time high of $112,000 on May 22.
Despite the pullback, institutional adoption and strategic treasury initiatives continue to “anchor the bullish long-term narrative,” Nexo dispatch editor Stella ZlataBitcoin’s solid rebound from the $103,000 support level demonstrates its resilience, with “no signs of mass deleveraging or forced selling,” Zlatareva noted.
However, despite the optimism surrounding treasury-driven accumulation, U.S.-listed spot Bitcoin exchange-traded funds have faced challenges in sustaining consistent inflows.reva told Cointelegraph, adding:
“Strategic buys, treasury allocations and infrastructure investment paint a picture of long-term confidence — regardless of short-term price action.”
Bitcoin’s solid rebound from the $103,000 support level demonstrates its resilience, with “no signs of mass deleveraging or forced selling,” Zlatareva noted.
However, despite the optimism surrounding treasury-driven accumulation, U.S.-listed spot Bitcoin exchange-traded funds have faced challenges in sustaining consistent inflows.
According to Farside Investors, U.S.-listed Bitcoin ETFs experienced over $47 million in outflows on Friday, marking the second straight day of selling following Thursday’s significant net outflows of $278 million.
