The Blockchain Group Adds 182 Bitcoin, Lifts BTC Holdings to Over $170M
The Blockchain Group (ALTBG), a Paris-listed technology company and self-proclaimed Europe’s first bitcoin treasury company, significantly increased its bitcoin holdings. The company recently acquired 182 BTC for €17 million ($19.6 million), boosting its total bitcoin stash to 1,653 BTC, currently valued at approximately €149 million. This acquisition was financed through a combination of strategies. First, ALTBG issued convertible bonds exceeding €18 million, subscribed to by UTXO Management, Moonlight Capital, Ludovic Chechin-Laurans, and asset manager TOBAM. Secondly, the company converted share warrants into nearly 3 million ordinary shares, generating an additional €1.6 million for bitcoin purchases.
This strategic move underscores ALTBG’s commitment to accumulating bitcoin. The company boasts a remarkable 1,173% BTC yield year-to-date. This metric, used by several companies to gauge the success of their bitcoin acquisition strategies, represents the ratio of total BTC held to fully diluted shares outstanding. While the specific calculation methods may vary across companies, ALTBG’s yield significantly surpasses that of other publicly traded firms. For instance, MicroStrategy (MSTR), the world’s largest corporate bitcoin holder, reported a 19.1% BTC yield year-to-date, while Metaplanet (3350) reported 266.07% and Semler Scientific (SMLR) 26.7%. The considerable difference highlights ALTBG’s aggressive bitcoin accumulation strategy.
The purchased bitcoins were acquired through Swissquote Bank Europe and Banque Delubac, and are securely held in custody by Taurus, a reputable Swiss digital asset infrastructure provider. This latest acquisition brings the average cost basis of ALTBG’s bitcoin holdings to approximately €90,000 per coin. Despite this significant investment, ALTBG’s share price experienced a slight dip, falling 2.1% to €4.895 in early Wednesday trading on Euronext Paris. This minor fluctuation occurred against a relatively stable backdrop, as the benchmark CAC 40 Index remained largely unchanged. The company’s aggressive bitcoin strategy and impressive yield figures, however, continue to make ALTBG a notable player in the European cryptocurrency market.
