French Tech Firm Acquires 580 Bitcoin, Now Holds 620 BTC Worth $54.2 Million
The Blockchain Group has acquired 580 Bitcoin (BTC) in its largest cryptocurrency purchase to date. This purchase represents the France-based tech consulting company's third Bitcoin acquisition since it began its accumulation strategy in November 2024.
The latest purchase is considerably larger than the company's previous acquisitions of 15 BTC and 25 BTC. According to a Wednesday press release, the company views this as a major advancement in its Bitcoin treasury strategy, which aims to increase Bitcoin holdings per share.
The purchase was made through the company's subsidiary, The Blockchain Group Luxembourg SA. Each Bitcoin was acquired at approximately €81,550 ($87,874). The company funded this acquisition using proceeds from a convertible bond issuance announced on March 6.
With this addition, The Blockchain Group now holds a total of 620 BTC, valued at over $54.2 million at current market prices. This positions the company as the 28th largest corporate holder of Bitcoin globally.
MicroStrategy, the market leader in corporate Bitcoin holdings, recently surpassed the 500,000 BTC milestone with its March 23 purchase of 6,911 Bitcoin for $584 million. The company now holds 506,137 BTC acquired at an average price of $66,608 per Bitcoin, with total investment approaching $33.7 billion.
The company's stock has performed well since announcing its Bitcoin strategy last November. Data from Euronext shows the stock price has increased by more than 220% since November 5, 2024. On Wednesday, shares closed 3.54% higher.
Alexandre Laizet, CEO of The Blockchain Group, has attributed the company's strong stock performance to its focus on Bitcoin accumulation. In a March 20 post on X, Laizet noted the company is following examples set by:
- Strategy's Michael Saylor
- Japan's Metaplanet
Both Strategy and Metaplanet continue to add to their Bitcoin holdings despite the cryptocurrency's decline from its late-2024 peak. The trend of corporate Bitcoin acquisition appears to be growing, with video game retailer GameStop announcing yesterday a proposed private offering of $1.3 billion in convertible senior notes to begin its own Bitcoin acquisition plan.
