Blockchain Group Plans to Raise €7.2M to Buy More Bitcoin

Blockchain Group has announced plans to raise €7.2 million, about $8.3 million to buy more Bitcoin (BTC). This is part of a larger goal to invest up to $342 million in Bitcoin over time through its at-the-market (ATM) offering program. The company’s move reflects a rising trend, as more firms add Bitcoin to their financial reserves. Blockchain Group To Fund Bitcoin Purchases With New Shares During the official announcement , the Paris-listed firm said it will issue about 1.6 million new shares to fund this acquisition. The average price for each share is expected to be €4.49, equivalent to $5.19. These funds will support its ongoing Bitcoin acquisition efforts. This move follows last week’s announcement of a larger program with TOMAB, a French asset manager and investor in the company. As part of that plan, the company also revealed plans to raise an additional €9.7 million, worth $11.2 million, through a mix of equity and convertible bond issuance. These steps show the company’s clear focus on building a strong Bitcoin treasury. Meanwhile, Matthew Sigel of VanEck recently raised concerns about small-cap companies claiming to build significant crypto investments. He said many of these firms have weak finances and low market value. Their crypto investment announcements may boost stock prices rather than reflect real business plans. Blockchain Group Joins Growing List of Major BTC Holders This move is part of a broader trend where more companies hold Bitcoin as a key treasury asset . Once viewed as too unstable for corporate finances, Bitcoin is now gaining acceptance as a long-term store of value. Many now see the digital coin as a long-term store of value and a safe haven during economic crises. Strategy, led by Michael Saylor, which recently added 10,100 BTC to its balanced sheet is leading the trend. The Nasdaq-listed company now owns 592,100 BTC, the most significant amount held by any publicly traded firm. Meanwhile, according to public data, Blockchain Groups holds a modest stash of 1,471 BTC. Market Reaction and Price Movements Despite the news, Blockchain Group’s stock dropped more than 4% and is now trading at around €5.53 on Euronext Growth Paris. However, the market remains open, and the stock could move further depending on investor reaction. Bitcoin also dipped slightly, falling 1.00% over the last 24 hours. It is currently trading at $105,634, according to CoinMarketCap data. The post Blockchain Group Plans to Raise €7.2M to Buy More Bitcoin appeared first on TheCoinrise.com .

Source: The Coin Rise