France’s Blockchain Group Plans $72M Bitcoin Purchase After Bond Sale
The Paris-based cryptocurrency firm Blockchain Group is set to significantly expand its Bitcoin holdings following a successful €63.3 million ($72 million) bond sale, the company announced on May 26.
According to the statement, 95% of the proceeds will go toward buying an additional 590 Bitcoin, with the remainder earmarked for operational expenses and management fees. At current market prices — with Bitcoin trading above $108,500 — the raised capital could theoretically purchase as much as 658 BTC, according to CoinGecko data.
Bitcoin Treasury Strategy
Once the purchase is complete, Blockchain Group’s total Bitcoin reserves will rise to 1,437 BTC, making it one of the larger corporate Bitcoin holders in Europe. The firm has publicly committed to growing its Bitcoin per share (BTCPS) over time by using available cash and financing instruments.
The company aims to accumulate 1% of the total Bitcoin supply — or around 170,000 BTC — over the next eight years, a target it described in its 2024 financial report released last month.
“The goal is to position Blockchain Group as a long-term Bitcoin treasury vehicle on Euronext Paris,” the firm said in a statement.
Institutional Backing and Convertible Bond Structure
The bond sale drew strong backing from crypto-focused investment firms. Fulgur Ventures invested €55.3 million ($62.9 million), while Moonlight Capital contributed €5 million ($5.7 million). The bonds are convertible into Blockchain Group shares at €3.809 ($4.34) per share.
Blockchain Group (trading as ALTBG) is listed on Euronext Paris, the second-largest stock exchange in Europe by market cap. The firm’s website outlines its core mission as “leveraging capital markets to accumulate Bitcoin over time.”
ALTBG shares closed the day down 5.5% at €2.77 ($3.16), but have skyrocketed 766% year-to-date, according to Google Finance. The stock surged 225% in November 2023 after the company first disclosed its Bitcoin acquisition strategy.
Soaring Bitcoin Returns and Revenue Decline
Despite a revenue decline in 2024 — down 32.1% year-over-year to €13.9 million ($15.8 million) — the firm’s Bitcoin holdings have yielded over 709%, according to its most recent annual report.
Blockchain Group’s strategy reflects a growing corporate movement toward Bitcoin accumulation as a treasury reserve asset, echoing moves by major players like Strategy (formerly MicroStrategy) and Metaplanet.
The “Orange Pill” Trend Grows
Blockchain Group joins a growing list of companies “taking the orange pill” — crypto slang for adopting a Bitcoin-first strategy.
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On May 22, Swedish health tech firm H100 Group AB announced a shift to Bitcoin treasury management.
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Earlier this month, Strive Asset Management confirmed its transition into a Bitcoin-holding company.
Experts believe holding Bitcoin can offer companies long-term benefits such as inflation hedging, portfolio diversification, and capital appreciation, despite the cryptocurrency’s inherent volatility.
As more firms follow suit, the supply of circulating Bitcoin available for retail and institutional buyers may tighten — potentially fueling further price gains in the long term.
