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Europe’s First Bitcoin Treasury Firm Plans $340M BTC Buy
In a move set to shake the cryptocurrency market, Blockchain Group, a Paris-based firm, has announced plans to raise €300 million (approximately $340 million) to further grow its Bitcoin treasury. This unprecedented move cements Blockchain Group’s position as one of the most bold and ambitious players in the European Bitcoin market.
The company’s plan is to sell shares directly at market prices, releasing them in tranches based on previous day’s closing price or volume-weighted average price, whichever is higher. The mechanism ensures capital raises while maintaining market balance. Blockchain Group will start with a small amount of €500,000 and scale up from there.
This fundraising approach is unconventional for European crypto firms, signaling that Blockchain Group aims to break away from the local mold and expand its reach on a global stage.
The company has joined forces with TOBAM, an asset manager well-known in the industry, to handle the capital raise and ensure the funds are utilized effectively. The partnership will focus on directing the new capital towards growth-oriented strategies.
Source: coinpedia.org
