Blockchain Group Acquires 624 Bitcoin for $68.6 Million, Targeting Top Institutional Holders
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Blockchain Group has made significant progress in expanding its Bitcoin holdings. The Paris-listed company acquired 624 BTC on Tuesday in a transaction valued at $68.6 million.
According to reports, this acquisition raises its total Bitcoin holdings to 1,437 BTC—currently estimated at around $150 million. It’s evident the company is aiming to establish itself as a heavyweight in Bitcoin holdings.
Increased Bitcoin Acquisitions
Since late 2024, Blockchain Group has been incrementally purchasing Bitcoin. They began with 15 BTC for $1.1 million in November 2024, followed by an additional 25 BTC the following month, gradually entering the market.
🟠 Blockchain Group has confirmed the acquisition of 624 BTC for approximately €60.2 million, bringing their total holdings to 1,471 BTC, with a BTC yield of 1,097.6% YTD ⚡️
Full Press Release (EN): https://t.co/iZUEbRaDTZ
Full Press Release (FR): https://t.co/IgTddli8Hu
BTC Strategy (EN):… pic.twitter.com/0bQ9zaSRN3
— Blockchain Group (@_ALTBG) June 3, 2025
On March 26, they accelerated their strategy by acquiring 580 BTC. Later, on May 22, another 227 BTC was added to their portfolio. These consistent purchases indicate a burgeoning interest in Bitcoin as a primary asset.
The latest acquisition of 624 cryptocurrency marks their most substantial single purchase to date, reflecting the group’s intention to solidify Bitcoin as a cornerstone of its treasury.
Funding Via Convertible Bonds
A significant portion of the latest Bitcoin acquisition—544 BTC—was financed through a $63 million convertible bond issued to Fulgur Ventures. Reports suggest that the bond allows Blockchain Group to convert this debt into shares in the future if applicable.
BTC is currently priced at $106,125. Chart: TradingView
The remaining 80 BTC was acquired from an almost $10 million capital raise that was finalized in late May, specifically allocated for cryptocurrency acquisitions. Utilizing debt and fresh capital, Blockchain Group seems determined to swiftly enhance its Bitcoin holdings, indicating a preference for fundraising over depleting existing cash reserves.
Custody and Partnerships
Blockchain Group collaborated with Banque Delubac & Cie and Swissquote Bank Europe to facilitate the BTC purchase. Both institutions partnered with the Swiss firm Taurus for secure custody of the digital assets.
Image: Nomadic Labs
The company emphasizes that employing trusted custodians is crucial for maintaining the security of digital assets. With these partnerships secured, Blockchain Group can focus on acquiring more Bitcoin without the burden of managing private keys themselves.
Risk and Rewards for Shareholders
At current market values, the company’s 1,437 BTC holds a little over $150 million. As of May 31, Blockchain Group reported an unrealized gain nearing $48 million, indicating a robust return on prior investments.
However, Bitcoin prices can be volatile. A decline in BTC could quickly erode those paper gains. Additionally, the issuance of a $63 million convertible bond poses the risk of share dilution should bondholders opt to convert to equity.
Reports indicate that Blockchain Group is looking to enhance its “Bitcoin per share” ratio through more focused capital raises associated with cryptocurrency acquisitions.
The overarching belief is that Bitcoin’s value will continue to rise, making these investments advantageous. However, an unfavorable market shift could affect both cryptocurrency values and share prices adversely.
Featured image from Unsplash, chart from TradingView
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