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Blockchain Group has purchased 580 BTC in its largest Bitcoin purchase to date, significantly expanding its crypto holdings as part of its ongoing Bitcoin accumulation strategy.
Blockchain Group Makes Largest Bitcoin Purchase Ever, Adds 580 BTC to Treasury
The French technology consultancy firm announced in a press release that the latest acquisition is a major step in its commitment to increase Bitcoin per share.
The company’s previous purchases were much smaller amounts of 15 BTC and 25 BTC respectively, and this purchase represents a significant leap in its investment strategy.
The 580 BTC were purchased through the firm’s subsidiary The Blockchain Group Luxembourg SA at an average price of €81,550 ($87,874) per Bitcoin. The purchase was funded with proceeds from a convertible bond issuance announced on March 6.
With this addition, Blockchain Group now holds a total of 620 BTC worth over $54.2 million at current market prices.
Stock Price Growth and Strategic Vision
According to Euronext data, the company’s stock price has increased by over 220% since it announced its Bitcoin accumulation strategy on November 5, 2024. On Wednesday, the stock continued its upward trend, closing 3.54% higher.
CEO Alexandre Laizet attributed the firm’s success to its Bitcoin-focused approach, noting in an X post that the company follows the playbook of large institutional Bitcoin holders like Strategy and Metaplanet.
Currently, The Blockchain Group ranks as the 28th largest institutional holder of Bitcoin, with its peers continuing to accumulate the cryptocurrency despite a price correction in late 2024.
Bitcoin Adoption Grows Among Public Companies
The move by Blockchain Group comes as more companies are integrating Bitcoin into their corporate treasuries.
On Tuesday, video game retailer GameStop (GME) announced plans to offer $1.3 billion in convertible senior notes to fund its own Bitcoin buying strategy. The announcement sent GME’s shares soaring 11% during regular trading hours.
With increasing institutional and corporate interest in Bitcoin treasury strategies, Blockchain Group is positioning itself as a major player in the evolving landscape of crypto-focused public companies.
*This is not investment advice.
