365Crypto
France’s Blockchain Group is doubling down on Bitcoin. The Paris-based crypto company just sold $72 million worth of bonds and plans to use most of the money to buy more BTC.
They’re targeting 590 new Bitcoins, bringing their total stash to 1,437. With Bitcoin trading above $109,000, that $72 million could technically get them about 658 BTC—but they’re saving 5% of the funds for bills and management costs.
The biggest backer of this bond deal? Fulgur Ventures, throwing in nearly $63 million. Moonlight Capital chipped in another $5.7 million. These bonds can be converted into shares at €3.81 apiece.
Blockchain Group (ticker: ALTBG) trades on Euronext Paris, Europe’s second-largest stock market. The company says its goal is to boost Bitcoin-per-share using excess cash and strategic financing.
The stock has gone ballistic. Since they started buying Bitcoin in November, shares exploded over 225% and are up nearly 766% in 2024 alone—even after a recent 5.5% drop.
According to their April earnings report, the company’s Bitcoin holdings have yielded a whopping 709%. But while Bitcoin boomed, revenue didn’t. Their 2024 earnings were down 32% compared to last year—€13.9 million vs €20.4 million.
Still, the company has its sights set high. They want to eventually own 1% of all Bitcoin in existence—more than 170,000 BTC by 2032.
And they’re not the only ones on this orange-pill journey. Sweden’s H100 Group and Strive Asset Management have also joined the Bitcoin treasury movement. The strategy? Hedge against inflation, ride the long-term gains, and maybe avoid some stock market drama.
Bond: A fixed-income instrument where investors lend money to a company in return for regular interest payments.
Orange pill: Slang for converting someone to believe in Bitcoin’s value.
