Blockchain Group Acquires Bitcoin for $69M
The Blockchain Group, a tech consulting firm from France, has acquired 624 BTC for around €60.2 million ($68.7 million). This marks their largest purchase since initiating their strategy to accumulate Bitcoin. Including this acquisition, the firm and its subsidiary, The Blockchain Group Luxembourg SA, now possess a total of 1,471 BTC, acquired at an average rate of €89,687 per Bitcoin. This development was announced on Tuesday. The group's stock began trading higher on Tuesday but later returned to Monday's closing price. The Blockchain Group is part of a growing trend among companies increasing their Bitcoin reserves. Strategy, the leading Bitcoin holder, recently acquired 705 BTC, expanding its holdings to 580,955 BTC. The company plans to sell shares to further grow its Bitcoin portfolio. Disclaimer: The Block is an independent media outlet providing news and research. Foresight Ventures, the majority investor, also invests in the crypto sector. This article is for informational purposes only and doesn't offer financial advice.
FAQ
❓ Why did The Blockchain Group buy more Bitcoin?
The purchase is part of their strategy to accumulate Bitcoin and enhance their investment portfolio.
❓ How much has The Blockchain Group invested in Bitcoin?
The company has invested about €131.9 million in acquiring 1,471 BTC.
❓ What is the role of Strategy in Bitcoin holdings?
Strategy is the largest corporate holder of Bitcoin, with recent acquisitions bringing their holdings to 580,955 BTC.