The Blockchain Group Acquires 580 BTC Worth Over $50M in Latest Purchase

France-based tech firm The Blockchain Group has expanded its Bitcoin holdings with a 580 BTC purchase worth over $50 million. Remarkably, this is the company’s largest acquisition since adopting a Bitcoin accumulation strategy. It also marks its third purchase of the cryptocurrency.

According to a press release on Wednesday, the recent purchase significantly exceeds its previous acquisitions of 15 BTC and 25 BTC. The company described the move as a “major step” in its Bitcoin treasury strategy aimed at increasing Bitcoin per share.

The Blockchain Group’s Bitcoin Reserves Hit 620 BTC

The recent acquisition was made through its subsidiary, The Blockchain Group Luxembourg SA, at approximately 81,550 euros ($87,874) per bitcoin. The purchase was made using proceeds from the convertible bond issuance disclosed on March 6. With this latest addition, the firm now holds 620 BTC, valued at over $54.2 million based on current market prices.

The company’s aggressive Bitcoin strategy has also impacted its stock performance. Since announcing its bitcoin accumulation plan on November 5, 2024, the France-based tech consulting firm’s stock has surged over 220%, including a 4.04% gain on Thursday, according to Euronext data.

Corporations Boost BTC Reserves

In an X post, CEO Alexandre Laizet highlighted the company’s inspiration from prominent Bitcoin adopters, including Michael Saylor’s Strategy and Japan-based Metaplanet. The Blockchain Group has become the 28th largest corporate Bitcoin holder with its latest purchase.

Beyond the France-based tech firm, other companies are adopting similar Bitcoin-focused strategies. For example, GameStop, the video game retailer, recently revealed plans for a private offering of $1.3 billion in convertible senior notes to finance its Bitcoin purchases.

According to CoinTab, the bonds due in 2030 carry no interest. Investors also have the option to acquire an additional $200 million within 13 days of issuance. Notably, these bonds are not backed by specific assets and do not appreciate over time. They are set to mature on April 1 but can be converted, redeemed, or repurchased before then.