Blockchain Group to raise $340M for Bitcoin treasury
The Blockchain Group, a Paris-based cryptocurrency firm, aims to raise over $340 million for its Bitcoin treasury, indicating ongoing institutional adoption of crypto in Europe. The firm plans to raise 300 million euros, approximately $342 million, to increase its Bitcoin holdings. The fundraising will utilize an "At the Market" (ATM) structure, selling shares based on market conditions and pre-agreed volumes. Recently, The Blockchain Group acquired $68 million in Bitcoin, bringing its total to 1,471 BTC, valued at over $154 million. Other institutional players, like Michael Saylor’s Strategy, are also raising funds for Bitcoin purchases. Bitcoin has seen price consolidation after reaching an all-time high of $112,000 on May 22, with institutional strategies supporting long-term confidence despite short-term price fluctuations. However, US-listed spot Bitcoin ETFs have experienced significant outflows recently, totaling over $325 million in two days.
