The cryptocurrency company based in Paris, Blockchain Group, acquired $ 68 million in Bitcoin, joining a growing wave of European institutions adding BTC to their balance sheets.
The blockchain group, which claims to be the first Bitcoin in Europe cash company, acquired 624 Bitcoin (BTC) for 60.2 million euros ($ 68.7 million).
The last acquisition brings the total assets of the company to 1,471 bitcoin, or more than $ 154 million, with a BTC return of 1,097.6% YTD, the blockchain group announced in a position of June 3.
Institutional interest has increased since Bitcoin negotiated funds approved the United States in January 2024, introducing the first BTC investment vehicles entirely regulated for traditional investors.
Company appetite saw another significant increase on March 7 after US President Donald Trump published an executive decree describing a plan to create a bitcoin reserve using crypto seized in criminal cases.
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Despite the economic model of Bitcoin favoring the first adopters, only a few European companies displayed ambitions by Bitcoin Treasury. These include the French banking giant BNP Paribas, the Swiss company 21Shares AG, by Vaneck Europe, Jacobi Asset Management, based in Malta, and the Austrian Fintech company Bitpanda.
The Czech National Bank has also publicly explored the use of Bitcoin as a diversification strategy for its exchange reserves.
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On the market, Bitcoin should “consolidate between $ 103,000 and $ 108,000” after reaching $ 112,000 on May 22 on May 22, according to Ryan Lee, Bitget Research chief analyst.
“However, onchain’s data show an accumulation of continuous whale, which shows a bullish signal; this frames any other correction as a potential entry point,” said the analyst at Cointelegraph.
The adoption of the Treasury of Bitcoin companies is increasing from the world
Bitcoin Treasury’s companies and Michael Saylor’s strategy have led global Bitcoin adoption efforts.
The strategy, the largest holder of corporate bitcoin in the world, with more than $ 60.5 billion in BTC, is now about $ 8.3 billion in the overtaking of the FNB Ishares Bitcoin Trust in BlackRock, worth more than 68.9 billion dollars, according to Arkham Intelligence.
The strategy bought $ 75 million in bitcoin between May 26 and 30, at an average price of $ 106,495 per BTC.
On June 2, the strategy announced its intention to raise $ 250 million thanks to a first public offer from a new class of privileged perpetual actions to finance its future Bitcoin acquisitions.
Meanwhile, Metaplanet, also known as “Asia Microstrategy”, has become the eighth Bitcoin holder in the world after an investment of $ 118 million Bitcoin on June 2, Cointelegraph reported.
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