In Brief: The Blockchain Group Raises Funds for Bitcoin Treasury
Paris-based The Blockchain Group is set to raise €300 million ($342 million) through an “at-the-market” partnership with asset manager TOBAM. The funds aim to bolster its Bitcoin treasury strategy.
- The company intends to sell shares daily at the higher of the previous day’s closing price or volume-weighted average price.
- Issuance is capped at 21% of its daily trading volume.
The Blockchain Group, which recently purchased $68 million worth of Bitcoin, is adding to a growing trend of public companies acquiring Bitcoin, following its significant price surge over the past year. Its share price climbed 17% following the announcement.
The board may extend the program beyond six months. The company will provide regular updates on new share issuances and its expanding Bitcoin holdings.
