The Blockchain Group S.A. (France: ALTBG), the first European-based company to implement a Bitcoin (BTC) treasury management, completed a significant fundraising to strengthen its Bitcoin position. The company announced on Monday, May 26, that it successfully raised around €63.3 million through a convertible bond issuance to primarily purchase more Bitcoins.
Consequently, The Blockchain Group acquired an additional 590 BTCs, which increased its net Bitcoin holdings to about 1,437 coins. Notably, the company raised about €5 million from Moonlight Capital, €55.3 million from Fulgur Ventures, and €3 million from OCA Tranche 2 by UTXO Management.
The company highlighted that the bonds have a five-year maturity timeline, and Swissquote Bank Europe has held the acquired Bitcoins.
Bitcoin Price Rebounds on Immense Support from Institutional Investors Led By The Blockchain Group
According to market data from CoinShares, Bitcoin led the wider altcoin market with a cash inflow of about $2.97 billion last week, hence increasing its net Assets Under Management (AUM) to about $158.3 billion. As Coinpedia reported, Strategy has played a crucial role in the net cash inflow through its weekly Bitcoin acquisitions.
However, the majority of Bitcoin’s net cash inflow came from the spot BTC ETF issuers, which posted a total cash inflow of about $2.75 billion last week. The notable Bitcoin demand from institutional investors played a significant role in its ongoing bullish sentiment. For the first time in its history, BTC price recorded a weekly close of above $109k last week. Most importantly, BTC price rebounded from an established rising logarithmic trend established in the past two months.
