Source: Cointelegraph Original: "{title}"
The Blockchain Group, based in France, has added 580 bitcoins to its reserves, and since it began accumulating bitcoins last November, its stock price has risen by 225%.
According to a statement released after the market closed on March 26, this is the largest of the three bitcoin purchases made by the organization. As of the time of publication, according to CoinMarketCap data, the price of bitcoin is trading at $87,311, making the 580 bitcoins worth $50.64 million.
The Blockchain Group's first two bitcoin purchases occurred during significant milestones in the industry. The company purchased 15 bitcoins on November 5 of last year, the same day Donald Trump won the U.S. presidential election, after which bitcoin began a month-long rise, reaching $100,000 for the first time in December.
Bitcoin has risen 24.38% over the past 12 months. Source: CoinMarketCap
The second purchase was of 25 bitcoins on December 4, when bitcoin was trading at $96,000 during the post-election surge, with market expectations for a six-figure price continuing to grow—this was achieved the very next day.
March 26 is not a significant date for bitcoin, but it is just five days away from the end of the first quarter of 2025—compared to previous years, bitcoin has performed poorly in this quarter—while also approaching the one-year anniversary of the bitcoin halving on April 20.
According to The Blockchain Group's website, the bitcoin strategy is designed to leverage the holding company's excess cash and appropriate financing tools.
The Blockchain Group (ALTBG) is listed on the Euronext Paris, the second-largest stock exchange in Europe by market capitalization.
The company describes itself as a "global umbrella group" focused on data intelligence, artificial intelligence, and decentralized technologies. According to Google Finance data, since it began accumulating bitcoins on November 5, ALTBG has risen 225% to €0.48 ($0.52).
The latest bitcoin purchase was announced after the market closed on March 26.
Blockchain Group SA stock has continued to soar since the announcement of bitcoin accumulation. Source: Google Finance
On the same day the news was released, GameStop's stock jumped nearly 12% after announcing plans to purchase bitcoin.
The company plans to fund the purchase through debt financing. After the market closed on March 26, GameStop announced the issuance of $1.3 billion in convertible bonds.
Anton Chashchin, founder of N7 Capital, stated in a recent statement seen by Cointelegraph: "It will be interesting to see if other companies will take the baton from GameStop and where this will lead the market."
Meanwhile, American angel investor Jason Calacanis stated that purchasing bitcoin is a very suitable solution for publicly traded companies that do not have a proper business model.
As an early advocate for corporate bitcoin adoption, Michael Saylor's Strategy company has recently surpassed the 500,000 mark and currently holds 506,137 bitcoins.
From November to January, Strategy maintained a continuous 12-week momentum of bitcoin purchases.
Related: GameStop hints at potential future bitcoin (BTC) purchases after board approval
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