The Blockchain Group announced its latest addition of 580 BTC to its bitcoin treasury, which marks its third and largest purchase since adopting a bitcoin accumulation strategy.
The Blockchain Group's latest BTC acquisition represents a significant jump in amount from the first two purchases — 15 BTC and 25 BTC, respectively. The company said in a Wednesday press release that this is a "major step" in its bitcoin treasury company strategy focused on increasing bitcoin per share.
The company purchased its latest batch of bitcoin through its subsidiary, The Blockchain Group Luxembourg SA, at around 81,550 euros ($87,874) per bitcoin. It acquired the latest batch of bitcoin with the proceeds of the convertible bond issuance announced on March 6.
With the new addition, the company now owns 620 BTC in total, worth over $54.2 million at current market prices.
The stock price of the France-based tech consulting company has surged over 220% since it announced its bitcoin strategy on Nov. 5, 2024, Euronext data shows. Its stock closed up 3.54% on Wednesday.
In an X post on March 20, The Blockchain Group CEO Alexandre Laizet attributed the company's strong stock performance to "the power of focusing on Bitcoin accumulation."
Laizet also wrote on Wednesday that the company is following the "example" set by Strategy's Michael Saylor, as well as Japan's Metaplanet.
The Blockchain Group is currently the 28th largest corporate holder of bitcoin, with Strategy and Metaplanet continuing to amass their pile of the cryptocurrency despite the decline from its peak in late-2024.
Yesterday, video game retailer GameStop announced a proposed private offering of $1.3 billion of convertible senior notes to begin its bitcoin acquisition plan, which caused its stock price to jump 11% during regular trading hours.
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