The Blockchain Group has raised 9.7 million euros in funding to advance its Bitcoin reserve strategy

According to Bitcoin Magazine, European listed company The Blockchain Group (ALTBG) has announced the completion of a € 9.7 million funding round to advance its Bitcoin reserve strategy. The funds will be raised through a combination of equity and convertible bonds, with major investors including Adam Back, TOBAM, and Ludovic Chechin Laurent. Among them, TOBAM subscribed to 6 million euros worth of convertible bonds, with a conversion premium of 30%; Ludovic Chechin Laurans invests 2.4 million euros in the form of Bitcoin; Adam Back converted all of his first bond holdings into 14.9 million shares of ALTBG stock and subscribed for an additional 2.1 million shares. This financing is expected to increase the company's holdings by approximately 80 bitcoins, with a total reserve of 1611 bitcoins.