The Blockchain Group raises 8.6 million euros to accelerate its Bitcoin reserve strategy

According to Bitcoin Magazine, Paris Euronext listed company The Blockchain Group (ALTBG) has raised 8.6 million euros through a targeted issuance and private placement to accelerate its Bitcoin reserve strategy. The issuance price this time is 1.279 euros per share, a premium of 20.18% compared to the average price on the 20th, but a discount of 46.26% compared to the closing price on May 19th. The investors include institutions such as Robbie van den Oetelaar, TOBAM Bitcoin Opportunity Fund, and Quadrille Capital. The company stated that the funds will be used to increase its holdings of Bitcoin and develop its subsidiary businesses in data intelligence, artificial intelligence, and decentralized technology. On May 12th, the company also raised 12.1 million euros by issuing convertible bonds to Blockstream CEO Adam Back.