French-listed crypto firm Blockchain Group is doubling down on its Bitcoin treasury strategy, announcing plans to purchase an additional $72 million worth of BTC following a successful €63.3 million convertible bond sale.

The move is part of the company's long-term goal to accumulate 1% of Bitcoin’s total supply — approximately 170,000 BTC — by 2032.

The Euronext Paris-listed firm revealed that proceeds from the bond sale will be used to acquire 590 BTC, bringing its total holdings to 1,437 BTC.

At current market prices, the raised funds could purchase closer to 658 BTC, but Blockchain Group has earmarked 95% for Bitcoin, reserving the remaining 5% for operational and management costs.

Fulgur Ventures and Moonlight Capital Back Strategic BTC Accumulation

The bond issuance saw major backing from Fulgur Ventures, which led with a €55.3 million commitment, while Moonlight Capital contributed €5 million.

The bonds are convertible into shares of ALTBG at €3.809 per share, offering investors a path to equity in a firm rapidly aligning itself with Bitcoin’s long-term potential.

Despite a 5.5% dip in stock price on May 26, closing at €2.77, Blockchain Group’s stock has surged 766% year-to-date, largely driven by its initial BTC acquisition in November 2023—a move that alone triggered a 225% rally in share price.

The firm’s 2024 earnings report, released in April, revealed a 709% return on Bitcoin holdings, despite a 32% decline in overall revenue to €13.86 million, underscoring the impact of its BTC-first treasury play.

Blockchain Group isn’t alone in its pivot. On May 22, Sweden’s H100 Group AB joined the corporate Bitcoin cohort, while Strive Asset Management also announced a similar strategy earlier this month.

With a shrinking supply and rising institutional interest, Blcokchain Group's aggressive Bitcoin strategy aligns with broader moves by companies seeking long-term exposure to the leading digital asset.

Blackstone leads the crypto charge

On May 20, Blackstone, the world’s largest alternative asset manager, made its debut crypto investment by acquiring 23,094 shares of BlackRock’s iShares Bitcoin Trust (IBIT) — a move valued at $1.08 million, according to SEC filings.

In Asia, Indonesian fintech DigiAsia Corp sent its Nasdaq-listed stock soaring 91% on May 19 after unveiling a bold Bitcoin strategy.

The Jakarta-based firm has also revealed that its board has approved the creation of a Bitcoin treasury reserve.

The company plans to allocate up to 50% of net profits toward BTC acquisition and build a Bitcoin treasury reserve funded by a $100 million capital raise.

These developments highlight a fast-accelerating trend: Bitcoin is becoming a core treasury asset for forward-thinking corporations, mirroring the strategy led by Michael Saylor’s Strategy.

The Virginia-based firm recently committed to doubling its capital raise to $84 billion to continue stacking BTC.