Bitcoin Bet Grows Bigger: The Blockchain Group Snaps Up 580 BTC
The Blockchain Group, a France-based blockchain solutions firm, recently announced its largest Bitcoin (BTC) purchase to date, acquiring 580 BTC. This marks the company’s third BTC acquisition since it began buying the digital asset in November 2024.
The Blockchain Group Buys 580 Bitcoin
In its most significant BTC acquisition so far, The Blockchain Group has purchased 580 BTC for approximately $50.64 million at an average price of $88,020 per coin. According to the announcement, the purchase was made through its Luxembourg-based subsidiary.
Notably, the acquisition was financed through proceeds raised from a convertible bond issuance announced on March 6. The move aligns with the firm’s Bitcoin Treasury strategy.
To recall, The Blockchain Group made its first BTC purchase in November 2024, acquiring 15 BTC at an average cost of $68,785 per coin. Its second purchase followed in December 2024, when it bought 25 BTC at an average price of roughly $97,692.
Following its latest acquisition, the company’s total BTC holdings now stand at 620 BTC, with a total net asset value of slightly over $54 million at current market prices.
According to data from Yahoo! Finance, The Blockchain Group’s stock (ALTBG.PA) closed today’s trading session at €0.4975 ($0.54), up 3.09% on the day. On a year-to-date basis, the company’s shares have surged by an impressive 65.78%, suggesting that its exposure to BTC has positively impacted its valuation.
The Blockchain Group’s official website states that its pivot to Bitcoin is part of a broader strategy to optimize the use of its excess cash and financial instruments. Since its first BTC acquisition, the company’s stock has risen by 225%.
Corporate BTC Adoption To Grow In 2025
Corporate adoption of Bitcoin is expected to pick up even further in 2025, driven not only by the digital asset’s intrinsic value but also by a favorable regulatory environment under pro-crypto US President Donald Trump’s administration.
Earlier this week, the largest corporate holder of Bitcoin, Strategy, acquired an additional 6,911 coins, pushing its total holdings beyond 500,000 BTC. In the same vein, US-based financial services firm Fold Holdings announced the addition of 475 BTC to its corporate treasury earlier this month.
As corporate adoption grows, several US states have also begun legislative processes to add BTC to their treasuries. For instance, Utah and Kentucky have recently made significant strides with their BTC reserve bills.
Additionally, Mexican billionaire Ricardo Salinas recently revealed that close to 70% of his investment portfolio is allocated to Bitcoin and related assets. At press time, BTC trades at $86,838, down 1.1% in the last 24 hours.
Featured Image from Unsplash.com, charts from Yahoo! Finance and TradingView.com
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