Blockchain Group Invests $68M in Bitcoin for Treasury Expansion
Parisian Blockchain Group has expanded its Bitcoin reserve significantly, with a purchase of $68.7 million worth of BTC, or the equivalent of 624 coins. The acquisition boosts the company’s treasury to 1,471 Bitcoin, with a total value of over $154 million.
Growing Institutional Demand for Bitcoin
The firm highlighted the acquisition in a June 3 X post, citing a 1,097.6% year-to-date return on its BTC treasury. The acquisition represents a measure of rising institutional demand following the approval of spot Bitcoin ETFs in the U.S. in January 2024, which offered regulated BTC investment avenues to traditional investors.
Interest in corporate Bitcoin holdings resumed again in March 2024 when the U.S. ex-President Donald Trump signed an executive order that proposed a national reserve of Bitcoins from crypto assets that are seized during criminal investigations.
European Corporates Go Slow on Bitcoin
Although the strong rally of Bitcoin is convincing, most European firms have not adopted BTC treasury initiatives. Blockchain Group now joins a shortlist of BNP Paribas, 21Shares, VanEck Europe, Jacobi Asset Management, and Bitpanda. The Czech National Bank is also reportedly contemplating Bitcoin reserve diversification.
Bitcoin Market Outlook and Onchain Signals
Bitcoin reached a new all-time high of $112,000 on May 22. A consolidation range between $103,000 and $108,000 is the prediction of analysts like Bitget’s Ryan Lee. On-chain whale accumulation continues to indicate bullish strength, with dips potentially being buying opportunities.
Global Bitcoin Treasury Momentum Builds
Outside of Europe, global corporations are still pumping money into BTC investments. Strategy, which is owned by Michael Saylor, is the largest corporate holder of Bitcoin with over $60.5 billion worth of BTC under its portfolio. The corporation just purchased another $75 million in Bitcoin and plans to raise $250 million in a preferred stock sale to finance future acquisitions.
In Asia, Japan’s Metaplanet joined the headlines by placing a $118 million BTC bet on June 2, becoming the eighth largest Bitcoin owner globally.
With corporate enthusiasm for Bitcoin gaining momentum globally, Blockchain Group’s action highlights Europe’s slow but increasing adoption of crypto treasury policy.
