The cryptocurrency company Blockchain Group, based in Paris, has acquired Bitcoin $ 68 million and joined a growing wave of European institutions so as to add BTC to its balance sheets.
The blockchain group, which claims to be Europe's first Bitcoin Treasury company, has acquired 624 Bitcoin (BTC) for 60.2 million euros (68.7 million dollars).
The recent acquisition brings the corporate's total amount to 1,471 Bitcoin or over 154 million US dollars with a BTC return of 1,097.6% YTD, because the Blockchain group announced on June 3 on June 3.
The institutional interest has been increased in January 2024 because the US Spot-Bitcoin stock exchange funds and the primary fully regulated BTC investors for traditional investors.
Source: The Blockchain group
Corporate Appetit was one other significant increase on March 7, after US President Donald Trump issued an executive regulation by which a plan for making a Bitcoin reserve with crypto in criminal matters.
Despite Bitcoin's economic model, which prefers the early users, only a couple of European corporations have shown Bitcoin Treasury ambitions. These include the French banking giant BNP Paribas, the Swiss company 21Shares AG, Vaneck Europa, the Jacobi Asset Management in Malta and the Austrian FinTech company Bitpanda.
The Czech National Bank has also publicly examined using Bitcoin as a diversification strategy for its foreign exchange reserves.
According to Ryan Lee, Chief Analyst at Bitget Research, Bitcoin is consolidated “between $ 103,000 and $ 108,000” after reaching the 112,000 of all time on May twenty second.
“Nevertheless, Onchain data show the continued Walakcumulation, which a bullish signal shows. This frames further corrections as a possible entry point,” the analyst told cointelegraph.
The adoption of Bitcoin's Corporate Treasury is on the advance worldwide
Bitcoin Treasury corporations like Michael Saylor's strategy have led the worldwide Bitcoin adoption efforts.
The strategy that the world's largest Bitcoin holder of corporations with BTC price over 60.5 billion US dollars is now about 8.3 billion US dollars from the exaggeration of Blackrocks Ishares Bitcoin Trust ETF, which is currently greater than $ 68.9 billion price over $ 68.9 billion.
The strategy bought Bitcoin price 75 million US dollars at a median price of $ 106,495 per BTC between the twenty sixth and thirtieth May.
On June 2, strategy announced plans to gather 250 million US dollars through a primary public offer of a brand new class of everlasting preferential shares with a purpose to finance their future Bitcoin acquisitions.
In the meantime, Metaplanet, also often called “Asia's Microstrategy”, the eight-largest Bitcoin holder on this planet after a Bitcoin investment of $ 118 million on June 2, reported.
