Paris-based Blockchain Group has bought $68.7 million worth of Bitcoin to its crypto holdings. The company, calling itself Europe’s first Bitcoin treasury firm, announced on June 3 that it had purchased 624 BTC at a cost of 60.2 million euros. This now has a total Bitcoin holdings of 1,471 BTC, worth over $154 million.
The company shared the update in a post on X, noting its portfolio has seen a year-to-date return of over 1,000%.
This new purchase has become a trend for corporate companies who are looking to add Bitcoin to their balance sheets. They believe it would save them from inflation. Interest from investors has increased since the United States approved spot Bitcoin ETFs in January 2024. These ETFs gave traditional investors a new and regulated way to invest in Bitcoin.
A key moment came on March 7, when U.S. President Donald Trump signed an executive order to create a national Bitcoin reserve using crypto seized in criminal cases.
Despite Bitcoin’s growth, only a few European firms have jumped into building Bitcoin treasuries. Some of the early adopters include French banking giant BNP Paribas, Switzerland’s 21Shares AG, Austria’s Bitpanda, and Malta-based Jacobi Asset Management. Public institutions are also watching.
The Czech National Bank has explored the idea of using Bitcoin to diversify its foreign exchange reserves. Meanwhile, a Swedish Member of Parliament recently proposed a national Bitcoin reserve to the country’s finance minister.
Meanwhile, Bitcoin prices have soared in recent months. On May 22, it reached an all-time high of $112,000 but has since dropped 6%. Right now, BTC is trading for $105,255 with a 10% surge in trading volume to $44.3 billion over the last 24 hours.
According to Lan Lee, the chief analyst at Bitget Research “Onchain data shows continued whale accumulation, which shows a bullish signal.” He added that any price dips could be good opportunities to buy. Currently, Bitcoin is expected to stay between $103,000 and $108,000.
Companies like Strategy, formerly MicroStrategy have jumped on this trend. The company recently bought 705 BTC worth $75.1 million between May 26 and June 1. With this, the firm now holds over $60.5 billion in Bitcoin
Metaplanet, known as “Asia’s MicroStrategy,” also made headlines Monday after buying $117 million worth of Bitcoin.
Source: BitoPro Lost $11.5M in a May 8 Hack But Didn’t Inform Users
