The Blockchain Group Buys Bitcoin Valued at $69 Million, Holdings Now 1,471 BTC

The Blockchain Group, a French technology consulting group, has made its largest Bitcoin buy so far, taking in 624 BTC at about €60.2 million ($68.7 million). This buy is designed to add to the company's solid belief in its strategy of accumulating Bitcoin.

In the wake of this recent acquisition, The Blockchain Group and its affiliate, The Blockchain Group Luxembourg SA, collectively own a total of 1,471 BTC, amounting to €131.9 million. This positions their average price at around €89,687 per Bitcoin, according to an official announcement made Tuesday.

"The company thus consolidates its strategy of accumulating Bitcoins, while further elaborating on the operational activities of its subsidiaries," said the company, which is listed on Euronext Growth Paris.

Market Reaction & Share Performance

Following the announcement, The Blockchain Group's share opened higher on Tuesday at €3.18, against Monday's close of €2.93. By the time of writing, however, the share had retreated back to €2.93, according to the latest figures from Euronext.

Despite the retreat, investor mood is still positive, fueled by the company's ongoing conviction that Bitcoin is an long-term store of value.

Bitcoin Accumulation Trend Among Businesses

The Blockchain Group becomes the latest among a growing number of corporations that are actively adding to their Bitcoin reserve holdings. Strategy, headed by well-known Bitcoin proponent Michael Saylor, still is the largest publicly listed corporate owner of BTC.

On Monday, Strategy revealed the acquisition of 705 BTC, expanding its overall holdings to a whopping 580,955 BTC. The company also revealed intentions of raising further funds through the sale of 2.5 million perpetual preferred shares under the ticker symbol Stride with an aim to increase its Bitcoin treasury.

This action highlights the growing trend among tech and public companies embracing Bitcoin as part of their corporate treasury strategy.

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