The Blockchain Group completes €9.7 million financing for Bitcoin reserve strategy

ChainCatcher news, according to Bitcoin Magazine, the European listed company The Blockchain Group (ALTBG) announced the completion of a €9.7 million financing to advance its Bitcoin reserve strategy. The funds were raised through a combination of equity and convertible bonds, with major investors including Adam Back, TOBAM, and Ludovic Chechin-Laurans.

Among them, TOBAM subscribed to €6 million in convertible bonds, with a conversion premium of 30%; Ludovic Chechin-Laurans invested €2.4 million in Bitcoin; Adam Back converted all of his first tranche bonds into 14.9 million shares of ALTBG stock and additionally subscribed for 2.1 million shares. This financing is expected to allow the company to increase its holdings by approximately 80 Bitcoins, bringing the total reserve to 1,611 Bitcoins.