The Blockchain Group Completes Two Rounds of Bitcoin Convertible Bond Financing, Aims to Expand BTC Reserves to 1,437

The Blockchain Group (Euronext code: ALTBG), the first European listed company with Bitcoin as its core reserve asset, completed two rounds of convertible bonds subscribed in Bitcoin this month through its wholly-owned Luxembourg subsidiary, with a total fundraising amount of 63.3 million euros, aiming to further expand its Bitcoin holdings and advance the "Bitcoin Treasury Company" strategy.

Details of the two rounds of financing: large subscriptions, obvious price differences

First round of financing: fully subscribed by Moonlight Capital, the amount is 5 million euros, the conversion price is 3.809 euros per share, which is about 30% premium to ALTBG's closing price on May 23 (about 2.93 euros).

Second round of financing: participated by Fulgur Ventures and UTXO Management, with contributions of 55.3 million euros and 3 million euros respectively. The conversion price of this round of bonds is about 0.707 euros per share, which is significantly lower than the market price, reflecting the differentiated arrangements of the financing structure for different strategic investors.

It is worth noting that all bonds were subscribed in the form of Bitcoin, further strengthening ALTBG's positioning of BTC as its core liquidity and reserve asset.

Holding strategy: Bitcoin reserves will reach 1,437

According to official disclosures, the two rounds of financing are expected to bring the company an additional 590 BTC, bringing its total potential Bitcoin holdings to 1,437, equivalent to a current market value of more than 90 million euros (based on a Bitcoin price of 153,000 euros).

ALTBG said that this move is a continuation of its "Bitcoin Treasury Company" strategy, which aims to combine digital asset reserves with the growth potential of artificial intelligence and data intelligence businesses to enhance the company's valuation and shareholder returns.

The company is continuing to increase the amount of Bitcoin reserves per share through financial operations, trying to create a "dual value anchor" of digital gold and technological growth for investors.

Industry background: Pioneer in the trend of Bitcoin financialization

The Blockchain Group is a rare listed company in the European capital market that takes crypto assets as its strategic core. Its Bitcoin operation model is widely regarded by the market as the European version of "MicroStrategy". Unlike traditional crypto companies, ALTBG also develops AI solutions and big data platforms at the same time, forming a dual-wheel drive structure with Bitcoin as the reserve base and technical services as the profit model.

Although this large amount of financing has brought significant digital asset growth to ALTBG, there is a significant gap in the conversion price of the two rounds of bonds, which may trigger dilution pressure and valuation reconstruction discussions in the future conversion period.