Blockchain Group, a cryptocurrency firm based in Paris, has recently acquired $68 million in Bitcoin, adding 624 BTC to its corporate treasury. This purchase raises the firm’s total Bitcoin holdings to 1,471 coins, valued at over $154 million. The announcement, made via a post on X on June 3, highlights a trend among European institutions to invest in Bitcoin, especially following the U.S. approval of spot Bitcoin exchange-traded funds earlier this year. This regulatory shift has sparked increased interest from corporate investors. Notably, the appetite for Bitcoin among businesses intensified after U.S. President Donald Trump directed a plan to create a Bitcoin reserve from crypto obtained through seizures in criminal cases. The surge in corporate adoption is evident, although only a handful of European companies, like BNP Paribas and Bitpanda, have shown significant interest in Bitcoin treasury strategies. According to Ryan Lee, chief analyst at Bitget Research, Bitcoin may find stability between $103,000 and $108,000, following its recent peak of $112,000 on May 22. On-chain data suggests that investor accumulation is ongoing, indicating a bullish sentiment, and any corrections could present favorable entry points. Prominent Bitcoin treasury firms, exemplified by Michael Saylor’s Strategy, continue to lead in global Bitcoin adoption efforts. Strategy alone holds over $60.5 billion in Bitcoin, with plans to further expand through an upcoming IPO aimed at raising $250 million for future purchases. Their recent trading activity includes a substantial acquisition of Bitcoin at an average price of $106,495 per BTC. Meanwhile, Metaplanet, often referred to as Asia’s MicroStrategy, became a key player in the market after investing $118 million in Bitcoin on June 2.
Blockchain Group Adds $68 Million in Bitcoin to Its Treasury
European firm Blockchain Group has purchased $68 million worth of Bitcoin, reflecting growing institutional interest in cryptocurrency investments.
Jamie Bennett
Crypto Analyst
5 min read
35,453
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BTC
BTC
BUY
Entry Price
$108000
Confidence
80%
Stop Loss
$105000
Take Profit
$110000 - $112000
The significant institutional interest in Bitcoin, highlighted by the Blockchain Group's $68 million acquisition, suggests a bullish outlook for BTC. A buy position is warranted with proper risk management.
