TechFlow, May 27 — According to an official announcement, European-listed company The Blockchain Group issued three convertible bonds through its wholly-owned subsidiary The Blockchain Group Luxembourg SA, totaling approximately €63.3 million. Per the announcement, 95% of the proceeds will be used to purchase and hold Bitcoin, while the remaining 5% will cover operating expenses of the Luxembourg subsidiary and management fees paid to the parent company.
This financing could enable the company to acquire approximately 590 additional Bitcoin, increasing its potential holdings to around 1,437 Bitcoin. The Blockchain Group stated that this move aims to further advance its strategy as a Bitcoin reserve company while growing the operational business of its subsidiary.
