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The Blockchain Group completed a financing of 9.7 million euros to advance its Bitcoin reserve strategy.
PANews June 13 news, according to Bitcoin Magazine, the European listed company The Blockchain Group (ALTBG) announced the completion of a €9.7 million financing to promote 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. TOBAM subscribed to €6 million in Convertible Bonds, with a stock conversion premium of 30%; Ludovic Chechin-Laurans invested €2.4 million in Bitcoin; Adam Back converted all of his first-phase bonds into 14.9 million shares of ALTBG stock and additionally subscribed to 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 coins.