The fan token of French football club Paris Saint-Germain (PSG) surged over 18%, rising from $1.98 to $2.34, following its impressive 5-0 victory against Inter Milan. This increase came after a significant decline of 28.5% in the token’s value from May 30 to June 1.
PSG Adds Bitcoin to Its Treasury
On June 2, the fan token of French football champion Paris Saint-Germain (PSG) briefly surged more than 18%, from $1.98 to $2.34. The rise occurred more than 24 hours after the club’s emphatic 5-0 victory over Italian football giants Inter Milan. The token’s surge briefly ended a losing streak that saw its value drop 28.5% between May 30 and June 1.
PSG’s Champions League victory capped a momentous week in which the club revealed it had added bitcoin to its treasury. As reported by Bitcoin.com News, PSG allocated a portion of its fiat reserves to bitcoin in 2024 and continues to hold these to this day. Par Helgoson, executive director of PSG Labs, said the move makes the French football team the biggest entity within the sports ecosystem to have done so.
Although winning the UEFA Champions League trophy had been the top priority for PSG’s Qatari owners, the trophy had eluded the French giant for years. Despite assembling one of Europe’s most expensive squads, featuring Lionel Messi, Kylian Mbappe, and Neymar, PSG still fell short, with its 2020 defeat to German giant Bayern Munich being the closest it came to lifting the trophy.
However, after dispensing with older football stars, PSG, under the tutelage of Luis Enrique, seemingly emerged as a more effective football team. In this year’s competition, it knocked out Spanish giant Barcelona and two English teams, Arsenal and Liverpool, on its way to the finals.
Nevertheless, PSG’s victory initially seemed to fail to spark interest in the token as it continued a downward trend that started a day before the match. However, after hitting a low of $1.95 on the morning of June 1, it briefly rallied to peak at $2.08 before beginning to lose momentum. At the time of writing, the token traded around $2.15.
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