《European Listed Companies Gamble on BTC: The Blockchain Group Approved for €11 Billion Financing Aiming for 160,000 Bitcoins》

European Listed Companies' Aggressive Strategy Faces Strong Doubts from Traditional Finance

European blockchain pioneer The Blockchain Group passed an unprecedented €11 billion (approximately $12 billion) financing plan on June 10 with overwhelming support (over 95%), fully promoting its "Bitcoin First" strategy. This amount not only accounts for 1.5% of the current Bitcoin market value but also exceeds the total value of 214,000 Bitcoins held by MicroStrategy (approximately $14 billion), directly challenging this Nasdaq-listed company's status as the "world's largest corporate holder" of Bitcoin.

Controversy Focus:

Leverage Gamble? The company currently holds only 1,471 Bitcoins (worth $160 million), and the new financing scale is 75 times its existing assets. Analysts warn that if Bitcoin prices fluctuate over 20%, it could lead to margin call risks.

Business Logic Shredded As a listed company primarily engaged in AI consulting and data intelligence, the synergy of this strategy with its core technology business is questionable. A Morgan Stanley report pointed out: "This effectively turns the listed company into a Bitcoin ETF alternative, and shareholders may be forced to bear unnecessary cryptocurrency risk exposure."

Regulatory Red Light A spokesperson for the European Securities and Markets Authority (ESMA) responded that it will review the compliance boundaries for "listed companies financing cryptocurrency speculation through capital markets," as Germany has previously prohibited such operations.

Industry Earthquake Benchmark:

Challenging MicroStrategy If the plan is completed, the company's holdings will exceed 250,000 Bitcoins (at current prices), directly crushing MicroStrategy's holding record.

Challenging Tesla Equivalent to 15 times the Bitcoin assets on Tesla's balance sheet, although the latter has already stopped increasing its holdings.

Hinting at "Institutional FOMO" The €300 million ATM mechanism in collaboration with TOBAM adopts a "daily investment" model, interpreted as a covert strike against institutional Bitcoin ETFs such as Grayscale and BlackRock.

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