PARIS-BASED BLOCKCHAIN GROUP TO RAISE $340M TO BUY MORE BITCOIN

- Paris-based The Blockchain Group announced plans to raise more than $340 million to grow its Bitcoin holdings.

- The company calls itself Europe’s first dedicated Bitcoin treasury firm. Its $340 million fundraising round, structured like a U.S.-style “At the Market” offering, will sell shares gradually at market prices.

- Pricing will be based on the higher of the previous day’s closing price or the volume-weighted average price, capped at 21% of daily trading volume.

- Just last week, The Blockchain Group added $68 million worth of Bitcoin, bringing its total holdings to 1,471 BTC, valued at over $154 million.

- Recently, Michael Saylor’s Strategy announced plans to raise nearly $1 billion through stock offerings, a substantial increase from its prior $250 million target.

A Decline in Bitcoin Activity

- Meanwhile, Bitcoin’s network activity has declined, hitting lows not seen since October 2023, according to The Block.

- The seven-day average of transactions dropped to around 317,000 last Friday, with some transactions confirmed at record-low fees.

- Notably, some miners are accepting fees below the usual 1 sat/vB threshold. For example, a transaction crafted by Mempool founder

- Mononaut paid just 0.1 sat/vB and took a month to clear, demonstrating ongoing shifts in Bitcoin’s fee market.

Image: The Blockchain Group X platform