French Blockchain Group Plans to Purchase 590 Additional Bitcoins in Bond Issuance

Blockchain Group is buying a large amount of Bitcoin through a bond issue worth approximately $72 million (approximately 10.3 billion yen) to expand its asset portfolio.
Blockchain Group, a cryptocurrency company based in Paris, announced on the 26th (local time) that it will issue 590 Bitcoins with the proceeds of a $72 million bond issue.
The company announced plans to make a new purchase, which will increase its total Bitcoin holdings to 1,437. The amount raised this time is based on the price of one Bitcoin being approximately 1,000,000 yen.
At the current price of $109,000, a maximum of 658 units can be purchased, but the company explained that it plans to use only 95% of the total funds to purchase Bitcoin.
5% will be used for operating expenses and management fees. The bond investment was made by venture capital firm Fulgur
Moonli Ventures is taking the majority stake in the $62.9 million round to buy private cryptocurrency investment fund Moonli.
ght Capital has invested an additional $5.7 million. The bonds can be converted into shares in Blockchain Group at €3.809 per share.
Blockchain Group (ALTBG) is listed on Euronext Paris, Europe's second largest stock exchange by market capitalization. The company states on its website
The company revealed that its main strategy is to "utilize the holding company's excess cash and appropriate financial instruments to increase the number of Bitcoins held per share over time."