The Blockchain Group to Discuss $11.4 Billion Fundraising Proposal at Shareholders' Meeting Next Week
Summary
- The Blockchain Group announced that it will discuss a €10 billion (about $11.4 billion) fundraising proposal at next week's shareholders' meeting.
- It stated that the funds will be used to accelerate its Bitcoin reserve strategy.
- The Blockchain Group announced a goal to secure 1% of the total Bitcoin supply over the next 8 years.
According to the cryptocurrency-focused media platform CoinDesk on the 4th (local time), French blockchain specialist company The Blockchain Group (ALTBG), which announced a strategic Bitcoin (BTC) reserve plan, revealed that it will discuss a funding proposal worth €10 billion (about $11.4 billion) at the shareholders' meeting to be held next week.
This capital is expected to be used to accelerate the Bitcoin reserve strategy.
The Blockchain Group aims to secure 1% of the total Bitcoin supply (21 million coins) over the next eight years.
Previously, at the end of last month, it had also announced the issuance of convertible bonds worth €63.3 million to finance additional Bitcoin purchases.
Meanwhile, as of 00:32 on the 5th, Bitcoin was trading at $105,433.18 on the Binance Tether (USDT) market, down 1.13% from the previous day.
JH Kim
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