The Paris-based crypto company Blockchain Group is adding more Bitcoin to its growing treasury through a 63.3 million euro ($72 million) bond sale.

The company hopes to buy another 590 Bitcoin BTCUSD with the funds, increasing its total holdings to 1,437 BTC, the Blockchain Group said on May 26.

Bitcoin is trading at over $109,00, and at current prices, the Blockchain Group could buy 658 BTC with the total amount it raised, according to CoinGecko.

However, the company said only 95% of the proceeds from the issuance will be used to buy Bitcoin; the remainder is marked for “operational expenses and to pay management fees.”

Venture capital firm Fulgur Ventures invested the lion’s share for the bond sale, with 55.3 million euros ($62.9 million), while crypto private investment fund Moonlight Capital invested 5 million euros ($5.7 million). The bonds will be convertible into shares of the Blockchain Group at 3.809 euros ($4.34).

The Blockchain Group (ALTBG) is listed on Euronext Paris, Europe’s second-largest stock exchange by market cap. The company’s website says it is focused on “increasing the number of Bitcoin per share over time by leveraging the holding company’s excess cash and appropriate financing instruments.”

ALTBG closed May 26 trading down nearly 5.5% at 2.77 euros ($3.16), but has gained nearly 766% so far this year, according to Google Finance. After the company started buying Bitcoin on Nov. 5, the stock spiked 225% to 0.48 euros ($0.52).

In its 2024 financial year results, released April 30, the Blockchain Group listed the current yield from its Bitcoin holdings at over 709%.

Meanwhile, its total consolidated revenue for the year was 13,864,000 euros ($15.8 million) compared to 20,408,000 euros ($23.2 million) for the previous fiscal year, representing a decrease of 32.1%.

As part of its results, the company said its long-term strategy is to acquire 1% of the total Bitcoin supply over the next eight years, with a target of over 170 by 2032.

More companies take the “orange pill”

A growing number of public companies are buying Bitcoin to hold for the long term in the hopes of making gains from the asset.

Swedish health tech company H100 Group AB became one of the latest companies to take the orange pill after announcing a Bitcoin-buying pivot on May 22. 

Strive Asset Management also announced on May 7 that it will transition into a Bitcoin treasury company.

Experts speculate there are tangible long-term benefits for a company holding Bitcoin despite its unpredictable volatility, such as a hedge against inflation, long-term price appreciation and theoretically lower correlation to equity markets over time.