Paris-based cryptocurrency company Blockchain Group has purchased $68 million worth of Bitcoin, joining a growing number of European institutions incorporating BTC into their balance sheets. Claiming to be Europe’s first Bitcoin treasury firm, Blockchain Group acquired 624 Bitcoin (BTC) for 60. 2 million euros ($68. 7 million). This latest purchase raises the firm’s total Bitcoin holdings to 1, 471 BTC, valued at over $154 million, with a year-to-date BTC yield of 1, 097. 6%, according to a June 3 announcement on X by Blockchain Group. Institutional interest in Bitcoin has increased since the US approved spot Bitcoin exchange-traded funds in January 2024, introducing the first fully regulated BTC investment options for traditional investors. Corporate demand notably surged again on March 7, after US President Donald Trump issued an executive order proposing the creation of a Bitcoin reserve using cryptocurrency seized in criminal cases. Related: European lawmakers remain silent on US Bitcoin reserve plan amid digital euro development Despite Bitcoin’s economic model favoring early adopters, only a handful of European firms have demonstrated ambitions to hold Bitcoin in their treasuries.

These include French banking giant BNP Paribas, Swiss company 21Shares AG, VanEck Europe, Malta-based Jacobi Asset Management, and Austrian fintech firm Bitpanda. Additionally, the Czech National Bank has publicly explored Bitcoin as a means to diversify its foreign exchange reserves. Related: Swedish MP suggests Bitcoin reserve to finance minister In the market, Bitcoin is expected to “consolidate between $103, 000 and $108, 000” after hitting an all-time high of $112, 000 on May 22, according to Ryan Lee, chief analyst at Bitget Research. “Still, on-chain data indicates continued accumulation by whales, signaling a bullish trend; this suggests that any further price corrections could serve as potential buying opportunities, ” Lee told Cointelegraph. Adoption of Bitcoin by corporate treasuries is increasing globally. Bitcoin treasury firms such as Michael Saylor’s Strategy have led worldwide Bitcoin adoption initiatives. Strategy, which is the largest corporate Bitcoin holder globally with over $60. 5 billion in BTC, is now approximately $8. 3 billion short of surpassing BlackRock’s iShares Bitcoin Trust ETF, valued at over $68. 9 billion, per Arkham Intelligence. Between May 26 and 30, Strategy acquired $75 million worth of Bitcoin at an average price of $106, 495 per BTC. On June 2, Strategy announced intentions to raise $250 million via an initial public offering of a new class of perpetual preferred stocks to support its future Bitcoin acquisitions. Meanwhile, Metaplanet, known as “Asia’s MicroStrategy, ” became the world’s eighth-largest Bitcoin holder following a $118 million Bitcoin investment on June 2, as reported by Cointelegraph.