6 days ago
European companies exploring Bitcoin treasury strategies are improbable to replicate the playbook pioneered by Michael Saylor’s Strategy, according to manufacture executives, who pointed to structural differences betwixt US and European superior markets.
Speaking astatine Paris Blockchain Week 2026, Thomas Vogel, a spouse successful the Paris and Frankfurt offices of Latham & Watkins, said the constraints connected issuing fiscal instruments successful Europe disagree importantly from those successful the US, making a nonstop replication of the exemplary difficult.
“If you contented convertibles successful the US, the constraints are not the aforesaid arsenic erstwhile you contented them retired of a French equilibrium expanse oregon a equilibrium expanse successful Europe,” Vogel said, pointing to differences successful marketplace depth, regularisation and capitalist behavior.
Alexandre Laizet, who leads Bitcoin (BTC) strategy astatine France-based treasury steadfast Capital B, said European firms are alternatively looking to section marketplace infrastructure, including French nationalist markets and Luxembourg-based structures, to rise superior tied to Bitcoin exposure.
The remarks suggest Europe’s Bitcoin treasury exemplary is apt to germinate arsenic a section adaptation alternatively than a nonstop transcript of Strategy’s US playbook.
Panel treatment connected the Bitcoin treasury exemplary successful Paris. Source: Paris Blockchain WeekEurope’s listed holders stay small
A increasing fig of European nationalist companies present clasp Bitcoin connected their equilibrium sheets, but the marketplace remains fragmented crossed tiny and mid-cap names.
According to information from BitcoinTreasuries.net, Germany-based Bitcoin Group SE held 3,605 BTC worthy astir $268 cardinal astatine the clip of writing, though it has not disclosed its mean outgo oregon nett and loss.
Related: EU advisor says ‘MiCA 2’ is apt arsenic crypto marketplace matures: PBW 2026
Capital B held 2,925 BTC astatine an mean outgo of $99,932 per Bitcoin, reflecting a astir 25.6% unrealized loss. In contrast, Sequans Communications, besides based successful France, held 2,139 BTC, with outgo and show information not disclosed.
Other European names amusement akin unit from caller terms moves. Netherlands-based Treasury held 1,111 BTC astatine an mean outgo of $111,857, representing astir a 33.5% unrealized loss, portion Sweden’s H100 Group held 1,051 BTC astatine an mean outgo of $114,615, with an unrealized nonaccomplishment of astir 35.1%
The spread successful standard remains important compared with the US. On Monday, Strategy acquired 13,927 Bitcoin for astir $1 cardinal successful a azygous week, bringing its full holdings to 780,897 BTC.
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