European Bitcoin Treasury Approach Will Diverge From Strategy's Model: PBW 2026
Industry leaders at Paris Blockchain Week highlighted that European companies pursuing Bitcoin treasury strategies face different challenges than US counterparts, including less liquid capital markets and stricter regulatory frameworks.
Companies in Europe that are evaluating Bitcoin treasury strategies will likely not mirror the approach established by Michael Saylor's Strategy, industry leaders indicated, citing fundamental structural disparities between capital markets in the United States and Europe.
During discussions at Paris Blockchain Week 2026, Thomas Vogel, who serves as a partner at Latham & Watkins' Paris and Frankfurt locations, highlighted that the limitations surrounding financial instrument issuance in Europe vary considerably from those in the United States, creating challenges for direct model replication.
"If you issue convertibles in the US, the constraints are not the same as when you issue them out of a French balance sheet or a balance sheet in Europe," Vogel said, pointing to differences in market depth, regulation and investor behavior.
Alexandre Laizet, responsible for Bitcoin (BTC) strategy at Capital B, a treasury firm based in France, explained that European companies are turning their attention toward domestic market infrastructure, such as public markets in France and structures based in Luxembourg, as vehicles for raising capital linked to Bitcoin exposure.
These comments indicate that Europe's approach to Bitcoin treasury management will likely develop as a regionally tailored adaptation instead of a direct replication of Strategy's playbook developed in the United States.
Europe's listed holders remain small
An increasing number of publicly traded European corporations currently maintain Bitcoin on their balance sheets, though the marketplace continues to be fragmented among small and mid-sized capitalization companies.
Based on information from BitcoinTreasuries.net, Bitcoin Group SE, headquartered in Germany, maintained holdings of 3,605 BTC valued at approximately $268 million at the time of writing, although the company has not made public its average acquisition cost or profit and loss figures.
Capital B maintained holdings of 2,925 BTC with an average acquisition cost of $99,932 per Bitcoin, showing an unrealized loss of approximately 25.6%. Meanwhile, Sequans Communications, which is also based in France, maintained 2,139 BTC, though cost and performance information has not been made public.
Additional European entities demonstrate comparable pressure stemming from recent price fluctuations. Treasury, based in the Netherlands, maintained 1,111 BTC with an average acquisition cost of $111,857, showing an unrealized loss of approximately 33.5%, while H100 Group from Sweden maintained 1,051 BTC with an average acquisition cost of $114,615, reflecting an unrealized loss of approximately 35.1%
The disparity in magnitude remains substantial when compared with the United States. On Monday, Strategy purchased 13,927 Bitcoin for approximately $1 billion during a single week, increasing its total holdings to 780,897 BTC.