European firms to adapt Strategy’s Bitcoin treasury model

Executives at Paris Blockchain Week 2026 said European companies will adapt Strategy’s Bitcoin treasury approach rather than copy it, citing differences in capital issuance, market depth, regulation and investor behavior.

Thomas Vogel, a partner at Latham & Watkins in Paris and Frankfurt, pointed to differences in how capital is raised across jurisdictions. He said, “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,” and cited variations in market depth, regulation and investor behavior.

Alexandre Laizet, head of Bitcoin strategy at France-based treasury firm Capital B, said firms are looking at local market structures. He noted companies are exploring French public markets and Luxembourg-based legal vehicles to raise capital tied to Bitcoin exposure.

A number of European public companies hold Bitcoin, though most positions are small compared with the largest U.S. holders. Germany’s Bitcoin Group SE reported 3,605 BTC, valued at about $268 million at the reported price, without disclosing average cost or profit-and-loss figures. Capital B reported holding 2,925 BTC at an average cost of $99,932 per coin, showing an unrealized loss near 25.6 percent. France’s Sequans Communications held 2,139 BTC, with cost and performance data not disclosed.

Other reported holdings include Netherlands-based Treasury with 1,111 BTC at an average cost of $111,857, implying an unrealized loss around 33.5 percent, and Sweden’s H100 Group with 1,051 BTC at an average cost of $114,615, implying an unrealized loss near 35.1 percent.

Strategy’s recent purchases highlight the scale gap. The company acquired 13,927 BTC for roughly $1 billion in one week, bringing its reported total to 780,897 BTC.

Speakers at the conference said European transactions are likely to be structured to meet national and regional rules and to use local capital markets and legal vehicles instead of adopting U.S.-style convertible financings unchanged. Regulators, market structure and investor appetite in Europe were identified by participants as factors that affect how listed firms can structure Bitcoin exposure and related financings.

Strategy popularized a treasury strategy of large Bitcoin purchases financed through various capital-raising methods. European companies that have added Bitcoin to their balance sheets so far have done so at smaller scale and with different financing and legal approaches.