European companies exploring Bitcoin treasury strategies are unlikely to follow the same approach pioneered by Michael Saylor’s Strategy, with industry executives pointing to key differences between US and European capital markets.
Speaking at Paris Blockchain Week 2026, Thomas Vogel, a partner at Latham & Watkins, said the rules and constraints around issuing financial instruments in Europe differ significantly from those in the US, making a direct copy of the model difficult.
“If you issue convertibles in the US, the constraints are not the same as when you issue them from a French or broader European balance sheet,” Vogel said, citing differences in market depth, regulation, and investor behavior.
Alexandre Laizet, who leads Bitcoin strategy at France-based treasury firm Capital B, added that European firms are instead turning to local infrastructure — such as French public markets and Luxembourg-based structures — to raise capital linked to Bitcoin exposure.
The comments suggest Europe’s Bitcoin treasury strategies will develop as localized adaptations rather than direct replicas of the US playbook.
Europe’s listed holders remain small
An increasing number of European public companies are adding Bitcoin to their balance sheets, but the landscape remains fragmented, with most holdings concentrated among small- and mid-cap firms.
Data from BitcoinTreasuries.net shows Germany-based Bitcoin Group SE holds 3,605 BTC, valued at around $268 million at the time of writing, though it has not disclosed its average purchase price or profit and loss.
France-based Capital B holds 2,925 BTC at an average cost of $99,932 per coin, implying an unrealized loss of roughly 25.6%. Meanwhile, Sequans Communications, also based in France, holds 2,139 BTC, without disclosing cost or performance figures.
Other European firms are facing similar pressure from recent price movements. Netherlands-based Treasury holds 1,111 BTC at an average cost of $111,857, reflecting an unrealized loss of about 33.5%, while Sweden’s H100 Group holds 1,051 BTC at an average cost of $114,615, with losses near 35.1%.
The scale gap compared to the US remains stark. On Monday alone, Strategy purchased 13,927 BTC for approximately $1 billion, bringing its total holdings to 780,897 BTC.
