European Companies Build Bitcoin Treasury Strategy Diverging from MicroStrategy Model

Gate News message, April 17 — European companies are adopting Bitcoin treasury strategies aligned with local capital markets and regulatory constraints rather than replicating the debt-driven model pioneered by MicroStrategy, according to industry executives at Paris Blockchain Week 2026. Thomas Vogel, a partner at Latham & Watkins in Paris and Frankfurt, noted that European issuers face different constraints when raising capital, citing weaker market depth, tighter regulation, and different investor behavior compared to the U.S.

Germany's Bitcoin Group SE leads European listed Bitcoin holders with 3,605 BTC worth approximately $268 million, while France's Capital B holds 2,925 BTC at a roughly 25.6% unrealized loss. European companies are turning to French public markets and Luxembourg-based structures to raise capital tied to Bitcoin exposure, according to Alexandre Laizet, who leads Bitcoin strategy at Capital B. This approach results in more conservative treasury positions aligned with local regulation and market conditions.

The scale remains significantly smaller than the U.S. market. MicroStrategy purchased 13,927 BTC for approximately $1 billion in a single week, bringing its total holdings to 780,897 BTC—well above the combined Bitcoin holdings of all Europe's listed public companies.