Industry executives have stated that European companies looking at Bitcoin Treasury Strategies are unlikely to copy the Michael Saylor Strategy playbook, pointing out structural differences in US and European Capital Markets.
Speaking at Paris Blockchain Week 2026, Thomas Vogel, a partner in the Paris and Frankfurt offices of Latham & Watkins, said The restrictions on the issuance of financial instruments differs significantly in Europe from the US. This makes a direct replicaton of the US model very difficult.
“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 pointed out differences between the depth of markets, regulations and investor behaviour.
Alexandre Laizet (Lead Bitcoin)BTCCapital B in France, a treasury-firm based on France, has said European companies are looking at local market infrastructures, like French public markets or Luxembourg-based structures, for raising capital to cover Bitcoin exposure.
According to the remarks, Europe’s Bitcoin Treasury Model is more likely to develop as a locally adapted version than an exact copy of Strategy’s US playbook.
Europe’s list holders are small
The market is still fragmented, with many small- and midsize companies holding Bitcoin.
According to data from BitcoinTreasuries.net, Germany-based Bitcoin Group SE held 3,605 BTC worth about $268 million at the time of writing, though it has not disclosed its average cost or profit and loss.
Related: EU adviser says ‘MiCA 2′ is likely as crypto market matures: PBW 2026
Capital B held 2925 BTC, at an average price of $99 932 per Bitcoin, represents a loss of approximately 25.6%. Sequans Communications is also located in France. held Cost and performance information not available for 2,139 BTC.
The recent changes in prices have also affected other European stocks. Netherlands Treasury held H100 Group of Sweden purchased 1,111 BTC for an average price of $111 857. This represents a loss unrealized by about 33.5%. held The average cost is $114,615 for 1,051 BTC. This represents a loss of approximately 35.1%.
Scale gap remains large compared to US. Strategy purchased 13,927 Bitcoins worth $1 billion on Monday. bringing its total holdings to 780,897 BTC.
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Source: cointelegraph.com
