European companies pursuing Bitcoin treasury strategies are unlikely to replicate the model used by Strategy Inc., citing structural differences in capital markets and regulation.
Executives at Paris Blockchain Week 2026 said tighter constraints and shallower markets in Europe limit the ability to issue instruments like convertibles at the same scale as US firms.
“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,”
Said Thomas Vogel.
European firms are instead exploring local funding routes, including French public markets and Luxembourg-based structures, to build Bitcoin exposure through treasury strategies.
Companies such as Capital B, Bitcoin Group SE and Sequans Communications hold Bitcoin but remain smaller in scale and, in some cases, under pressure from unrealised losses. Following the announcement the European bitcoin treasury sentiment was unchanged at $XX.
The gap with the US remains stark, with Strategy recently acquiring nearly 14,000 BTC in a single week, bringing its holdings to over 780,000 BTC.
The divergence suggests Europe’s Bitcoin treasury approach will evolve as a localised model shaped by regulatory and market constraints rather than mirroring US strategies.
At the time of reporting, Bitcoin price was $74,640.71.