European BTC treasury firms forge own playbook as capital market and regulatory gaps block Strategy model

At Paris Blockchain Week 2026, European Bitcoin treasury leaders explained why Strategy's US playbook doesn't translate across the Atlantic. Structural barriers — shallower capital markets, different convertible debt constraints on French and European balance sheets, and tighter regulation — force firms like Capital B (2,925 BTC), Bitcoin Group SE (3,605 BTC), and Sequans (2,139 BTC) to build localized solutions using French public markets and Luxembourg structures instead. Europe's top five corporate BTC holders collectively hold roughly 11K coins versus Strategy's 780,897 — the gap isn't just ambition, it's infrastructure.

TLDR by @Benthic

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