Gate News message, April 16 — At the 2026 Paris Blockchain Week, Thomas Vogel, a partner at law firm Latham & Watkins, stated that European enterprises face significantly different regulatory constraints compared to the U.S. when issuing financial instruments such as convertible bonds. Shallow capital market depth, divergent regulatory environments, and varying investor behaviors make it difficult for European companies to directly replicate MicroStrategy's bitcoin treasury strategy.

Instead, European enterprises are increasingly turning to localized approaches. Alexandre Laizet, head of bitcoin strategy at French treasury company Capital B, noted that European firms are leveraging French public markets and Luxembourg-based infrastructure to raise bitcoin-linked capital. This shift reflects a strategic adaptation to regional market conditions and regulatory frameworks.

Currently, major European bitcoin-holding companies remain significantly smaller than their U.S. counterparts. Bitcoin Group SE (Germany) holds 3,605 BTC (approximately $268 million); Capital B holds 2,925 BTC at an average cost of $99,932, currently down approximately 25.6%; Treasury (Netherlands) holds 1,111 BTC at an average cost of $111,857, down approximately 33.5%; and H100 Group (Sweden) holds 1,051 BTC at an average cost of $114,615, down approximately 35.1%.