TechFlow News, April 16: According to a CoinTelegraph report, at the 2026 Paris Blockchain Week, Thomas Vogel, Partner at law firm Latham & Watkins, stated that Europe faces significantly different regulatory constraints compared to the United States when issuing financial instruments such as convertible bonds. Differences in capital market depth, regulatory environment, and investor behavior make it difficult for European companies to directly replicate MicroStrategy’s Bitcoin treasury strategy. Alexandre Laizet, Head of Bitcoin Strategy at French treasury firm Capital B, noted that European companies are instead turning to local market infrastructure—such as France’s public markets and Luxembourg-based structures—to raise Bitcoin-linked capital.
Currently, major Bitcoin-holding enterprises in Europe lag far behind their U.S. counterparts in scale: Germany’s Bitcoin Group SE holds 3,605 BTC (approximately $268 million); Capital B holds 2,925 BTC at an average purchase price of $99,932, currently facing an unrealized loss of approximately 25.6%; the Netherlands’ Treasury holds 1,111 BTC at an average purchase price of $111,857, with an unrealized loss of approximately 33.5%; and Sweden’s H100 Group holds 1,051 BTC at an average purchase price of $114,615, facing an unrealized loss of approximately 35.1%.
