TL;DR
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Capital B, Europe's first Bitcoin treasury company, bought another 37 BTC for €2.3 million, bringing total holdings to 2,925 BTC
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Michael Saylor says every major capital market will have a "monster" Bitcoin treasury company — he named Metaplanet for Japan and Smarter Web for the UK
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The European seat is up for grabs, with Capital B, Treasury B.V., and Strategy's own euro-denominated preferred all competing
The European Bitcoin treasury company Capital B just announced another round of buying, this time of 37 BTC acquired for €2.3 million. Their BTC holdings now total 2,925 BTC and yield 1.25% year-to-date, up from 0.29% in mid March.
Recently, Michael Saylor, Executive Chairman of the world's largest Bitcoin treasury company Strategy, said that he thinks that every major capital market will have a Bitcoin treasury company. He went on to name Metaplanet as the one in Japan and Smarter Web in the UK. But who fills the European seat?
Metaplanet is listed on the Tokyo stock exchange and is a pretty recent entrant, having started their Bitcoin treasury operations in April 2024, at that point holding 100 BTC. They’ve since accumulated a total of 40,177 BTC, valued at around $2.7 billion. They’re now the third largest, publicly traded, holder of Bitcoin in the world, after Strategy and Twenty One Capital.
The tactics for all treasury companies is the same, raise capital through equity at a premium to the net asset value of their Bitcoin holdings. The more the value of Bitcoin grows, the higher the premium investors are willing to pay, at which point the company raises capital again.
Capital B, formerly known as The Blockchain Group, is the first mover in the EU and is listed in Paris, on the Euronext Growth. Their stated goal is to hold 1% of the total BTC supply by 2033. They’re currently at 1.4% of that target - just another 98.6% to go. But they’ve been operating fast, moving to almost BTC 3k in just 17 months.
Competition in the European Market
The French company isn’t the only one targeting the European market with Bitcoin treasury. Treasury B.V., backed by the Winklevoss twins and Nakamoto Holdings recently listed on Euronext Amsterdam and Strategy have launched STRE - their Euro-denominated perpetual preferred, listed on the Euro MTF in Luxembourg.
Globally, European and international companies alike still have a long way to catch up with Strategy holding more than 767k BTC and Metaplanet just north of 40k. And Strategy are way ahead of the rest, in March alone they bought 44,377 BTC, more than the entirety of Metaplanets holdings. All other treasury companies combined bought 1,000 BTC.
Capital B has a 17 month head start on the other European treasury companies, and already holds almost 3,000 BTC. There’s competition, but if Saylor's prediction is correct, they’re in a good spot.
