Europe’s Bitcoin treasury playbook won’t be a copy of Strategy: PBW 2026

Executives at Paris Blockchain Week said European firms interested in Bitcoin treasury strategies are working around shallower capital markets and tighter constraints than in the US.

European companies exploring Bitcoin treasury strategies are unlikely to replicate the playbook pioneered by Michael Saylor’s Strategy, according to industry executives, who pointed to structural differences between US and European capital markets.

Speaking at Paris Blockchain Week 2026, Thomas Vogel, a partner in the Paris and Frankfurt offices of Latham & Watkins, said the constraints on issuing financial instruments in Europe differ significantly from those in the US, making a direct replication of the model difficult.

“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,” Vogel said, pointing to differences in market depth, regulation and investor behavior.

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