At the Paris Blockchain Week 2026, industry experts discussed the evolving landscape of Bitcoin treasury strategies among European companies. Thomas Vogel, a partner at Latham & Watkins, emphasized that the regulatory and structural differences between European and US capital markets make it challenging for European firms to replicate the Bitcoin treasury model pioneered by Michael Saylor's Strategy. Instead, companies like Capital B are focusing on local market infrastructure to raise capital linked to Bitcoin. Currently, European public companies holding Bitcoin are mostly small to mid-cap entities, with many facing unrealized losses due to recent price fluctuations. For instance, Germany-based Bitcoin Group SE holds 3,605 BTC valued at approximately $268 million, while France's Capital B has 2,925 BTC at an average cost of $99,932 per Bitcoin, indicating a 25.6% unrealized loss. In contrast, Strategy has amassed 780,897 BTC, showcasing a stark difference in scale between US and European holdings.