The Strategic Case for Bitcoin Treasuries in Europe
summary
Europe’s corporate Bitcoin playbook: a new cohort of treasury firms issues Bitcoin-denominated convertible notes (first launched Dec 2024) to raise capital in BTC, priced ~30% above the 20‑day MA and using tranches (trench 2 = 1.5x) to scale quickly; one issuer grows from ~40 BTC at launch to 2,200 BTC on the balance sheet and targets 21–42k BTC in 3–4 years, another sells a $21 million tranche with 12‑month conversion windows to recycle equity faster, and Tobam (≈€2bn AUM) anchors institutional demand.
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chapters (10)
- 0:00Introduction and Overview of European Bitcoin Treasury Companies
- 0:56Market Context and Tailwinds for Bitcoin Treasury Companies in the UK
- 3:22Capital B's Strategy and Market Position in France
- 7:47Institutional Appetite and Education in Bitcoin Treasury Markets
- 8:33TOBAM's Role and Capitalization Table Strengths
- 11:55SmarterWeb's Market Success and Institutional Adoption in the UK
- 13:59Capital B's Innovation: Bitcoin Denominated Convertible Debt
- 18:04Investor Perspective on Bitcoin Denominated Convertible Notes
- 18:55SmarterWeb's Adaptation and Iteration of Convertible Note Structure
- 21:20Closing Remarks and Future Outlook
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