Bitcoin Treasury Companies in Europe: Capital B, H100, BTC AB and Co.

Short answer: The four largest listed bitcoin treasury companies in Europe are Capital B from France (3’550 BTC), H100 from Sweden (3’506 BTC), The Smarter Web Company from the UK (2’850 BTC) and BTC AB from Sweden (174 BTC). Together they hold less than 1.2% of Strategy's amount. On a simple calculation, all four stocks cost less than their bitcoin (as of Nov 13, 2026).

You want to hold bitcoin through a stock, but preferably in euros, on a European exchange and without a US account. Then you end up with names like Capital B, H100 or BTC AB. Bitcoin treasury in Europe means a few small companies, each with its own financing and its own catches. Here you'll see what is in each stock, who has a claim on the bitcoin before you, and why they trade below their bitcoin value.

Which bitcoin treasury companies are there in Europe?

A bitcoin treasury company raises money through stocks, bonds or preferred stock and buys bitcoin with it. The goal is more bitcoin per share. How the model works in general is explained in the overview Bitcoin treasury companies.

In Europe there are four companies of this kind with significant holdings:

Source: the companies' latest announcements. Live figures and all 59 tracked holders in the treasury overview.

There is no listed treasury company from Germany, Austria or Switzerland among them. Switzerland still appears: Capital B has its bitcoin held in custody by Swissquote, using technology from the Geneva firm Taurus.

Capital B: Europe's first bitcoin treasury stock

Capital B used to be called The Blockchain Group and is based in Puteaux near Paris. The company advises businesses on data, AI and software, with €5.8 million in revenue in the first half of 2026. On Nov 5, 2024 it bought its first 15 bitcoin, and since then it has called itself "Europe's first Bitcoin Treasury Company".

The big purchases came in 2025: 580 BTC in March, 624 BTC in June, 551 BTC in September. Today Capital B holds 3’550 BTC and paid an average of €87’746 per bitcoin for them (as of Nov 10, 2026). At today's price, the holdings are about 28% below cost.

Capital B paid for the bitcoin in three ways:

1. Convertible bonds denominated in bitcoin. Blockstream Capital Partners, Adam Back, TOBAM and Moonlight Capital lent Capital B money, interest-free, due in 2030. The debt is measured in bitcoin: 821 BTC are outstanding. The creditors can convert into shares instead, at prices between €7.07 and €38.09.
2. Ongoing share sales to TOBAM. The Paris asset manager buys new shares at no less than the last closing price. Most recently, 147’176 shares at €5.90, 3.6% above the market price.
3. Shares with warrants. Anyone who subscribed to new shares received warrants with them. If all are exercised, up to 32.7 million shares will be added at prices from €7.50 to €14.60.

Blockstream Capital Partners and Adam Back together own a little over 36% of the shares. In September 2026, Capital B merged every ten old shares into one new one. All prices in this article are adjusted accordingly.

Rule of thumb: Because Capital B measures its debt in bitcoin, about 2’729 of the 3’550 BTC belong to the shareholders wherever the price stands, as long as the creditors don't convert into shares. A price drop hits them no harder than it hits you with bitcoin held directly.

H100: bitcoin swapped for shares

H100 Group is a small health technology company from Stockholm. Until April 2025 the stock was called "EBLITZ"; in the second quarter of 2026 the business made SEK 2.9 million in revenue. Since 2025 H100 has pursued a bitcoin strategy, calls itself the first and largest in the Nordic countries, and held 1’051 BTC at the end of June 2026.

On Aug 10, 2026, its holdings tripled in one go. H100 took over the Norwegian companies Moonshot and PDI with 2’455 BTC and paid only with new shares: 790.5 million of them at SEK 1.86. Bitcoin was swapped for bitcoin at 1.0× mNAV, so the bitcoin per share stayed the same.

The price of this: the main seller, Geir Harald Hansen, has since held 69.2% of the shares and controls the company. On top of that comes a convertible bond from 2025 of SEK 219.8 million (€19.9 million). On paper it converts at SEK 8.48 per share, a multiple of today's price of about SEK 1.53.

From Dec 5, 2026, Swedish companies on growth markets such as NGM may buy back their own shares. H100 calls this an option at prices below bitcoin value; nothing has been decided.

BTC AB: small, debt-free, with a preferred stock

B Treasury Capital AB, BTC AB for short, was founded in Stockholm in April 2025 and listed on Jul 8, 2025 with 147 BTC and no debt. It has no other business. The CEO is Christoffer De Geer. Today BTC AB holds 174 BTC, bought at an average of $106’104 per bitcoin (as of Sep 30, 2026). The company has not bought any bitcoin since August.

Three things set BTC AB apart:

• The preferred stock BTC PREF A. Listed since Jul 20, 2026, 162’425 shares. It pays SEK 1 per share every month, 10% a year on the issue price of SEK 120. At a price of SEK 139 that is 8.6% (as of Sep 30, 2026). BTC AB calls it Europe's first listed bitcoin preferred stock.
• Buyback below value. In October 2026, BTC AB bought back 4.9% of its own shares, 28% below their net asset value and paid for in cash. As a result, the bitcoin per share rose by 5.2%. When the price is below bitcoin value, a buyback works exactly the opposite way to issuing new shares.
• Founders only earn with more bitcoin per share. The founders hold special shares that convert into ordinary shares only if bitcoin per share has risen in the quarter.

The bitcoin are held unpledged in cold storage. Their value covers the preferred stock about 6.3 times. What this coverage means for investors in the preferred stock is explained in the article Effective yield, BTC coverage and "BTC price at 1×".

The Smarter Web Company: the British counterpart

The Smarter Web Company is a web agency from Bristol with 2’850 BTC, financed through new shares, a loan from Coinbase with bitcoin as collateral and the preferred stock MORE with a weekly dividend. The loan and MORE together make up 18% of the bitcoin value. All the details are in the profile of The Smarter Web Company stock.

Bitcoin treasury in Europe compared

The table shows how much bitcoin you get per share and what you pay for it. The simple mNAV divides market value by the value of the bitcoin. The net mNAV first deducts what is owed to creditors and preferred shareholders. What both figures mean is explained in the article mNAV explained.

Prices of Nov 12, 2026 (BTC AB: Nov 10, 2026, H100: Frankfurt Stock Exchange), bitcoin €63’501 on Nov 13, 2026. Holdings and debt per the companies' latest announcements.

The table shows that the simple mNAV can mislead. At 0.94×, Capital B looks cheap. But because 821 of the 3’550 bitcoin are owed to creditors, you pay 1.22× net for the rest. At H100 the discount remains even on a net basis, but there a single shareholder calls the shots.

How have the stocks performed?

All four stocks traded at high premiums in summer 2025. Since then they have fallen far more than bitcoin.

Closing prices from Yahoo Finance (ALCPB.PA, BTC-B.ST, GS9.F, BTC-EUR), Capital B adjusted for the share consolidation; Smarter Web from its exchange announcements. Price today: Nov 12, 2026, BTC AB Nov 10, 2026.

Most of the loss came not from bitcoin but from the vanished premium. According to the Power Law model, bitcoin stood at 0.65 times its trend on Nov 13, 2026, in the Accumulation zone and just under 5% above the floor of €60’575 (CHF 55’923). How the model calculates is in the methodology.

What happens if bitcoin falls?

Debt and preferred stock in euros, kronor or pounds stay the same wherever bitcoin stands. Every price move therefore hits shareholders in amplified form. Capital B is the exception: its debt is denominated in bitcoin and shrinks in value along with it.

Change in the net bitcoin value belonging to shareholders. Starting point €63’501 on Nov 13, 2026, debt and preferred capital as in the comparison table.

The leverage is small for all four compared with Strategy or Metaplanet. Where the floor lies on a given day you can work out in the floor calculator. The floor is a model value, not a guarantee.

Worked example: €10’000 or CHF 10’000

On top of that come costs you don't have when buying directly: foreign trading fees, exchange rates for kronor and pounds, and a wide spread between bid and ask. On some days BTC AB barely trades, and the H100 stock in Frankfurt often not at all.

The risks of European treasury stocks

For investors in Germany, the tax difference is often the biggest drawback. Price gains on stocks always incur about 26% Abgeltungsteuer including the solidarity surcharge. Bitcoin held directly can be sold tax-free after one year (as of 2026). In Austria both cost 27.5%; in Switzerland private capital gains on both are generally tax-free.

European treasury stock or bitcoin directly?

A European treasury stock can suit you if you deliberately want a small company with its own plan, keep the position small and can stomach an 80% decline. That is exactly what all four have gone through since summer 2025. Before buying, you should answer three questions:

1. How many sats are in one share, net? Holdings minus debt and preferred capital, divided by the number of shares.
2. Who can create new shares? Convertible bonds, warrants and ongoing share sales reduce your share.
3. Who decides? A major shareholder can push through plans that are not yours.

For your long-term reserve, bitcoin in your own custody is simpler: no company, no debt, no exchange rate. How the big treasury companies are structured is shown in the profiles Strategy stock (MSTR) and Metaplanet stock. How loans, preferred stock and common stock are stacked is shown by the capital structure on the Digital Credit page.