According to industry executives, European companies are unlikely to simply replicate the U.S. strategy pioneered by Michael Saylor when exploring Bitcoin financial strategies. This is due to structural differences between the capital markets in the U.S. and Europe.
Vogel noted, “The constraints you face when issuing convertible bonds in the U.S. are completely different from those when issuing on the balance sheet in France or other European countries.” He mentioned that differences in market depth, regulatory environment, and investor behavior mean that Europe's Bitcoin financial model is more likely to be a localized adaptation rather than a direct imitation of the U.S. strategy.
Panel discussion on Bitcoin financial models at Paris Blockchain Week. Source: Paris Blockchain Week
Despite an increasing number of European listed companies beginning to hold Bitcoin on their balance sheets, the market still exhibits a fragmented characteristic among small and medium-sized enterprises.