A raz of bitcoin tidal up spills into the cash flows of companies. Things finally seem to settle in France.
In short
- Two French companies adopt the Bitcoin strategy and rise to the top of the top 100.
- The “Bitcoin Treasury Companies” offer an alternative to financial institutions not having the right to invest directly in Bitcoin.
- Companies are about to double their investments in Bitcoin ($ 67 billion) compared to 2024.
Two representatives in the top 100
We have written little recently that we have been witnessing a rush of institutional ones on Bitcoin in recent times. Two French companies are now part of the Top 100.
Sequans Arrives in twenty-fourth position with 3,205 BTC (306 million euros) in cash. Capital B is placed in twenty-eighth position with 2 201 BTC (193 million euros).
It is little compared to American companies which represent 36 % of the Top 100 with hundreds of thousands of BTCs in reserve. Nevertheless, things are decided thanks to Capital B. His CEO Alexandre Laizet set out to popularize the Bitcoin strategy in France:
We have observed a real rush since last year. Japan, Canada, England, China, Sweden, Norway, United Arab Emirates, Singapore, Spain, Germany. Companies in around twenty countries have taken the plunge.
According to a report published by River, they have already invested $ 43.5 billion in Bitcoin in 2025, against 31 billion for the whole year 2024. At this rate, we should reach 67 billion this year, an increase of more than 100 % compared to the past year!
In total, companies collectively hold more than 6 % of the total BTC offer, or 1.3 million BTC. It is 21 times more than five years back.
Michael Saylor was the pioneer in the matter, from 2020, by buying for 250 million dollars in bitcoins for his cash. His company Microstrategy (today Strategy) now has more than 638,000 BTC (~ $ 60 billion).
What strategy?
The majority of the 3,000 companies questioned by River consider Bitcoin as a long -term investment. Their strategy is to accumulate it regularly, without intention to sell in the short term. They allocate an average of 22 % of their net income to Bitcoin. A third place there places the majority of their cash.
Those who are called “Bitcoin Treasury Companies” go even beyond. They represent 1/4 of companies, but make 3/4 of BTC purchases. Capital B and Sequans enter this category. They are the second largest group of bitcoin buyers (1,400 BTC per day), shoulder to shoulder with ETF.
The main objective of Bitcoin Treasury Companies is to offer certain investors the possibility of buying BTCs in a diverted manner, via the purchase of their shares or their obligations.
They offer a practical way to obtain an exhibition at the price where the Bitcoin ETF are not available. The reason can also be tax. In Japan, the capital gains tax in the direct Bitcoins sale is greater than that of the sale of shares.
Above all, some investors are not allowed to buy bitcoins directly.
Bitcoin for all financial institutions
Institutional constraints make Direct Bitcoins Difficult Detention for many major investors, whatever they see the BTC with a good eye. The constraints are due to their investment mandates which limit them to specific asset classes.
For example, some funds are limited to obligations. It is then impossible to buy bitcoins directly. However, these funds can invest in obligations issued by Bitcoin Treasury Company, thus taking an upward position on Bitcoin.
Pension funds, which generally take very little risks, can nevertheless invest in the bonds or privileged shares. This approach allows them to benefit from the potential to increase Bitcoin while reducing volatility as well as respecting their investment directives to the letter.
For example, Strategy issues privileged actions which offer fixed dividends, without the right to vote. They are designed to provide an exposure to Bitcoin via its cash from more than 638,000 bitcoins. There is something for everyone. Its various financial products are called Strf, STRC, STRK, STRD, etc.
Strategy has raised more than 11.5 billion dollars since the start of the year via ordinary actions, and 7.8 billion via more exotic financial products that we have just mentioned. So much money immediately used to accumulate more bitcoins.
Bitcoin, the investment thesis
To river, the unique combination of rarity and liquidity of Bitcoin makes it a reliable means to maintain its profits. And all the more so since traditional treasury assets (state obligations, etc.) no longer manage to preserve their value in the face of inflation.
Since 2020, large companies such as Microsoft, Google and Apple have lost tens of billions in purchasing power. These losses would have been fully offset if they had allocated only 1 % of their Bitcoin cash.
River
Traditional approaches (acquisition of shares, acquisitions, strategic investments, etc.) work well during periods of strong economic growth. Except that times change … Physical limits to growth (energy), customs taxes, cold war … Growth continues to weaken decade after decade.
Faced with this reality, the most effective way to strengthen its financial resilience is to have value reserves. Bitcoin appears more and more as a privileged means of maintaining profits. River expects Bitcoin to establish itself as a global reserve currency.
“In the future, each individual will have bitcoin savings and each company will have bitcoins in their balance sheet”can we read in the report.
Your servant is of the same opinion. Knowing that only four S&P 500 companies have embraced Bitcoin. Not to mention that the United States seems about to make BTC their reserve currency. Still Early …
Our article on the subject: The United States is all-in on Bitcoin.
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