Europe has 34 listed companies with Bitcoin on the balance sheet, and between them they hold 11,166 BTC. That second number is the surprising one: it works out to 0.9% of the 1,298,819 BTC held by the 179 companies in the global census, while the United States accounts for 87.1%. It is also well below the figure in circulation, since public aggregators credit Europe with around 16,800 BTC, some 56% more.
This census does not come from an aggregator. Every material position here is checked against the company's own regulatory filing, annual report or press release, with its date attached. Where the public number is wrong, we say so and link the source. Data as of October 20, 2026.
How many bitcoin treasury companies are there in Europe
34 companies across eleven jurisdictions, holding 11,166 BTC in total. For scale: that is less than Strategy bought in a single week of 2024, and under 1.3% of its current 848,517 BTC.
Europe does carry weight in company count, since 34 out of 179 is almost one in five. On the balance sheet it does not. The average European position is around 316 BTC. Only five companies on the continent hold more than 500 BTC, and those five account for 77% of Europe's Bitcoin. Below them sits a tail of thirty listed companies whose positions often fall short of 50 BTC: amounts that move neither a balance sheet nor a shareholder, but that are enough to appear on a list.
Why this census does not match the aggregators
The dataset behind SatsIntel refreshes daily and works well for the large US and Asian treasuries, where filings are frequent and uniform. In Europe it breaks down. These are micro-caps reporting on growth markets, AIM, Aquis, NGM Nordic SME, Euronext Growth and BME Growth, on different schedules, in different languages, with no common format. The result is that aggregators carry year-old figures forward as though they were current.
That is why, since August 2026, this site applies a manual correction layer on top of the automated data: a list of positions verified against a primary source, each with the document's date, which overrides the aggregator wherever the two disagree. Eight of the fifteen material European positions we reviewed failed verification. The total excess came to 6,060 BTC.
Here are the discrepancies, one by one:
Sequans (SQNS, France), aggregator says 658 BTC, the company reports 314. In its preliminary second-quarter 2026 results the company confirms it sold more than half its position to meet financial obligations. In practice the treasury strategy has been abandoned.
Bitcoin Group SE (ADE, Germany), aggregator says 3,605 BTC, the company discloses no units. Its 2025 annual report puts own cryptocurrency holdings at around 293.3 million euros, a line item that also includes Ether. The 3,605 BTC figure appears in no company document. This is the largest single correction in the census and on its own accounts for more than half the excess.
Treasury B.V. (Netherlands), aggregator credits it with 1,111 BTC, it is not listed yet. The project, backed by Winklevoss Capital and Nakamoto Holdings, announced in September 2025 a listing on Euronext Amsterdam under the ticker TRSR via reverse merger. As of today the transaction is still awaiting a shareholder vote and regulatory clearance. A company that is not listed is not a listed treasury, so it stays out of the census, and the Netherlands drops off the European map as a result.
Phoenix Digital Assets (PNIX, Gibraltar), aggregator says 247 BTC and places it in the UK. Its most recent announcement carrying a position reports 99 BTC as of 30 June 2025, and the company is Gibraltarian rather than British. We correct both and flag the figure as stale: nothing has been published for over a year.
Satsuma Technology (SATS, UK), 668 BTC as of June 30, 2026, but in liquidation. The July 2026 monthly fact pack confirms the position. The figure is right. What no aggregator flags is that the company is in liquidation, which gives that Bitcoin an expiry date as a corporate position.
CoinShares (Jersey), aggregator says 236 BTC, the company discloses no own units. CoinShares manages third-party product and does not break out an own-balance BTC figure in units. It also delisted from Nasdaq Stockholm on 1 April 2026 and now trades on Nasdaq in the United States as CSHR, which in many aggregators still counts it as a Swedish company.
K33 (K33.ST), aggregator places it in Norway, it trades in Sweden. Its first-quarter 2026 report reports 167.5 BTC. K33 AB is a Swedish company listed on Nasdaq First North Stockholm.
Vanadi (VANA, Spain), aggregator says 213 BTC, the company reports 223. This is the only upward correction in the census, and the only one affecting Spain.
There is a ninth discrepancy that is not a dataset error but an ecosystem one. The Smarter Web Company still appears in several specialist outlets with 7,500 BTC, nearly triple its real position. The company confirmed in July 2026 the sale of 177.89 BTC to repay its convertible instrument, leaving the position at 2,747 BTC as of July 23, 2026. Our dataset already had it right. We note it because it is the most repeated European error.
Country by country
Breakdown as of October 20, 2026, with the corrections already applied.
United Kingdom, 10 companies, 3,960 BTC. The European country with the most treasuries and also the most lopsided: Smarter Web and Satsuma take 86% of the total, and the other eight, B HODLHODLThe strategy of holding Bitcoin long term without selling, regardless of price.View term →, Vaultz Capital, London Bitcoin Company, Stack BTC, XCE, Falconedge, Blue Star Capital and Tap Global, split the rest between AIM and Aquis. It is the most mature European ecosystem and at the same time the one most crowded with token positions.
France, 3 companies, 3,839 BTC. Almost all of it is Capital B (3,525 BTC). Sequans contributes 314 after its disposal, and Crypto Blockchain Industries discloses no units. France is the only European country with a pure-play treasuryPure-Play TreasuryA listed company whose single, central thesis is accumulating Bitcoin on its balance sheet.View term → of recognisable size.
Sweden, 7 companies, 1,444 BTC. The European market with the most relative depth: H100 Group (1,051 BTC), B Treasury Capital (172), K33 (167.5), and then Fragbite, Goobit, Refine Group and GreenMerc with smaller positions. Nasdaq First North and NGM Nordic SME have been the most receptive markets on the continent.
Norway, 4 companies, 810 BTC. Aker ASA, through its Seetee subsidiary, is the big name with 754 BTC, though its last published figure dates from mid-2025. ACE Digital, Norwegian Block Exchange and Green Minerals complete the list.
Germany, 3 companies, 427 BTC counted. All of the verifiable balance belongs to 3U HOLDING AG, which publishes its position on its own website and updates it regularly: 427.1 BTC as of 1 August 2026. Bitcoin Group SE and aifinyo hold Bitcoin but disclose no units, so they count as companies and contribute zero to the aggregate.
Gibraltar, 2 companies, 281 BTC. Coinsilium (182 BTC at the 2025 year end) and Phoenix Digital Assets (99). Both trade on Aquis in London, but both are Gibraltar companies.
Spain, 1 company, 223 BTC. Vanadi Coffee, on BME Growth. That is the whole of it.
Poland, 1 company, 138 BTC. BTCS S.A., listed in Warsaw.
Cyprus, 1 company, 44 BTC. Robin Energy, a Cyprus-flagged shipping company listed on Nasdaq.
Malta and Jersey, one company each, zero BTC counted. Samara Asset Group and CoinShares hold Bitcoin exposure but disclose no own units, so they count as companies without adding to the aggregate.
Europe's largest positions
Ranked by verified BTC. Each one links to the document behind the figure.
1. Capital B (ALCPB.PA, France), 3,525 BTC. The only pure-play European treasury with scale. It buys almost daily and publishes every transaction: its 3 August 2026 release puts the position at 3,140 BTC with a BTC YieldBTC YieldTreasury performance metric: the change in BTC per fully diluted share.View term → of 2.13%. It is the European company closest to the Strategy model and the only one with its own profile and daily tracking in the treasury directory.
2. The Smarter Web Company (SWC.L, UK), 2,747 BTC. A British digital agency turned treasury companyCorporate TreasuryA company that adopts Bitcoin as a primary or significant balance-sheet asset.View term →, listed on the London Stock Exchange main market since February 2026. It sold 177.89 BTC in July to repay convertible debtConvertible DebtA bond that can be converted into common shares under certain conditions.View term →, per its July 23, 2026 announcement. It remains the second largest position on the continent and the largest in the UK.
3. H100 Group AB (Sweden), 1,051 BTC. Listed on NGM Nordic SME. Its February 2026 note confirms 1,051 BTC. The company has also announced a binding agreement that would take it to around 3,500 BTC if it closes, making it the clearest candidate to reshuffle the European ranking over the next few quarters.
4. Aker ASA / Seetee (Norway), 754 BTC. The Norwegian industrial conglomerate has held its Bitcoin in the Seetee subsidiary since 2021. Its latest published figure is the one in the second-quarter 2025 shareholder letter. We flag the figure as stale on age: it is correct at its date, but it has gone more than a year without a refresh.
5. Satsuma Technology (SATS.L, UK), 668 BTC. Confirmed in its July 2026 fact pack, with the company in liquidation.
6. 3U HOLDING AG (UUU.DE, Germany), 427 BTC. A German industrial holding with a dedicated page for its Bitcoin investment that it updates regularly. Relative to its size, it is the best documented position in Europe.
7. Sequans Communications (SQNS, France), 314 BTC. What is left after selling more than half. It stays in the census because it still holds Bitcoin, with the treasury strategy flagged as abandoned.
8. Vanadi Coffee (VANA.MC, Spain), 223 BTC.
9. Coinsilium Group (COIN.AQ, Gibraltar), 182 BTC.
10. B Treasury Capital AB (Sweden), 172 BTC, followed by K33 with 167.5.
The ones that hold bitcoin without saying how much
Five European companies hold Bitcoin exposure and do not publish the position in units. They count as companies in the census and contribute zero BTC to the aggregate, which is the only honest way to treat them. Inventing a figure for them is what produces the 3,605 phantom BTC of Bitcoin Group SE.
Bitcoin Group SE (ADE.DE, Germany). Publishes the euro value of its own cryptocurrency holdings, around 293.3 million at the 2025 year end including Ether, but not the BTC breakdown.
CoinShares (Jersey). A listed-product manager. It does not break out an own balance in units.
Samara Asset Group (Malta). States that Bitcoin represents around 11% of a GAV of 239.2 million euros. Its last own figure in units, from late 2024, was around 540 BTC.
aifinyo AG (Germany). Presented itself in October 2025 as the first German Bitcoin treasury company with an initial investment of around 3 million euros. It has published no updates in 2026.
Crypto Blockchain Industries (ALCBI.PA, France). Mentions its exposure in investor presentations without breaking out units.
Why Europe weighs so little
The short answer is that in Europe the model has nothing to fund itself with.
There is no equivalent to FASB 350-60. Since 2025, the US accounting standard allows Bitcoin to be carried at fair valueFair ValueAccounting valuation of an asset at real-time market price.View term → with changes flowing through the income statement. Europe applies IAS 38: Bitcoin is an intangible asset recognised at cost and written down only for impairment, unless the company elects the revaluation model, in which case gains go to equity rather than to profit. Translated: a European treasury company can carry a balance sheet full of unrealised gains and still report a loss.
There is no convertible market. The lever that built Strategy, issuing convertible bonds at very low coupons on the back of the share's volatilityVolatilityThe magnitude of the swings in Bitcoin's price over a given period.View term →, requires a deep corporate credit market with appetite for volatility. For micro-caps on European growth markets that market simply does not exist. The alternative several of them are using is borrowing against Bitcoin as collateral, which introduces precisely the forced-liquidation risk the large US treasuries take care to avoid.
The growth markets are small. AIM, Aquis, NGM, Euronext Growth and BME Growth let tiny companies list under light requirements, which is why there are 34 European treasuries at all. It also means none of them can raise the hundreds of millions a material position demands.
European retail access is restricted. The PRIIPs regulation requires a KID in an official language of the investor's country before certain products can be sold, and many US ETFs and vehicles do not produce one. That pushes demand towards treasury shares rather than towards funding them.
How to buy European bitcoin treasury stocks
The practical obstacle is the venue rather than the company. European treasuries trade on markets that most international brokers do not carry: Aquis, NGM Nordic SME and Euronext Growth Paris fall outside the standard offering, and several of the Swedish and Norwegian names are only reachable through a broker with direct Nordic market access.
Two are the exception. Capital B trades on Euronext Paris and The Smarter Web Company on the London Stock Exchange main market, both venues that any broker with European coverage supports. For an investor outside Europe that is effectively the accessible subset of this census, since none of these companies has a US-listed ADR. Investors in the UK have the widest access of anyone, because the ten British names cover AIM and Aquis as well as the main market, though eligibility for tax-advantaged accounts varies by venue and is worth confirming with your broker before buying.
Before buying any of them it helps to understand what you are buying, because the price of a treasury company is not the price of its Bitcoin. The mNAV guide explains how to measure the premium or discount to the value of the reserve, and what a bitcoin treasury company is works through the three business models and their risks. For the mechanics of buying treasury equity, see how to invest in bitcoin treasury stocks. If the goal is European-domiciled exposure without single-company risk, EU bitcoin ETFs covers the products that do publish a KID. And compare runs these names head to head against the large US treasuries and the spot ETFs.
Methodology and limits
The figures in this article come from two layers. The first is the treasury dataset SatsIntel refreshes daily, which supplies the global census, the aggregates and the positions that need no correction. The second is a manual verification list: for every European company with a material position, we look up the latest document published by the company itself, a regulatory filing, annual report, press release or investor relations page, and record the figure, the date and the URL. Where document and dataset disagree, the document wins.
What is verified and what is not. The twelve verified positions, which account for roughly 9,900 of the census's 11,166 BTC, are checked against a primary source. The remaining 8%, around 836 BTC spread across 17 companies, none above 160 BTC, comes from the automated dataset and has not been checked document by document. That tail is too long and too small to review in full, and we would rather say so than pretend the census is closed.
What is excluded. Companies announced but not yet listed, such as Treasury B.V. Private companies with no disclosure obligation, such as Standard 21 in Spain. And European miners that retain production without declaring a treasury position.
This census fossilises. Every verified figure carries its date because verification expires: a company that buys next week disproves today's number. We review this list every three to six months and update the article date. If you find a stale position together with a document that contradicts it, that is exactly the kind of correction we want to receive.
Data as of October 20, 2026. Every corrected figure links to its primary source in the text above. SatsIntel is an information service: nothing above is financial advice or an investment recommendation.
