This is a trend initiated a few years ago by several companies which chose to integrate crypto-assets into their treasury. This movement gradually opened the way to the emergence of real Bitcoin Treasury Companiesthese companies which assume a strategy of accumulation of Bitcoin, and more rarely of Ether, in a long-term heritage logic. The phenomenon remains limited to date, but it now questions the boundary between financial innovation, model evolution and speculative risk-taking.
A cash flow strategy that changes the nature of the business
A Bitcoin Treasury Company refers to a company that decides to use part of its cash to buy Bitcoin. Once it is listed, this decision leads to an immediate transformation in stock market perception. The company’s title becomes, in fact, correlated to variations in the crypto market. MicroStrategy constitutes the most emblematic example, initially a software publisher, the company is today perceived as a proxy for exposure to Bitcoin, its action mechanically following the BTC cycles. This transformation modifies the relationship with shareholders, complicates fundamental analysis and makes the company incompatible with certain institutional investors, due to a risk profile considered atypical.
A macroeconomic bet before being a management choice
Leaders who adopt this strategy put forward the same diagnosis: lasting inflation, loss of confidence in monetary policies, gradual devaluation of currencies and the need to protect cash flow in an uncertain environment. They view Bitcoin as an alternative monetary asset, based on scarcity and technological neutrality.
However, this positioning is based more on a macroeconomic conviction than on prudent management logic. Bitcoin remains an extremely volatile asset, difficult to integrate into a financial stabilization model. Current accounting rules, particularly under IFRS, can lead to repeated depreciation even when the price recovers. The use of BTC as a store of value remains, moreover, discussed by experts and largely absent from traditional prudential frameworks.
A phenomenon still limited but increasingly visible
Today around fifteen listed companies explicitly claim a Bitcoin accumulation strategy. The landscape is heterogeneous and brings together technology companies seeking to renew their positioning, holding companies undergoing reconversion, structures created specifically to accumulate BTC, as well as entertainment or media players. The appearance of companies like Trump Media & Technology Group in the United States, Metaplanet in Japan or Bitcoin Group SE in Germany attests to international diffusion. However, the whole remains marginal, particularly in Europe where the authorities reiterate the importance of prudent cash management.
Two French initiatives: Bitcoin and Ethereum in cash
France now has two cases which illustrate this repositioning in different ways.
The first concerns Entreparticuliers.com, a real estate platform created in 2000 by Stéphane Romanyszyn. The company announced its intention to become an “Ethereum Treasury Company” by integrating Ether (ETH) into its treasury. The choice of Ether, presented by its president as the central infrastructure of digital finance and the tokenization of real assets, aims to give new impetus to the company by relying on a technology perceived as structuring for decentralized finance. The purchase of Ether will be financed by the contribution of capital from the founder and financial partners. This repositioning, unusual for a listed real estate company, exposes Entreparticuliers to increased volatility and raises the question of the consistency between its existing activity and this new asset orientation.
The second example is that of the transformation of the listed company Tayninh (Euronext Paris: TAYN) into The Bitcoin Society (TBSO). Éric Larchevêque, accompanied by Tony Parker and Nathan Benchimol, unveiled during a very scripted launch, a Bitcoin Treasury Company responsible for accumulating BTC through successive fundraising, and a “Network Society” combining financial education, entrepreneurial community and premium subscription. To date, TBSO does not yet hold any Bitcoin. A first fundraising is planned for early 2026. This initiative constitutes a precedent on a French regulated market, but it also raises questions, in particular due to the recent proliferation of hybrid structures combining investment, influence, training and community, sometimes with limited transparency.
International references: United States and Asia in the lead
On an international scale, the phenomenon is more structured. In the United States, several companies have adopted this model, driven by a more permissive financial environment and the strong participation of individual investors. MicroStrategy remains the benchmark, but other companies such as Trump Media & Technology Group, Semler Scientific, American Bitcoin Corp and ProCap BTC have undertaken a similar repositioning. Some SPAC companies saw it as a way to revive market interest.
In Japan, Metaplanet has established itself as a regional equivalent of MicroStrategy, developing an accumulation strategy considered consistent with the local dynamic of financial innovation. In China, Hong Kong and Korea, several companies are also exploring a mixed allocation, combining Bitcoin, digital assets and crypto diversification.
A strategy set to develop but without guarantee of sustainability
The rise of Bitcoin ETFs could promote gradual standardization and inspire other companies to explore this model. However, the viability of Bitcoin or Ethereum Treasury Companies will depend on several factors: the structural volatility of the assets concerned, regulatory and accounting constraints, strategic coherence between operational activity and asset allocation, as well as investor confidence.
For the moment, these companies remain a hybrid economic object, located on the border between financial innovation and assumed risk-taking. Their credibility will be played out less in the speech than in the execution, matters to be continued.
