Bitcoin as Corporate Treasury Strategy: The Rise of Institutional Adoption in Europe

In the past year, Bitcoin has transitioned from a speculative asset to a strategic reserve for corporations and institutional investors. This shift is particularly pronounced in Europe, where regulatory clarity, technological innovation, and macroeconomic pressures are converging to make Bitcoin a core component of corporate treasury management. A case study in this evolution is Capital B (ticker: ALTBG), a publicly traded Bitcoin Treasury Company listed on Euronext Growth Paris. Its recent €10.3 million fundraising—structured through two distinct capital increases—offers a window into how institutional adoption of Bitcoin is accelerating, and how it aligns with broader trends in stablecoin infrastructure, real-world asset (RWA) tokenization, and decentralized finance (DeFi).

Capital B's Fundraising: A Blueprint for Institutional Allocation

Capital B's fundraising in July 2025 was split into two key components:
1. A €1.6 million ATM-type capital increase with TOBAM, where 385,150 new shares were issued at an average price of €4.1039, a 16.8% premium to the closing price.
2. An €8.7 million reserved capital increase by Peak Hodl Ltd, involving 2.5 million shares at €3.4693, a 6.7% premium.

The funds are earmarked to acquire approximately 120 additional BTC, bringing the company's total holdings to 2,075 BTC. This move is part of Capital B's long-term strategy to increase Bitcoin per share on a fully diluted basis, a model that mirrors the “Bitcoin standard” adopted by companies like MicroStrategy and Metaplanet. The company's equity per share rose from €0.45 to €0.51 (undiluted) and from €0.62 to €0.64 (fully diluted), reflecting the growing value of its Bitcoin holdings.

Importantly, the Peak Hodl deal includes a clause enabling Bitcoin-native tokenization of Capital B's shares via the Stokr platform. This bridges the gap between traditional equity markets and blockchain-based assets, a move that could attract institutional investors seeking hybrid exposure to both equities and Bitcoin.

Macro Shifts: Stablecoins, RWA, and DeFi as Enablers

The institutional adoption of Bitcoin is not occurring in isolation. Three macro trends are amplifying its appeal:

1. Stablecoin Infrastructure:
   Stablecoins like EURT and USDC are becoming the backbone of Bitcoin transactions, offering liquidity and reducing counterparty risk. For example, the Tether EU (TEU) has gained traction in the EU post-MiCA, enabling seamless Bitcoin settlement. This infrastructure lowers the barrier for corporations to hold Bitcoin while maintaining operational cash flow.

2. Real-World Asset (RWA) Tokenization:
   RWA platforms are tokenizing assets like real estate and art, creating a parallel for Bitcoin's integration into traditional portfolios. Capital B's tokenization plans align with this trend, as institutions increasingly seek to diversify into digital representations of tangible assets.

3. DeFi's Maturation:
   DeFi protocols now offer yield-generating opportunities for Bitcoin holders. Platforms like Lido and Compound allow institutions to earn interest on their BTC holdings, transforming Bitcoin from a “store of value” into a “source of value.” This is critical for corporations balancing treasury returns with risk management.

The European Angle: Regulatory Tailwinds and Sovereign Adoption

Europe's regulatory environment, particularly the MiCA framework, is a key driver of institutional adoption. By providing a clear legal framework for digital assets, MiCA has spurred sovereign entities and pension funds to allocate capital to Bitcoin. For instance, the European Investment Bank (EIB) has explored Bitcoin as a hedge against inflation, while countries like Germany and the Netherlands are piloting Bitcoin reserves.

Meanwhile, stablecoin issuance in the EU has surged, with projects like Diem (formerly Libra) and Bitstamp's EURT gaining traction. This infrastructure supports Bitcoin's use as a corporate asset, enabling instant cross-border settlements and reducing exposure to fiat volatility.

Investment Implications: Positioning for the Bitcoin Era

For investors, the rise of Bitcoin as a corporate treasury asset presents two opportunities:
1. Direct Exposure: Spot Bitcoin ETFs and ETPs (e.g., BITK, BTCX) offer regulated, cost-efficient access to Bitcoin.
2. Indirect Exposure: Companies like Capital B, which combine Bitcoin holdings with tokenization and DeFi integration, provide a hybrid play on the asset's growth.

Capital B's stock, for instance, has shown a strong correlation with Bitcoin's price but with lower volatility, making it an attractive option for risk-averse investors. The company's tokenization plans could further enhance liquidity, appealing to institutional buyers.

Conclusion: A New Paradigm for Institutional Portfolios

Bitcoin's adoption by corporations and institutions is no longer a niche phenomenon. As seen with Capital B's fundraising, the integration of Bitcoin into treasuries is being driven by regulatory clarity, technological innovation, and macroeconomic imperatives. The alignment with stablecoin infrastructure, RWA tokenization, and DeFi is creating a self-reinforcing cycle of adoption, where Bitcoin becomes both a reserve asset and a tool for yield generation.

For investors, the message is clear: Bitcoin is no longer a speculative bet. It is a strategic allocation for the digital age, and the companies building the infrastructure to support it—like Capital B—are positioned to capture its upside.

Investment Advice:
- Long-term investors should consider allocating a portion of their portfolios to Bitcoin ETFs or companies with Bitcoin treasury strategies.
- Active traders may benefit from monitoring Capital B's stock as a proxy for Bitcoin's institutional adoption, particularly ahead of tokenization announcements.
- Skeptics should note that Bitcoin's role in corporate treasuries is still in its early stages, but the pace of adoption suggests a structural shift rather than a short-term trend.

As Europe leads the charge in institutional Bitcoin adoption, the next phase of the crypto market's evolution is not about speculation—it's about integration.