EU Corporations Go Full Bull: Refine Group Secures $475K to Stack Bitcoin Treasuries
European institutions are loading up on BTC—and Refine Group just joined the frenzy with a $475K buy-in. Move over, gold. The digital hard asset era is here.
Why the rush? Institutions finally woke up to Bitcoin's scarcity play. While traditional finance still debates 'store of value' theories, pragmatists are accumulating. No committees, no yield-chasing—just pure, unforgeable scarcity.
The irony? Banks still charge clients 2% custody fees for this self-custodied asset. Some things never change.
Bitcoin on balance sheets
From Europe to North America and Asia, the list of firms adding Bitcoin to their treasuries has significantly grown over the past months.
In the EU alone, more than five firms, including France-based The Blockchain Group, the UK’s Smarter Web Company, Sweden’s Fragbite Group, and Germany’s Advanced Bitcoin Technologies AG, have recently unveiled BTC-focused treasury strategies.
Globally, 35 public companies now hold over 1,000 BTC as of Q3 2025, according to Fidelity Digital Assets.
The number of public companies that hold 1,000+ BTC continues to grow, potentially signaling heightened institutional interest in bitcoin.
Analyst Zack Wainwright on our team has been tracking this closely, particularly the companies holding 1,000 BTC or more.
We have gone from… pic.twitter.com/lLXWra5kMq
This class of investors collectively hold over 900,000 BTC, and have become one of the major forces in the asset’s latest rally. But as the appeal grows, so does the list of risks.
What could go wrong?
Tying company funds to Bitcoin is innovative, especially as years of strong price performance have made the asset’s treasury potential clear. But this move also opens the door to serious volatility and operational risks.
The crypto market is highly volatile, and even with BTC now sitting in the $110,000-$120,000 range, price swings remain a risk. A 10–20% drawdown could wipe millions off corporate balance sheets overnight, instantly devaluing their treasuries and affecting earnings.
Regulatory uncertainty is another challenge. While the US is seeing more clarity, Europe isn’t quite there yet. MiCA rules are in effect, but how they’re enforced still varies across countries, and that could create additional hurdles for firms managing a digital asset-focused treasury.
FOMO-driven accumulation could backfire if firms rush in without a clear strategy. For companies with limited experience in digital assets, poor timing or execution could result in major losses, highlighting the need for a deliberate and well-informed approach.
