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The Largest Bitcoin Treasury Companies in Europe

The 10 European-listed companies that hold the most bitcoin on their balance sheets, ranked by BTC held. France’s Capital B, Sweden’s H100 and the UK’s Smarter Web Company hold far more than the rest.

Data as of · each company’s latest disclosed count, dated in the table (most from August to October 2026; two at June 30, 2026)

Capital B presentation at the Bitcoin for Corporations 2026 conference
Pictured: Capital B, #1 with 3,538 BTC, presenting at the Bitcoin for Corporations 2026 conference.
The Largest Bitcoin Treasury Companies in Europe, data as of 2026-10-13
Rank Company Country Exchange BTC held As of Source
1 Capital B (ALCPB) France Euronext Growth Paris 3,538 Sep 28, 2026 1
2 H100 Group (H100) Sweden NGM Nordic SME 3,506.4 Aug 10, 2026 2
3 The Smarter Web Company (SWC) United Kingdom LSE Main Market 2,747 Sep 30, 2026 3
4 3U Holding (UUU) Germany Xetra 427.1 Oct 1, 2026 4
5 Phoenix Digital Assets (PNIX) Gibraltar Aquis 243.96 Jun 30, 2026 5
6 Coinsilium Group (COIN) Gibraltar Aquis 182 Jun 30, 2026 6
7 B Treasury Capital (BTC B) Sweden Spotlight 174 Sep 25, 2026 7
8 B HODL (HODL) United Kingdom Aquis 167.487 Sep 3, 2026 8
9 Vaultz Capital (V3TC) United Kingdom Aquis 86 Oct 1, 2026 9
10 Connecting Excellence Group (XCE) United Kingdom Aquis 81.157 Oct 5, 2026 10

BTC held = bitcoin on the company’s own balance sheet, including subsidiaries (Capital B Luxembourg, H100’s acquired subsidiaries, Coinsilium’s Forza, and the 8.216 BTC held by subsidiaries Connecting Excellence just bought), as stated in its latest disclosure; Smarter Web’s total includes bitcoin pledged against a loan. Each figure is dated in the As of column. Europe = companies listed and headquartered in Europe, including the UK and Gibraltar. Not ranked: Bitcoin Group SE (Germany), whose half-year report gives its bitcoin only as a euro value, not a coin count; Treasury B.V. (Netherlands), not yet listed; Sequans (France), which sold its remaining 314 BTC in September 2026; Aker (Norway), which reports its holding only in kroner; ETP issuers such as CoinShares and 21Shares, whose bitcoin backs customer products; and Stack BTC (UK), whose latest count is from April 2026.

The top 8

Europe’s bitcoin treasury companies are much smaller than America’s: the ten here hold about 11,153 BTC between them, and the top three hold 88% of that. Most are listed on growth markets such as Euronext Growth, Sweden’s NGM and Spotlight, and London’s Aquis exchange. The worldwide ranking is in the largest public bitcoin treasury companies.

#1

Capital B ALCPB

3,538 BTC

Paris-listed Capital B, formerly The Blockchain Group, says it adopted a “Bitcoin Standard” on November 5, 2024, and calls itself Europe’s first bitcoin treasury company.11 On September 28, 2026 it reported 3,538 BTC, held with its subsidiary Capital B Luxembourg, bought for €310.6 million at an average of €87,805 each.1 It reports a “BTC Yield”, its own measure of bitcoin per share growth: 2.20% so far in 2026, per the same release.1

#2

H100 Group H100

3,506.4 BTC

Sweden’s H100 is only 31.6 BTC behind Capital B. It tripled its holdings in August 2026 by buying another company’s bitcoin with new shares, at 1.0× mNAV (market value divided by the value of the bitcoin held), with no cash paid. It says that was “the world’s first Bitcoin-for-Bitcoin M&A transaction in public markets.”2 It now calls itself “the first and largest listed Bitcoin treasury company in the Nordics, with 3,506 bitcoin”.12

#3

The Smarter Web Company SWC

2,747 BTC

The UK’s largest saw its holdings fall last quarter, from 2,878 BTC at June 30 to 2,747 at September 30, 2026.3 It sold 177.89 BTC to repay a convertible instrument early. A convertible is debt the lender can swap for shares. Part of its bitcoin is pledged against a Coinbase loan. It has also launched MORE, which it calls the UK’s first sterling, Main Market-listed perpetual preferred share from a bitcoin treasury company.3

#4

3U Holding UUU

427.1 BTC

A German conglomerate with telecoms, renewable energy and heating businesses, 3U holds 427.1 BTC as a store for surplus cash. It says this makes it one of the first European companies to use bitcoin that way.4 The count was the same at June 30, when it was carried at €21.9 million.13

#5

Phoenix Digital Assets PNIX

243.96 BTC

Phoenix held 243.96 BTC at June 30, 2026, alongside 64,038 HYPE tokens. Its parent moved from the UK to Gibraltar in January 2026.5

#6

Coinsilium Group COIN

182 BTC

Coinsilium held 182 BTC at June 30, 2026, through a wholly owned subsidiary, Forza (Gibraltar) Limited.6

#7

B Treasury Capital BTC B

174 BTC

Sweden’s B Treasury Capital reported 174 BTC (it rounds to whole coins) on September 25, 2026, when it bought back about 5% of its B shares at a 28% discount to their net asset value.7 It also pays a monthly dividend on listed preference shares; see bitcoin-backed preferred stocks.

#8

B HODL HODL

167.487 BTC

B HODL calls itself the first British company founded to buy, hold, deploy and compound bitcoin. On September 3, 2026 it held 167.487 BTC, bought at an average of £81,673 each, funded partly by at-the-market share sales (selling new shares gradually on the exchange).8

Sources

  1. Capital B, Capital B press release via Euronext, Sept 28, 2026.
  2. H100 Group, H100 press release via MFN, Aug 10, 2026.
  3. The Smarter Web Company, Quarterly Investor Update (RNS), Oct 1, 2026.
  4. 3U Holding, 3U Holding Bitcoin factsheet (IR page), Oct 2026; H1 2026 release Aug 13, 2026.
  5. Phoenix Digital Assets, Half-year Financial Report (RNS), Sept 30, 2026.
  6. Coinsilium Group, Unaudited consolidated interim results (EQS via Investegate), Sept 2026.
  7. B Treasury Capital (BTC AB), BTC AB press release via MFN, Sept 25, 2026.
  8. B HODL, Bitcoin Purchase, ATM 2 Completion & ATM 3 Launch (RNS), Sept 3, 2026.
  9. Vaultz Capital, £3m investment in AI infrastructure technology (RNS), Oct 2, 2026.
  10. Connecting Excellence Group (XCE), Completion of James Gray Recruitment acquisition (RNS), Oct 5, 2026.
  11. Capital B, “Who we are”.
  12. H100 Group AB, bulletin from the extraordinary general meeting, 2026-10-13, via MFN.
  13. 3U Holding AG, half-year 2026 results, 2026-08-13, via pressetext.

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