Below mNAV: Are EU Bitcoin Companies a BUY?

Hello and welcome to Bitcoin Balance Sheet, the new twice weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

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BitcoinTreasuries Portfolio Tracker

This sample portfolio tracks six listed Bitcoin treasuries across Norway, Germany, France, and Sweden, showing live market value, unrealized P/L, and IRR over the past year. Every position updates in real time so you can watch discounts to mNAV widen or close as catalysts play out.

Build your own basket → Bitcoin Treasuries Portfolio Tool

Select any public company, set your own weights, and benchmark against Bitcoin or major equity indices. Create watchlists, test strategies, and track NAV discounts — all in one dashboard.

The European Discount Anomaly

Across France and Germany, investors have different tax frictions leading to the same trade:

Buy an audited, listed proxy near or below mNAV to (a) capture a pricing edge vs spot BTC, and (b) move into a simpler tax lane (PFU deferral optics in France, progressive-rate avoidance, and record-keeping simplification in Germany).

Still, two of the largest French and German treasuries are trading at a discount to their Bitcoin holdings. Paris-based Sequans holds $389 million in BTC but trades at $284 million. In Germany, Bitcoin Group SE holds $437 million in Bitcoin, but has a $208 million market cap.

Why? For one, narrative and labeling. These companies rarely lead with “Bitcoin wrapper” branding, so analysts are still modeling them as microchips, and exchanges.

Then, there’s flow. Small floats and thin sell-side attention keeps arbitrage screens from forcing parity. And finally, regulation. MiCA phased-in through late 2024 and 2025 improved CASP licensing and disclosure but sentiment still hasn’t caught up.

Once it does, NAV will likely crowd out the ambiguity.

France: Sequans Communications

Paris-based Sequans Communications now sits on 3,205 BTC worth roughly $378 million with an average cost of $116,707 per coin.

Yet its equity trades at a basic market cap near $1 billion and a diluted cap of only $261 million, leaving a confusing picture for anyone trying to pin down valuation.

Using the diluted figure — which captures potential share issuance — the stock changes hands at just 0.69× mNAV, meaning investors are effectively buying Bitcoin exposure at a 31% discount while getting a 5G-chip business “for free.”

France’s tax regime should only sharpen the appeal: direct crypto gains face a 30% flat levy, while equity gains can be deferred and, after holding periods, taxed more lightly.

Buying Sequans stock gives French investors audited Bitcoin exposure and the ability to postpone or reduce their tax bill.

The structural math is straightforward, but the market still treats Sequans as a semiconductor story. Sell-side models focus on its 5G and IoT module pipeline and treat the Bitcoin as a balance-sheet footnote, not the main asset. Thin float and minimal French broker coverage mean NAV screens rarely surface the stock in cross-border arbitrage scans.

Even as MiCA regulation phases in and clarifies licensing, sentiment remains anchored in chips rather than coins.

For now, Sequans trades like a small-cap tech manufacturer that happens to own some Bitcoin, not as a liquid Bitcoin wrapper trading well below its potential value.

Track real-time discounts for Sequans Communications → BitcoinTreasuries

Germany: Bitcoin Group SE

Germany’s Bitcoin Group SE holds 3,605 BTC worth roughly $425 million at current prices, yet the company’s equity trades at a basic market cap of about $232 million and a diluted cap of roughly $234 million.

That leaves the shares at roughly 0.55× mNAV — a near-50% discount to the value of the Bitcoin on its balance sheet.

For German investors who face one of Europe’s most complex tax codes, the pricing gap is striking. Crypto sold inside a year is taxed as ordinary income at rates up to 45%, while equities are generally covered by the Abgeltungsteuerflat regime of roughly 26%.

Buying a listed proxy like Bitcoin Group allows investors to capture a built-in discount to spot BTC while sidestepping the record-keeping burden of the one-year exemption.

Yet the market continues to value the company as a niche exchange operator rather than a liquid Bitcoin wrapper. Through its Bitcoin.de subsidiary, the group runs one of Europe’s largest regulated Bitcoin trading platforms with roughly one million registered users and full BaFin oversight.

That exchange provides recurring revenue and a regulatory moat, but it also introduces operating complexity and competition that keep analysts focused on fee income instead of BTC per share. The small float and thin sell-side coverage further limit the arbitrage screens and cross-border capital that would normally force NAV parity.

Until management foregrounds Bitcoin metrics in earnings materials or MiCA harmonization channels bigger brokerage coverage, Bitcoin Group SE is likely to remain one of Europe’s clearest yet least-arbitraged Bitcoin discounts.

See live mNAV charts for Bitcoin Group SE → BitcoinTreasuries.net

Catalysts for Rerating

The ingredients for a repricing are already in place.

Europe’s Bitcoin treasuries trade at deep discounts not because the math is hidden, but because narrative, coverage, and regulation have yet to catch up.

As soon as any of those frictions give way — whether through clearer rules, louder disclosure, or fresh buying pressure — the gap between market price and Bitcoin value can close far faster than most investors expect.

Here’s what needs to happen:

• Broker coverage and NAV screens. A single research note from a major French or German brokerage highlighting the NAV discount, or the addition of these tickers to widely used NAV, arbitrage screeners, would bring hedge-fund and quant capital that mechanically buys until the gap closes.

• MiCA completion. Full EU implementation of the Markets in Crypto-Assets framework removes the regulatory gray zone that keeps some retail brokers and small institutions on the sidelines. Once custody and disclosure standards are harmonized, risk models can treat these equities like any other regulated financial asset.

• Spot ETF spillover. Continued inflows to U.S. and European spot Bitcoin ETFs increase the pool of investors who understand NAV mechanics and arbitrage opportunities, expanding the audience for listed treasuries trading below the value of their coins.

• Treasury expansion or Bitcoin price surge. Any incremental BTC purchase—or a headline price move above key psychological levels—forces analysts to refresh models and retail traders to notice the embedded leverage. A rising Bitcoin price widens the gap in absolute dollars and makes the discount impossible to ignore.

Each of these levers narrows the information gap that keeps Sequans, and Bitcoin Group SE priced like small-cap industrials instead of tax-advantaged Bitcoin vehicles.

When even one catalyst fires, European NAV discounts can compress quickly, and a Metaplanet-style premium becomes plausible.

Explore the full European Bitcoin treasuries list

Special thanks to our partners:

• Stacking Sats Inc. Founded by veteran Bitcoin advocates, Stacking Sats is a pioneering Bitcoin treasury company built on transparency, integrity, and proof-of-work principles. The firm strategically grows its BTC reserves through equity issuance, debt financing, and steady operating profits from Framework IT, a managed IT and cybersecurity subsidiary generating over 85% recurring revenue from multi-year contracts.

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