European companies exploring Bitcoin treasury strategies are unlikely to replicate the playbook pioneered by Michael Saylor's Strategy, according to industry executives. They cited structural differences between US and European capital markets, including constraints on issuing financial instruments in Europe and the US, as the model is difficult to replicate. Thomas Vogel, a partner in the Paris and Frankfurt offices of Latham & Watkins, said that European firms are instead looking to local market infrastructure, including French public markets and Luxembourg-based structures, for capital tied to Bitcoin exposure. This suggests that Europe's Bitcoin treasury model will evolve as a local adaptation rather than a direct copy of Strategy's US playbook.