Paris-based asset management firm Melanion Capital has launched a new strategic initiative to establish the first regulated private bitcoin treasury model in Europe. The company plans to raise €50million to allocate to Bitcoin on its own balance sheet, in a move it says will serve as a proof-of-concept for other private companies.
The firm’s ‘Bitcoin Treasury Operated Company’ (BTOC) model is designed to provide a framework for private companies to add bitcoin to their corporate treasuries. The move comes as public companies, including those outside the crypto space, have increasingly allocated a portion of their cash reserves to the digital currency.
A private company model for treasury management
Melanion says its private structure offers greater flexibility to navigate volatility, structure deals, and manage liquidity compared to public company treasury models. By implementing the strategy on its own balance sheet first, the firm aims to demonstrate a sustainable bitcoin treasury model before offering the framework to other private businesses.
“Melanion was founded as a forward-thinking asset manager with traditional roots,” said Jad Comair, founder and CEO of Melanion Capital. “In time, it became clear that Bitcoin represents not just an asset, but a destination as the long-term anchor of capital preservation and growth, especially for Bitcoin treasuries. Our pivot to a regulated treasury is a commitment to that belief: that we can overperform on an asset which is already successful and make this model available for other private businesses to follow.”
An active approach to treasury management
The firm’s strategy is not a passive one. Melanion plans to engineer alpha on top of its bitcoin exposure through advanced capital structuring, treasury optimisation, and liquidity design. The goal is to deliver enhanced performance beyond bitcoin’s own price cycles.
“By anchoring our own treasury in Bitcoin, we demonstrate its potential role as a superior long-term store of value,” said Paul Dalziel, head of bitcoin treasury strategy at Melanion Capital. “But our ambition is larger, as we hope to show how private companies can compound that exposure, turning Bitcoin from a defensive allocation into a source of active outperformance.”
The planned €50million capital raise, which will be dedicated entirely to bitcoin allocation, represents one of the largest private treasury commitments to the digital asset in Europe.
This new initiative builds on the firm’s previous work in bridging traditional and decentralised finance. In 2021, Melanion Capital launched Europe’s first UCITS-compliant Bitcoin thematic ETF. The company views its private treasury model as an actionable playbook for other businesses to follow.
“Our long-run vision is simple and we mean to lead by example,” added Comair. “Every company will one day become a Bitcoin treasury company, and our strategy will help them achieve that.”
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