We are witnessing the emergence of a new asset class: Bitcoin-native stocks. These are public companies that not only hold Bitcoin but also build their entire balance sheet around it. Capital design is just as important as the amount of BTC on the books.
With the rise of Bitcoin in the global capital markets, Bitcoin treasury companies have emerged. These businesses, such as Strategy (formerly MicroStrategy), Metaplanet, and The Blockchain Group, actively buy Bitcoin as strategic reserve assets and design capital structures to maximize Bitcoin per share.
Legal factors shape capital tools
However, jurisdictions are not the same. Local laws, capital markets, and tax regimes shape the tools these companies can use. This article compares the key jurisdictions – Japan, France, Sweden, the UK, the USA, Canada, and Brazil – highlighting how different environments enable (or restrict) their ability to raise, structure, and grow capital through Bitcoin. This is not just about tax arbitrage, but about understanding structural advantages.
Examples from various countries
Japan: #metaplanet is Japan's leading Bitcoin treasury company, leveraging extremely low interest rates and tax-free investment accounts (NISA) to issue debt at 0% interest and attract retail capital. The absence of a domestic Bitcoin ETF has made Metaplanet an alternative for retail investors.
France: #TheBlockchainGroup (ALTBG) positions its shares to qualify for France's PEA-PME package, providing tax-free returns after five years. ALTBG maintains a low circulating share volume and collaborates with TOBAM to create a long-term shareholder base.
Sweden: #H100Group is positioning itself as Sweden's first Bitcoin-native public company, leveraging tax-efficient ISK accounts to accumulate Bitcoin. Although cryptocurrencies are banned in ISK accounts, Bitcoin-related stocks are allowed, making H100 a unique vehicle for BTC exposure within Sweden's tax-exempt policies.
United Kingdom: The Smarter Web Company emerged in 2025 and quickly became one of the most explosive publicly listed companies in UK market history. They have repositioned around a Bitcoin-focused balance sheet and leveraged the eligible ISA/SIPP stock market to raise tax-efficient capital from retail investors.
If you are in charge of treasury, finance, or strategic planning at a public company, this article will help you understand what is working, where, and why.