Falling Bitcoin prices and weak investor demand forced TBSO to abandon its planned BTC treasury strategy.
Bitcoin treasury firms face mounting pressure after months of falling crypto prices and weak investor demand. One French venture tied to former NBA champion Tony Parker has now stepped away from plans to build large Bitcoin reserves. Executives said difficult fundraising conditions forced the company to rethink its direction.
BTC Price Drop Forces TBSO to Rethink Treasury Expansion Plan
The Bitcoin Society, also known as TBSO, abandoned its proposed Bitcoin treasury plan earlier this year, according to comments from co-founder Éric Larchevêque in an interview with Bloomberg. The company had planned to raise capital repeatedly and use the proceeds to acquire Bitcoin.
Larchevêque said market conditions turned sharply against the strategy during the first quarter. Bitcoin fell by more than 20% during that period, making investors less willing to back firms tied to aggressive crypto-accumulation models.
“The appetite for Bitcoin security companies wasn’t at its peak,” Larchevêque said. He added that TBSO’s model depended on frequent fundraising rounds, which became difficult as sentiment weakened.
Ledger Co-Founder Says Market Conditions Crushed TBSO Bitcoin Plan
Larchevêque co-founded Ledger, one of Europe’s best-known crypto wallet firms. Parker owns an 8% stake in TBSO, while Larchevêque controls 62%. Nathan Pissaro, another co-founder, holds 27%.
TBSO emerged in 2025 through the takeover of Société de Tayninh, a dormant company listed on Euronext Paris. Trading activity in the stock remains thin. Around 400 shares reportedly changed hands on Monday, giving the company a market value of around €53 million.
Pressure has also spread across the wider digital asset treasury sector. Companies following the model popularized by Michael Saylor have struggled after crypto prices declined from recent highs. Bloomberg reported that more than 130 publicly traded digital asset treasury firms recorded a median decline of roughly 48% over the past year.
TBSO’s April earnings filing described Bitcoin allocation as a possible “non-core” activity. The company also confirmed it currently holds no Bitcoin.
Despite the retreat, Larchevêque maintained a bullish long-term view on Bitcoin. He said the asset could eventually surpass €1 million in value within several years. Still, he admitted the company’s short-term business needs no longer matched that timeline.
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