French asset manager Melanion Capital today announced its bold entry into a private-treasury model, seeking to raise €50 million to be fully allocated into Bitcoin. The firm is positioning this initiative as Europe’s first private Bitcoin vault (BTOC) model, designed to balance institutional rigor with strategic flexibility.  

Private Vault vs Public Company Model

Unlike the public company approach, where corporate treasuries hold Bitcoin on a publicly visible balance sheet, Melanion argues that a private structure offers superior agility. Their BTOC model is designed better to manage volatility, liquidity, and structured allocation, while retaining discretion for strategic maneuvers during market swings. 

The vault model will operate on Melanion’s own balance sheet, with the firm modeling capital structuring, treasury optimization, and liquidity design to extract alpha from its Bitcoin exposure, rather than simply holding it passively.  

Legacy and Credibility

Melanion is no stranger to Bitcoin innovation. In 2021, it launched one of Europe’s first Bitcoin Equities UCITS ETFs, enabling regulated exposure to firms closely linked to the Bitcoin ecosystem 

More recently, the firm expanded its ETF reach by listing its Bitcoin equities product on Germany’s Xetra exchange, broadening access to institutional and retail investors. 

Jad Comair, CEO and founder, emphasized that Bitcoin is more than a hedge for Melanion; it is a fundamental building block in a new monetary paradigm. According to Comair, the BTOC move underscores their belief that “every company could become a Bitcoin treasury in time.” 

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Risks and Challenges

While the concept is compelling, several risks and challenges could test Melanion’s strategy:

• Volatility exposure: A fully Bitcoin-allocated fund must withstand severe drawdowns.
  
• Regulatory scrutiny: The private vault structure must navigate evolving European digital asset regulation.
  
• Liquidity stress: In extreme market conditions, managing the risk of inflow and outflow is critical.
  
• Execution strategy: Extracting alpha on top of Bitcoin requires skillful capital structuring and active management.
  

Implications for Corporate Treasuries

Melanion’s move arrives amid growing interest from public and private firms looking to add Bitcoin to their balance sheets. The BTOC model may serve as a proof-of-concept: a governed, regulated, private structure that other companies can emulate without listing Bitcoin directly in public filings.

If successful, Melanion’s approach could provide a flexible template for companies seeking to combine discretion, strategic allocation, and regulated exposure, particularly in jurisdictions where public Bitcoin holdings attract intense scrutiny.

Looking Ahead

Melanion’s fundraise and vault initiative mark its most ambitious pivot yet. If the firm successfully raises the €50 million and deploys it efficiently, it could become a model institution in European Bitcoin infrastructure. What remains to be seen is whether others will follow suit and how regulators will respond to a growing wave of private Bitcoin treasuries in the finance sector.

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