In a move that signals a significant maturation of Bitcoin’s role in corporate finance, Paris-based Melanion Capital has announced a radical strategic pivot.
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By ETFWorld.co.uk
Jad Comair, Founder and CEO of Melanion Capital
The regulated asset manager is transforming itself into what it claims is Europe’s first private company to adopt a Bitcoin treasury model, committing €50 million of its own capital to back the bold vision.
The announcement positions Melanion not merely as an investor in digital assets, but as a living case study. The firm intends to use its own balance sheet to demonstrate how private companies can structurally integrate Bitcoin as a core treasury asset, moving beyond the speculative trading that has long characterized the crypto space.
This shift mirrors a trend already underway among public companies, most notably MicroStrategy, which have allocated portions of their cash reserves to Bitcoin as a long-term store of value. However, Melanion argues that its status as a private entity offers distinct advantages.
“A private structure affords us greater flexibility to navigate volatility, structure strategic deals, and manage liquidity without the quarter-to-quarter scrutiny faced by public firms,” explained Jad Comair, Founder and CEO of Melanion Capital. “We were founded as a forward-thinking asset manager with traditional roots. It became clear that Bitcoin represents not just an asset, but a destination as the long-term anchor for capital preservation and growth.”
The firm’s approach is decidedly active, seeking to differentiate itself from passive “buy-and-hold” treasury strategies. Melanion plans to employ advanced capital structuring and liquidity management techniques to generate what it calls “alpha on top of Bitcoin exposure”—aiming for returns that outpace Bitcoin’s inherent market cycles.
“By anchoring our own treasury in Bitcoin, we demonstrate its potential role as a superior long-term store of value,” said Paul Dalziel, Melanion’s newly appointed Head of Bitcoin Treasury Strategy. “But our ambition is larger. We hope to show how private companies can compound that exposure, turning Bitcoin from a defensive allocation into a source of active outperformance.”
The €50 million capital raise dedicated to Bitcoin underscores the scale of this commitment. It is one of the largest such allocations by a private European company to date, signalling a strong conviction in Bitcoin’s foundational role in what Melanion terms a “new monetary order.”
This is not Melanion’s first foray into pioneering Bitcoin-linked financial products. The firm made headlines in 2021 with the launch of Europe’s first Bitcoin-themed UCITS ETF, which tracks equities of companies heavily involved in the Bitcoin ecosystem. This latest move, however, is more profound, fundamentally altering the company’s own operational core.
Mr. Comair’s closing statement leaves little room for ambiguity about the firm’s long-term belief: “Our long-run vision is simple and we mean to lead by example. Every company will one day become a Bitcoin treasury company, and our strategy will help them achieve that.”
For the financial world, Melanion’s pivot will be a closely watched experiment. Its success or failure in managing volatility and generating outperformance could indeed become the blueprint that either encourages or discourages other private enterprises from following suit.
Source: ETFWorld.co.uk
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