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French startup The Bitcoin Society (TBSO), backed by former NBA star Tony Parker and Ledger co-founder Eric Larchevêque, has abandoned plans to build a Bitcoin treasury after deteriorating market conditions made fundraising difficult, Bloomberg reported.
Larchevêque said the strategy, announced only months ago, was dependent on frequent capital raises to accumulate Bitcoin, but investor appetite weakened as the cryptocurrency fell more than 20% in the first quarter of 2026. The retreat comes amid broader pressure on digital asset treasury (DAT) firms.
So far, close to 130 publicly traded DAT companies have posted a median decline of about 48% over the past year, as noted by Bloomberg.
TBSO disclosed in April that Bitcoin allocation had become a potential "non-core" activity and that it currently holds no Bitcoin, demonstrating the difficulties faced by smaller treasury vehicles that rely on sustained fundraising and bullish market conditions to succeed.