MicroStrategy Faces New Rival as German Firm Eyes 1M Bitcoin Treasury

Key Insights:

• German firm Blocktrainer announced the launch of a Bitcoin treasury company.
• The company aims to accumulate 1 million BTC by 2030.
• It could challenge MicroStrategy, which is the current leader among corporate Bitcoin treasury companies.

Blocktrainer, a German-based company, just threw its hat into the ring with the big players in the corporate Bitcoin treasury race. They have launched the Blocktrainer Bitcoin Treasury Company (BTBTCTC), which is set to rival Michael Saylor’s MicroStrategy.

Blocktrainer Reveals Bitcoin Treasury Company

According to the recent Bitcoin news, Blocktrainer founder Roman Reher announced plans to operate as a publicly traded entity focused solely on BTC treasury. “With more and more publicly traded companies having taken this path in recent months, it is now time for the birth of a new Bitcoin accumulation machine,” Reher stated.

The company isn’t shy about its ambitions as they want to hit 1 million BTC by 2030 and aims to challenge MicroStrategy’s lead. Their plan is to use capital markets and leverage to beat Bitcoin’s performance.

“Bitcoin is our hurdle rate. This means we measure our performance against BTC – with the goal of generating outperformance always and everywhere,” Reher said. He even argued that this kind of approach is what “justifies a high company valuation.”

They have also introduced performance metrics, like Bitcoin Return Rate (BRR), BTC Gain, and BTC Torque, to track efficiency in increasing the value of Bitcoin per share. On top of that, Blocktrainer expects its multiple net asset value (mNAV) to reach 10x under its strategy.

To get listed, they’re working on a reverse merger with Windeln.AI, a company focused on AI. Once that’s done, the new company will trade under the ticker WNDLN. For funding, they’re planning everything from common shares to preferred equity to even “diaper bonds” to help them stack more Bitcoin.

One attention-grabbing piece: they’re offering a perpetual preferred share, ticker MAUL, that claims a 21% monthly dividend yield. The company says this share will help create smart leverage and connect the massive $300 trillion bond market to Bitcoin.

MicroStrategy Halts BTC Buying Spree

On the other hand, as new entrants emerge, MicroStrategy paused its BTC buying. According to a regulatory filing, they didn’t pick up any new Bitcoin between March 23 and March 29. The move ended a 13-week streak that began in December 2025.

Despite the break, MicroStrategy still boasts about 762,099 BTC in its Bitcoin treasury, bought at an average of $75,694 a pop. Their executive chairman, Michael Saylor, remains the face of their Bitcoin strategy.

The filing also showed MicroStrategy didn’t issue any new shares through its at-the-market program during that window. However, the company is still working on capital-raising moves, including a $42 billion facility to fund future Bitcoin buying.

Earlier, MicroStrategy reached a settlement over a class action lawsuit tied to its STRK proposal. Both sides agreed to drop it, with the company promising to seek shareholder approval for changes at their next annual meeting and to pay the plaintiff’s legal fees.

Their financing playbook keeps changing, too. Instruments like STRK and STRC are part of MicroStrategy’s plan to fund more Bitcoin down the road.

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