Paris-based Melanion Capital is pushing deeper into Bitcoin , raising €50 million (about $53 million) to allocate directly into the world’s largest cryptocurrency as part of a pioneering treasury strategy. A Private Treasury Model for Bitcoin Unlike public companies that have added Bitcoin to their balance sheets in recent years, Melanion is introducing a private, regulated Bitcoin Treasury Operated Company (BTOC) model. This structure gives the firm greater flexibility to manage volatility, optimize li ...