The Bitcoin Society, a start-up backed by French NBA star Tony Parker and entrepreneur Éric Larchevêque, has ditched plans to build a crypto treasury, months after announcing the strategy.
Market conditions have turned against the objective of raising capital to accumulate Bitcoin reserves, Larchevêque told Bloomberg News in an interview. The decision was taken in the first quarter, when the cryptocurrency dropped more than 20%.
“The appetite for Bitcoin security companies wasn’t at its peak,” he said. The proposed model at TBSO, as Larchevêque’s firm is known, relied on frequent and significant fundraising, which had become difficult, he said.
Larchevêque, 52, is a co-founder of Ledger SAS, a maker of hardware “wallets” for crypto investors to store their digital assets that has become one of Europe’s best-known crypto companies.
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Parker, 43, won four NBA championships as a San Antonio Spurs point guard. He has an 8% stake in TBSO, while Larchevêque owns 62% and Nathan Pissaro 27%, another co-founder of the firm. Ledger announced a jersey sponsorship with the San Antonio Spurs in June 2025.
The business model of so-called digital asset treasuries, or DATs, pioneered by Strategy co-founder and Chairman Michael Saylor, has been under strain since cryptocurrency prices fell sharply. A group of more than 130 publicly traded DATs have posted a median decline of about 48% over the past year.
In its April earnings filing, TBSO described Bitcoin allocation as a potential “non-core” activity and said it currently held none of the cryptocurrency.
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Larchevêque said his long-term conviction in Bitcoin remains intact, describing it as a haven asset that may exceed €1 million ($1.18 million) in value within a few years. Bitcoin traded around $81 000 on Monday, compared with the record above $126,000 hit in October.
That eventual recovery doesn’t fit with the firm’s timelines, however. “Bitcoin is a long-term investment and TBSO needs to exist in the short term,” he said. The company will update investors on its revised strategy later, he said.
TBSO was created in 2025 through the takeover of Société de Tayninh, a dormant Euronext Paris-listed vehicle. For now, it remains a thinly traded stock, with about 400 shares changing hands in Paris on Monday and a market valuation of €53 million.
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