Germany's Blocktrainer Unveils Bitcoin Treasury Vehicle, Targets 1 Million BTC by 2030 in Bid to Take on MicroStrategy

German firm Blocktrainer has entered the corporate Bitcoin treasury race with the launch of the Blocktrainer Bitcoin Treasury Company (BTBTCTC), positioning the new vehicle as a challenger to Michael Saylor's MicroStrategy. Founder Roman Reher said the plan is to operate as a publicly traded entity dedicated exclusively to building a BTC treasury. Blocktrainer has set a headline target of accumulating 1 million BTC by 2030, using capital markets and leverage with the stated goal of outperforming Bitcoin itself. "Bitcoin is our hurdle rate," Reher said, arguing that consistent outperformance versus BTC underpins a higher valuation. To report progress, the company plans to publish metrics including Bitcoin Return Rate (BRR), BTC Gain and BTC Torque, aimed at measuring how efficiently it increases Bitcoin per share. Blocktrainer also projects its multiple net asset value (mNAV) could reach 10x under its strategy. For a public listing, Blocktrainer is pursuing a reverse merger with Windeln.AI, an AI-focused company. After completion, the combined company is expected to trade under the ticker WNDLN. Funding options under consideration range from common stock and preferred equity to bond-style instruments described as "diaper bonds," intended to support additional Bitcoin purchases. One of the proposed instruments is a perpetual preferred share under the ticker MAUL, which the company says would offer a 21% monthly dividend yield. Blocktrainer said the product is designed to create "smart leverage" and link the roughly $300 trillion bond market to Bitcoin. As Blocktrainer ramps up, MicroStrategy disclosed it did not acquire any new Bitcoin between March 23 and March 29, according to a regulatory filing. The pause ended a 13-week buying streak that began in December 2025. MicroStrategy still holds 762,099 BTC, acquired at an average price of $75,694 per coin, with Saylor remaining the public face of the strategy. The filing also indicated MicroStrategy did not issue new shares through its at-the-market program during that period. The company continues to pursue additional funding capacity, including a $42 billion facility aimed at supporting future Bitcoin purchases. MicroStrategy recently reached a settlement in a class-action lawsuit related to its STRK proposal. The parties agreed to dismiss the case, with MicroStrategy committing to seek shareholder approval for changes at its next annual meeting and to cover the plaintiff's legal fees. The company's financing toolkit continues to evolve, with instruments such as STRK and STRC cited as part of its longer-term plan to fund further Bitcoin accumulation. The post "MicroStrategy Faces New Rival as German Firm Eyes 1M Bitcoin Treasury" appeared first on The Coin Republic.