Treasury, a Euro-denominated Bitcoin firm, raised $147 million in a private funding round led by Nakamoto Holdings and Winklevoss Capital, to build Bitcoin reserves.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
2 mins read
Treasury, a Euro-denominated Bitcoin BTC $111 411 24h volatility: 1.8% Market cap: $2.22 T Vol. 24h: $43.66 B company, has secured $147 million in funding, via a private round led by Nakamoto Holdings and Winklevoss Capital.
The company will use the funds to buy more than 1,000 Bitcoins. The firm said that it aims “to be the first Bitcoin treasury company listed on a primary European exchange.”
European firm Treasury, which is now focusing on building its Bitcoin reserves, has announced plans to list on the Euronext Amsterdam stock exchange through a reverse merger with lender MKB Nedsense.
This is similar to an SPAC merger and bypasses traditional IPO requirements.
Khing Oei, the founder and CEO of Treasury, intends to use a combination of future equity issuance and convertible debt to boost its Bitcoin reserves.
He added that the company’s goal is to make BTC its primary reserve asset. Treasury currently holds an initial allocation of 1,000 BTC, placing it among Europe’s leading corporate Bitcoin holders.
Demand among European firms for Bitcoin as a reserve asset has been increasing recently.
According to BitcoinTreasuries.NET, Germany’s Bitcoin Group leads the region with 3,605 BTC worth approximately $400 million, followed by France’s Sequans Communications (3,205 BTC) and the UK’s The Smarter Web Company (2,440 BTC).
Treasury has secured $147 million in fundraise via a founder-led private funding round, backed by Winklevoss Capital, Nakamoto, UTXO Management, Off The Chain Capital, M1 Capital, Mythos Venture Partners, and over 50 additional investors.
The funding will support Treasury’s capital markets strategy, enabling the firm to use both equity and debt instruments to systematically acquire Bitcoin, generate yield, and execute innovative market initiatives.
This is similar to a playbook followed by Strategy, which recently added 4,048 BTC to its holdings.
Speaking on the development, David Bailey, who will serve as the Treasury Strategic Advisory Board member, said:
“This investment represents Nakamoto`s first in the European capital markets. Treasury has one of the best leadership teams I have met among Bitcoin treasury companies. Its participation in one of the oldest and strongest public markets in Europe creates an exciting opportunity for Dutch investors and for Nakamoto shareholders alike.”
As the number of Bitcoin Treasury firms rises, market warnings are also growing about the potential formation of a “death spiral.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.