Key Insights
- The Winklevoss-backed Treasury has just launched with €126 million ($147 million) and over 1,000 BTC in reserves.
- Aside from Winklevoss Capital, the company is also backed by Nakamoto Holdings and has plans to list on Euronext Amsterdam.
- The company is aiming for a position as Europe’s first listed Bitcoin treasury firm.
A new Bitcoin treasury company, supported by Tyler and Cameron Winklevoss, has entered Europe’s markets.
The firm is named Treasury and has raised €126 million (about $147 million) in private funding, according to the official announcement. It has also used these funds to secure more than 1,000 Bitcoin. Treasury plans to go public in Amsterdam through a reverse listing.
This move could make it the first Bitcoin treasury company to appear on a major European stock exchange.
Treasury Plans Amsterdam listing
Treasury is planning to list Dutch investment firm MKB Nedsense for a reverse listing on Euronext Amsterdam. This approach to launch would allow the company to bypass some of the requirements that are usually needed for a fresh listing.
If the plan succeeds, MKB Nedsense will be renamed Treasury N.V. and trade under the ticker symbol “TRSR.”
The deal values the new company at a premium. Current reports even show a post-consolidation share price of €2.10, which is about 72% higher than MKB Nedsense’s last trading price before the announcement.
This said, Treasury is expecting an incoming shareholders' meeting to approve the transaction.
Backing from major Bitcoin investors
Treasury has several big-name supporters in the crypto space. The funding round was led by Winklevoss Capital and Nakamoto Holdings, two names that carry weight in the crypto space.
Khing Oei, Treasury’s founder and CEO, said that the company plans to continue raising capital through equity and convertible debt. Moreover, all the proceeds will be directed toward increasing its Bitcoin holdings.
The Winklevoss twins themselves celebrated the launch.
Tyler and Cameron Winklevoss described Amsterdam as the birthplace of modern finance. He also praised Treasury for extending this tradition by introducing Bitcoin to European investors.
Europe’s Bitcoin Treasury Updates
Treasury’s launch shows that it is expanding the reach of European Bitcoin treasuries. Some of the top companies on the ladder include Bitcoin Group from Germany, which holds 3,605 BTC worth roughly $400 million.
Another is French firm Sequans Communications, with 3,205 BTC, as well as the UK-based Smarter Web Company owns about 2,440 BTC.
Dutch crypto service provider Amdax has also announced plans to bring its own Bitcoin treasury firm to the Amsterdam stock exchange. Now that more players are entering the arena, the European market appears poised for strong competition.
Gemini IPO adds to Winklevoss/Gemini Hype
The launch of Treasury comes as the Winklevoss twins are also preparing their crypto exchange (Gemini) for a public listing in the United States.
Gemini has filed with the U.S. Securities and Exchange Commission to sell 16.67 million shares of Class A common stock at a price between $17 and $19 each. This could value the company at up to $2.22 billion.
If successful, Gemini would become the third major crypto exchange to go public, after Coinbase and Bullish. This said, the offering could raise about $317 million at the top of its range.
Winklevoss Twins Continue the Bitcoin Push
The Winklevoss brothers have reiterated their focus on pushing Bitcoin adoption forward.
Just last month, they donated $21 million worth of Bitcoin to the Digital Freedom Fund PAC. They have also supported the crypto-focused Fairshake PAC and made direct contributions to political campaigns in the United States.
Now with Treasury’s launch in Europe and Gemini’s upcoming IPO in the United States, the twins are pushing to expand their reach across both continents. Their strategy is to blend political support, public listings, direct investment, and more into Bitcoin-focused ventures.
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