Emre Yumlu 
As institutional adoption of cryptocurrencies continues to accelerate, Europe is witnessing a surge in Bitcoin-focused treasury firms. The latest example comes from a company backed by Winklevoss Capital and Nakamoto Holdings, making a bold entry into the market.
€126 Million Raised and 1,000 Bitcoin Secured
The euro-denominated firm Treasury recently completed a private funding round, raising €126 million (approximately $147 million). The capital was immediately deployed to acquire over 1,000 Bitcoin (BTC), which now serve as the foundation of its corporate reserves.
Treasury has ambitious plans for the future, aiming to become the first Bitcoin treasury company listed on a major European exchange. To achieve this, it intends to enter Euronext Amsterdam through a reverse merger — a process that allows private companies to gain a stock exchange listing by combining with an already listed firm.
Growth Strategy: Equity and Debt Financing
According to founder and CEO Khing Oei, the company’s strategy goes beyond its initial Bitcoin purchase. Treasury intends to expand its reserves through equity issuance and convertible debt instruments, strengthening its position with Bitcoin as its primary reserve asset.
Leading Bitcoin Treasuries in Europe
With its 1,000 BTC starting allocation, Treasury has already positioned itself among the most notable corporate Bitcoin holders in Europe. Data from BitcoinTreasuries.NET highlights the current leaders:
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Bitcoin Group (Germany): 3,605 BTC
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Sequans Communications (France): 3,205 BTC
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The Smarter Web Company (UK): 2,440 BTC
Meanwhile, Dutch crypto services provider Amdax has also revealed plans to launch a similar Bitcoin treasury venture on Euronext Amsterdam, signaling growing competition in the region.
Not Without Risks: The Bitcoin Treasury Model
Although the BTC treasury model is gaining momentum, it also carries risks. A report by venture capital firm Breed warned that many such companies could face a “death spiral” if they fail to maintain stability, particularly when trading too close to their net asset value.
CEO Oei acknowledged the dangers of excessive leverage, stressing that Treasury is keeping its debt ratios below industry peers to ensure long-term resilience.
What This Means for the Future
The expansion of BTC treasury firms in Europe highlights the growing role of Bitcoin as a reserve asset within corporate finance. However, the sustainability of this model will depend heavily on companies’ risk management strategies and their ability to weather market volatility.
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