€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:

• Bitcoin Group (Germany): 3,605 BTC

• Sequans Communications (France): 3,205 BTC

• 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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Amdax’s Euronext Amsterdam Move

Amdax plans to launch a Bitcoin treasury company to be listed on the Amsterdam-based Euronext exchange. For this purpose, the company is creating AMBTS B.V., a privately held firm with independent governance. The goal is highly ambitious: to hold 1% of the total bitcoin supply in circulation.

AMBTS plans to gradually raise capital from the markets to expand its bitcoin reserves and increase the bitcoin-per-share ratio for investors. At current prices, achieving this target would require more than $24 billion.

Amdax was the first crypto service provider to register with the Dutch Central Bank in 2020. On June 26, it also became one of the first Dutch companies to receive a MiCA license from the Dutch Authority for the Financial Markets (AFM).

Corporate Bitcoin Adoption in Europe

According to Amdax CEO Lucas Wensing, bitcoin still holds a relatively small share in corporate balance sheets, but the time is now right. Currently, more than 10% of the total bitcoin supply is already held by companies, governments, and institutions.

In Europe, at least 15 companies have publicly disclosed that they hold bitcoin. These include Germany-based Bitcoin Group (3,605 BTC), the UK’s Smarter Web Company (2,395 BTC), France’s The Blockchain Group (1,653 BTC), and the UK’s Satsuma Technology (1,126 BTC).

Other companies holding smaller amounts of bitcoin include Sweden’s H100 Group, Samara Asset Group, CoinShares, Aker ASA, and K33.

Bitcoin Performance and Asia’s Growth

Over the past decade, bitcoin has outperformed all major asset classes, with a gain of 26,900%. In comparison, the S&P 500 rose 193%, gold gained 125%, and crude oil just 4.3%. This clearly shows why institutional interest in bitcoin continues to grow.

In Asia, corporate bitcoin investments are also rising. Japan-based Metaplanet recently purchased an additional 775 BTC, pushing its total holdings to over 18,888 BTC. Following these acquisitions, the company’s stock price has surged nearly 190% year-to-date.

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