€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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This transaction marked an important milestone in KindlyMD’s Bitcoin accumulation process. The addition of 5,743.91 BTC to its treasury represents tangible progress both in terms of financial strength and alignment with strategic goals. The continuity of the strategic vision after the merger is reinforced by such steps.

The company’s CEO, David Bailey, stated that this move is strong evidence of the vision to position Bitcoin as the “ultimate reserve asset” for corporate and institutional investors. He also emphasized that KindlyMD’s ultimate goal is to accumulate 1 million BTC under the “Nakamoto Bitcoin Treasury” strategy.

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21 BTC Purchase

Before this large acquisition, the company had made a symbolic purchase of 21 BTC in May 2025. This amount was chosen as one-millionth of the total Bitcoin supply, representing the company’s strategic orientation. The purchase was executed at an average unit price of 109,027 USD, totaling approximately 2.3 million USD, and was financed in part by about 8.75 million USD raised through warrant exercises.

What About the Financial Infrastructure?

Following the merger between KindlyMD and Nakamoto, the company has mobilized substantial financial resources to grow its Bitcoin treasury on an institutional scale. Through PIPE (Private Investment in Public Equity) financing, approximately 563 million USD has been raised so far, while a 200 million USD zero-coupon convertible note has also been included in the plan.

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According to a statement from KindlyMD, which is currently undergoing a merger with Nakamoto Holdings, the entire fundraising process was completed in less than 72 hours. Bailey emphasized that the overwhelming demand from investors is a clear sign of confidence in their strategic direction:

“Investor appetite is incredibly strong,” Bailey noted. “Our mission is clear: raise as much capital as possible to accumulate as much Bitcoin as possible.”

The shares in this financing round were priced at $5.00 each, raising KindlyMD’s total capital to approximately $563 million, or $763 million when including convertible notes.

Building a Bitcoin-Focused Treasury Is the Core Strategy

Nakamoto Holdings was established with a direct purpose — to build a Bitcoin reserve. Despite ongoing market fluctuations and mixed sentiment around crypto, the company follows the footsteps of other institutional players adopting BTC as a balance sheet asset.

The newly raised funds will be primarily directed toward purchasing Bitcoin, with a portion also allocated for operational costs and general corporate activities.

This round of financing is expected to close concurrently with the company’s anticipated merger with KindlyMD, which is currently traded on the Nasdaq under the ticker symbol “NAKA”.

Last month, KindlyMD shareholders officially approved the merger. Both firms will file informational disclosures with the SEC, with the merger scheduled for Q3 2025.

Initially announced on May 12, the joint entity plans to leverage a combination of equity, debt, and strategic investments to support a range of Bitcoin-native ventures. The newly formed organization also aims to strengthen its treasury by steadily adding more Bitcoin.

Institutional Bitcoin Adoption on the Rise

Data from BitcoinTreasuries.NET shows that at least 27 companies have added Bitcoin to their treasuries over the past month. This trend suggests that interest in Bitcoin remains robust among public corporations.

Still, not all experts are equally optimistic. Fakhul Miah, from GoMining Institutional, believes that some smaller companies may be adopting Bitcoin not as a well-thought-out strategy but out of necessity, potentially lacking adequate risk protection measures.

Similarly, Standard Chartered has raised caution, warning that if the price of Bitcoin falls below $90,000, nearly half of these firms could face liquidity risk — a scenario that could damage the overall reputation of the crypto industry.

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