Treasury Raises $147M to Acquire Over 1,000 Bitcoin
Treasury, a euro-denominated Bitcoin holding company, has raised 126 million euros ($147 million) in initial funding through a private round. The round was led by Winklevoss Capital and Nakamoto Holdings, according to an announcement shared on Wednesday.
Significant Bitcoin Purchase and Strategy
With the new capital, Treasury acquired more than 1,000 Bitcoin to establish its reserves. The company stated it intends to use both equity and debt financing to further increase its Bitcoin holdings. According to founder and CEO Khing Oei, the firm plans to leverage future equity issuance and convertible debt for expansion.
Plans for European Stock Exchange Listing
Treasury aims to become the first dedicated Bitcoin treasury company listed on a major European exchange. The company plans to achieve this by merging with Dutch lender MKB Nedsense and securing a reverse listing on Euronext Amsterdam. Using a reverse listing allows Treasury to join the public market by merging with an existing listed company rather than undergoing the traditional listing process.
Growing Landscape of European Bitcoin Treasuries
The company�s initial purchase positions it among the largest corporate Bitcoin holders in Europe. According to BitcoinTreasuries.NET, the German firm Bitcoin Group leads with 3,605 BTC, followed by Sequans Communications in France with 3,205 BTC, and UK-based The Smarter Web Company with 2,440 BTC.
The number of corporate Bitcoin holders in Europe is expanding. Dutch cryptocurrency service provider Amdax also recently announced plans to pursue a treasury model similar to Treasury�s approach.
Industry Risks and Ongoing Debate
The Bitcoin treasury strategy is gaining momentum but also faces scrutiny. Venture capital firm Breed recently cautioned against excessive leverage, warning that trading too close to net asset value could expose companies to a 'death spiral' risk. Treasury's CEO Khing Oei acknowledged the potential dangers of over-leverage.
Some industry voices have drawn comparisons between today�s crypto treasury firms and practices that contributed to the 2007-08 financial crisis. Josip Rupena, CEO of lending platform Milo, highlighted these similarities, underscoring concerns around risk management as new entrants join the sector.
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