Led by Winklevoss Capital & Nakamoto Holdings, buys 1,000+ $BTC

Amsterdam / London — (Market Update) — Treasury BV, a Netherlands-based bitcoin treasury company, has closed a €126 million (about $147 million) private funding round led by Winklevoss Capital and Nakamoto Holdings and used the proceeds to acquire more than 1,000 bitcoin as it prepares for a public listing in Amsterdam.

The deal in brief

• Amount raised: €126 million (~$147 million) in private funding.
• Lead investors: Winklevoss Capital and Nakamoto Holdings, joined by other institutional backers.
• Bitcoin purchased: Treasury says it has acquired over 1,000 BTC, now forming the core of its balance sheet.
• Path to public markets: The company has struck a binding agreement to list on Euronext Amsterdam via a reverse merger with Dutch investment company MKB Nedsense (MKBN). After the transaction, the entity is expected to rebrand as Treasury N.V. and trade under the ticker TRSR (subject to shareholder approvals).

Why this matters

Corporate bitcoin treasuries — businesses that intentionally hold bitcoin as a principal reserve asset — have been a conspicuous driver of institutional demand. Treasury BV’s raise and immediate accumulation of 1,000+ BTC signals several market dynamics:

1. Institutionalization of bitcoin in Europe: The capital and high-profile backers bring credibility and distribution power to euro-denominated bitcoin investment products at a time when European spot ETP (exchange-traded product) markets are still developing. A publicly traded bitcoin treasury based in Europe could broaden access for continental investors who prefer regulated, listed vehicles.
2. Competitive positioning vs. U.S. models: U.S. companies such as MicroStrategy pioneered the corporate-treasury model for bitcoin. Treasury is attempting a similar playbook in Europe — but denominated in euros and structured for European markets.
3. Price and balance-sheet effects: Buying 1,000+ BTC increases visible institutional demand. While one firm’s purchase isn’t determinative for price, it is a material buy that adds to the narrative of steady accumulation by institutions and treasury companies. Market impact will depend on the timing of purchases, the broader ETF and macro flows, and secondary market liquidity.

Market reaction & investor implications

• Investor appetite: High-profile backers like the Winklevoss twins tend to attract attention from allocators who previously hesitated to gain crypto exposure. That can accelerate dealflow for similar euro-based products and listings.
• Regulatory optics: A public listing on Euronext will subject Treasury to European disclosure and governance norms — potentially reassuring some institutional investors but also exposing the firm to additional regulatory scrutiny and reporting obligations.
• Dilution / capital strategy: Treasury has signaled it may use further equity and convertible debt to continue systematic accumulation of bitcoin. Investors in the listing should watch capitalization, share issuance plans, and how new raise proceeds are split between corporate growth and spot BTC purchases.

Management and strategy notes

Treasury’s founder and leadership have framed the capital raise as both a balance-sheet accumulation exercise and a strategy to “equitize” bitcoin for European investors — i.e., using a listed equity vehicle to provide regulated access to bitcoin exposure. The firm also announced ecosystem moves intended to increase brand recognition and institutional relationships across Europe.

Risks & watch-points

• Market risk: Holding significant BTC leaves the company exposed to bitcoin’s price volatility; investors will effectively hold equity that is highly correlated with BTC price swings.
• Execution risk: The reverse merger and conversion to a listed company require shareholder approvals and regulatory clearances — any delay or change could alter timelines and valuations.
• Liquidity/valuation: How the market values a euro-denominated bitcoin treasury (and how liquid its stock will be after listing) remains to be seen; a crowded field of crypto ETPs, varying investor preferences, and macro conditions will shape post-listing performance.

Bottom line

Treasury BV’s €126M ($147M) raise and purchase of 1,000+ BTC is a landmark for Europe’s crypto capital markets: it represents a visible institutional bet on bitcoin’s role as a corporate reserve asset and signals a push to create a listed European gateway for bitcoin investors. If the planned Euronext listing succeeds, Treasury could become a reference point for how European investors access spot bitcoin exposure via a regulated, equity-style vehicle.