Netherlands-based Treasury, a bitcoin treasury firm supported by the Winklevoss twins, has introduced plans to record in Amsterdam by way of a reverse itemizing with Dutch funding agency MKB Nedsense (MKBN).
The transfer follows a profitable non-public funding spherical the place Treasury raised 126 million euros ($147 million), led by Winklevoss Capital and Nakamoto Holdings.
The corporate goals to supply European buyers an alternative choice to conventional money reserves by holding bitcoin as its predominant asset, a technique more and more widespread amongst corporations in search of long-term publicity to bitcoin.
Reverse itemizing particulars
The reverse itemizing transaction provides a 72% premium to MKBN’s closing share worth of seven euro cents on July 11.
After the transaction, the merged entity can be renamed “Treasury N.V.” and is anticipated to commerce below the ticker “TRSR.”
The businesses collectively acknowledged their purpose is to realize a post-consolidation share worth of two.10 euros.
Treasury studies it has already gathered over 1,000 bitcoin in reserves, highlighting its dedication to the asset.
For a broader take a look at main private and non-private corporations holding bitcoin, see the bitcoin treasuries database.
Market context and regional traits
Bitcoin has reached all-time highs above $120,000 this 12 months, pushed by renewed institutional curiosity and vital inflows into U.S. spot ETFs.
Whereas Europe has launched a number of bitcoin exchange-traded merchandise, adoption has lagged behind the U.S. ETF market.
Dutch agency Amdax lately introduced comparable plans to launch a bitcoin treasury firm on Euronext Amsterdam, reflecting rising regional curiosity in company bitcoin reserves.
Subsequent steps for itemizing
MKBN will maintain a rare shareholder assembly to approve the reverse itemizing.
Upon completion, Treasury N.V. will change into publicly traded in Amsterdam, increasing investor entry to a devoted bitcoin treasury car.
The Winklevoss twins, recognized for founding the Gemini alternate, proceed to advance institutional adoption of bitcoin in Europe and past.