New Bitcoin Treasury Startup Aims for Top Listing
The newly launched Bitcoin-focused startup, Treasury, aims to become the largest holder and manager of Bitcoin reserves in Europe. It has already stacked more than 1,000 BTC in its reserves. Treasury wants to be the first corporate Bitcoin treasury company listed on a primary stock exchange in Europe. The startup is backed by the well-known crypto whales—the Winklevoss twins—former Olympic rowers who represented the United States at the 2008 Summer Olympics in Beijing.
Seed Round Secures €126M and 1,000 BTC Allocation
Euro-denominated Bitcoin company Treasury raised initial seed funding of 126 million euros ($147 million) through a private round led by Winklevoss Capital and Nakamoto Holdings. Treasury founder and CEO Khing Oei announced that his company deployed the funds to acquire more than 1,000 BTC as the initial balance sheet holding. [1] “It is time to kick off Europe’s Digital Golden Age,” Oei tweeted on X. [2]
Reverse Listing Planned on Euronext Amsterdam via MKB Nedsense
Treasury wants to be the first corporate Bitcoin treasury company listed on a primary European Exchange, and to become the largest holder and manager of Bitcoin reserves in the region. It plans to list on Euronext Amsterdam through a reverse listing by merging with lender MKB Nedsense. [3] A reverse listing enables a private company to obtain a stock exchange listing by merging with an already-listed company, rather than going through a traditional Initial Public Offering (IPO) process.
With an initial allocation of 1,000 BTC, Treasury has been catapulted among Europe’s most notable corporate Bitcoin holders. The top corporate Bitcoin treasury in Europe is currently the German firm Bitcoin Group, with 3,605 BTC worth about $400 million at the time of writing, followed by the French company Sequans Communications with 3,205 BTC worth about $356 million, and the UK-based The Smarter Web Company with 2,440 BTC valued at $270 million.
Winklevoss Backing and Gemini’s IPO Plans Add Momentum
Treasury is backed by the famous Winklevoss twins, former Olympic rowers who represented the United States in 2008 at the Beijing Summer Olympics. “Amsterdam is the birthplace of the joint stock company and the stock market, two of the world’s greatest financial innovations,” Tyler Winklevoss said.
After their sports careers, the Winklevoss brothers (Tyler and Cameron) founded the venture capital firm Winklevoss Capital, and in 2014 launched Gemini Trust Company, a New York-based trusted cryptocurrency exchange. Tyler and Cameron Winklevoss studied economics at Harvard University.
News of Treasury’s launch comes just one day after it was revealed that Gemini is seeking a $2.2 billion valuation for its U.S. Initial Public Offering (IPO). According to Gemini’s filing with the U.S. Securities and Exchange Commission (SEC), the company is set to sell 16.67 million shares of its Class A common stock at an expected price of $17 to $19 per share. The company, launched under the name Gemini Space Station, Inc., is slated to trade on the Nasdaq Global Select Market under the ticker symbol “GEMI.”
Sources:
[1] https://cryptonews.com/news/winklevoss-twins-backed-bitcoin-treasury-company-raises-147-million/