Winklevoss-Backed Firm ‘Treasury’ to List in Europe as Bitcoin-Holding Company

A new Netherlands-based firm called Treasury N.V., backed by Winklevoss Capital, is preparing to go public in Europe as a dedicated Bitcoin holding company. The firm’s primary business model is to hold Bitcoin on its balance sheet as a reserve asset — a strategy that mirrors the approach taken by U.S. firms like MicroStrategy but is still rare in Europe.

Key Details:

• Company Profile: Treasury N.V. is structured as a corporate vehicle whose main function is to hold Bitcoin rather than traditional cash or short-term investments. The company is positioning itself as a public-market proxy for institutional and individual investors seeking Bitcoin exposure in Europe.

• Backing and Capital Raise: Treasury has secured €126 million (approximately $147 million USD) in a private funding round. The round was led by Winklevoss Capital, the investment firm of Gemini founders Cameron and Tyler Winklevoss, alongside Nakamoto Holdings.

• Current Holdings: The company has already acquired more than 1,000 BTC, currently valued at over $120 million at prevailing market prices.

• Public Listing Plans: Treasury intends to go public via a reverse merger with MKB Nedsense, a Dutch investment firm already listed on Euronext Amsterdam. The deal will see Treasury N.V. become the surviving entity, with shares trading under the ticker symbol TRSR.

  • The merger is priced at a 72% premium over MKB Nedsense’s last closing price, with post-consolidation shares targeted at €2.10.

  • Shareholders of MKB Nedsense are expected to vote on the proposal soon.

Context:

The launch comes amid growing institutional interest in Bitcoin, particularly after the U.S. approval of spot Bitcoin ETFs earlier this year. While U.S. markets have seen a number of listed vehicles providing direct or indirect Bitcoin exposure, Europe’s options remain limited — both due to regulatory hurdles and more cautious institutional behavior.

Treasury N.V. is entering a relatively uncrowded market. Although Europe has seen some movement — such as a similar effort by Dutch firm Amdax to create a Bitcoin-focused treasury vehicle (AMBTS) — dedicated public companies with Bitcoin as a core balance sheet asset are still rare in the region.

The decision to go public through a reverse merger allows Treasury to bypass the often lengthy traditional IPO route, providing faster access to public capital markets.

Why It Matters:

While not unprecedented, the creation of a public company dedicated primarily to holding Bitcoin reflects an ongoing shift in how companies — and investors — view the asset. In jurisdictions where regulated Bitcoin ETFs or trusts are lacking, such corporate vehicles may serve as an alternative for gaining exposure within a familiar legal and financial structure.

The involvement of high-profile backers like the Winklevoss twins adds visibility to the project, though it remains to be seen how much demand there will be for this type of investment in Europe’s current regulatory and market environment.

Looking Ahead:

• The key next step will be shareholder approval of the merger.

• If successful, TRSR will begin trading on Euronext Amsterdam as one of the few public companies in the EU structured explicitly around Bitcoin holdings.

• The company’s performance may serve as a reference point for future initiatives in the space, particularly as regulatory frameworks like MiCA (Markets in Crypto-Assets) continue to take shape across the European Union.