Netherlands-based Treasury, a bitcoin treasury company backed by the US billionaire Winklevoss twins, said on Wednesday it plans to list in Amsterdam via a reverse listing alongside Dutch investment firm MKB Nedsense 
NEDSE.
Treasury, which has raised 126 million euros ($147 million) via a private funding round led by Winklevoss Capital and Nakamoto Holdings, said in a statement it aims to attract bitcoin investors in a region where options remain limited.
WHY IT’S IMPORTANT
Bitcoin treasury companies hold bitcoin reserves as their main asset instead of cash, like how companies traditionally hold dollars or euros. Unlike general crypto firms that trade many different digital coins, these companies focus only on accumulating and holding bitcoin long-term.
This year, bitcoin has seen strong price appreciation to all time highs above $120,000 driven by renewed institutional interest and ETF inflows.
Various crypto exchange-traded products (ETPs) have been launched in Europe, but these funds’ adoption has lagged far behind that of spot ETFs in the U.S.
BY THE NUMBERS
Treasury says it has already accumulated more than 1,000 bitcoin.
The reverse listing transaction represents a 72% premium to MKBN’s closing share price of 7 euro cents on July 11.
The two companies said in a joint release they aim to end up with a post-consolidation share price of 2.10 euros.
CONTEXT
Dutch crypto firm Amdax announced plans in August to launch a bitcon treasury company called AMBTS on Euronext Amsterdam.
The Winklevoss twins, Cameron and Tyler, founded crypto exchange Gemini and are prominent bitcoin advocates who helped legitimize cryptocurrency investing among institutions.
WHAT’S NEXT
MKBN will convene an extraordinary meeting of shareholders to approve the reverse listing.
After completion, MKBN will be renamed to “Treasury N.V.” and is expected to trade under the ticker “TRSR”.
($1 = 0.8542 euros)
