The Bitcoin (BTC) company Treasury, priced in euros, has raised €126 million ($147 million) in initial funding through a private placement led by Winklevoss Capital and Nakamoto Holdings.
On Wednesday, an announcement obtained by Cointelegraph revealed that the company used the raised funds to purchase over 1,000 Bitcoins (BTC). These Bitcoins will serve as its reserve assets. Treasury stated that its goal is "to become the first Bitcoin (BTC) reserve company listed on a European main board exchange."
Treasury plans to merge with lending institution MKB Nedsense to go public on the Amsterdam Euronext through a reverse listing. A reverse listing allows private companies to go public by merging with a listed company without meeting traditional listing requirements.
Khing Oei, founder and CEO of Treasury, told Cointelegraph that the company plans to further increase its Bitcoin (BTC) holdings through future equity issuances and convertible bonds. The announcement stated that Treasury will "accumulate Bitcoin (BTC) as a primary reserve asset through equity and debt."
With the initial allocation of 1,000 Bitcoins (BTC), Treasury has joined the ranks of well-known Bitcoin (BTC) holding companies in Europe. According to BitcoinTreasuries.NET, the largest corporate Bitcoin (BTC) reserve company in Europe is Germany's Bitcoin Group, which holds 3,605 Bitcoins (BTC) with a market value of approximately $400 million.
France's Sequans Communications follows with 3,205 Bitcoins (BTC), valued at about $356 million. The UK's The Smarter Web Company holds 2,440 Bitcoins (BTC), valued at around $270 million. The number of Bitcoin (BTC) reserve companies in Europe is increasing, with Dutch cryptocurrency service provider Amdax recently announcing plans to launch a Bitcoin (BTC) reserve company similar to Treasury on the Amsterdam Euronext.
Despite the growing popularity of the Bitcoin (BTC) reserve model, it has also raised several concerns. A recent report from venture capital firm BREED pointed out that only a few companies can withstand the test of time and avoid falling into a "death spiral," which could affect those holding Bitcoin (BTC) and trading at prices too close to net asset value.
Oei stated that he believes excessive leverage is a high risk and added:
However, as Cointelegraph reported recently, despite the continuous increase in the number of Bitcoin (BTC) reserve companies, many in this category have still failed to meet expectations. Josip Rupena, CEO of the Milo lending platform and former Goldman Sachs analyst, stated at the end of August that cryptocurrency reserve companies face risks similar to those posed by mortgage-backed securities that triggered the 2007-08 financial crisis.
Related: Even with $300 million outflow from spot Ethereum ETFs, ETH derivatives still turn bullish
Original article: “Treasury Company Supported by Winklevoss and Nakamoto Officially Launches with Initial Reserve of 1,000 Bitcoins (BTC)”
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