Winklevoss-Backed Treasury Raises €126M to Become Europe's Largest Bitcoin Treasury

Netherlands-based Treasury B.V. has raised €126 million ($147 million) in private funding to establish Europe's largest Bitcoin treasury company, with backing from Winklevoss Capital and Nakamoto Holdings driving the company's ambitious expansion plans, the company announced in a statement on Wednesday.

The funding round, led by the Winklevoss twins' investment firm and Nakamoto Holdings Inc., a subsidiary of Nasdaq-listed KindlyMD (NASDAQ: NAKA), has enabled Treasury to accumulate over 1,000 Bitcoin as it pursues a strategy of systematic Bitcoin accumulation as its primary reserve asset.

The funding round included participation from UTXO Management, Off The Chain Capital, M1 Capital, Mythos Venture Partners, and over 50 additional investors, providing capital for both equity and debt-based Bitcoin accumulation strategies.

Treasury plans to become the first Bitcoin treasury company listed on a primary European exchange through a reverse merger with MKB Nedsense N.V. on Euronext Amsterdam. The transaction values MKBN at a 72% premium to its July closing price, with the combined entity targeting a post-consolidation share price of €2.10.

Treasury's approach focuses exclusively on Bitcoin accumulation rather than diversified crypto asset strategies, positioning the company as a pure-play institutional vehicle for European investors seeking Bitcoin exposure through traditional equity markets.

Strategic Positioning

CEO and founder Khing Oei, a former Goldman Sachs and Fortress Investment Group executive, described the initiative as part of Bitcoin's "equitization" phase that will broaden institutional access to rival traditional markets.

"Treasury was established to level the playing field in Europe by expanding access and strategically positioning Bitcoin at the core of the region's financial ecosystem," Oei said in a statement announcing the funding.

The company will establish a strategic advisory board including Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, alongside David Bailey, CEO of KindlyMD and co-founder of BTC Inc.

The Winklevoss twins emphasized the historical significance of launching in the Netherlands, stating: "The Netherlands is the birthplace of the joint stock company and the stock market, two of the world's greatest financial innovations. Treasury is continuing this tradition by bringing Bitcoin, the greatest financial innovation of this century, to investors in the Netherlands and Europe."

Conference Acquisition

Treasury has entered a definitive agreement to acquire Amsterdam Decentralized B.V., the company behind Bitcoin Amsterdam, Europe's flagship Bitcoin conference that attracts over 5,000 annual attendees and features more than 150 industry leaders.

The acquisition, alongside a strategic partnership with BTC Media LLC, aims to strengthen Treasury's position as a Bitcoin advocate in Europe while creating what management describes as a "growth flywheel" combining investment and education initiatives.

The next Bitcoin Amsterdam conference is scheduled for November 13-14, 2025, providing Treasury with immediate access to Europe's Bitcoin community and institutional network.

Competitive Landscape

Treasury's launch follows Dutch crypto firm Amdax's August announcement of plans to launch bitcoin treasury company AMBTS on Euronext Amsterdam, indicating growing interest in European Bitcoin treasury vehicles.

The company's €126 million initial funding and 1,000+ Bitcoin holdings position it among the larger publicly traded Bitcoin treasury companies globally, though it remains smaller than US giants like MicroStrategy, which holds over 400,000 Bitcoin.

David Bailey of Nakamoto Holdings noted the investment represents the firm's first European capital markets exposure: "Treasury has one of the best leadership teams I have met among Bitcoin treasury companies. Its participation in one of the oldest and strongest public markets in Europe creates an exciting opportunity for Dutch investors."