The Euro-Denominated Bitcoin Company Treasury raised the preliminary fund of 126 million euros ($ 147 million) through a private rotation chaired by Winklevoss capital and Nakamoto Holdings.
According to a Wednesday announcement shared with Cointelegraph, the company used funds to buy more than 1,000 Bitcoin (Btc) to jumpstart its bitcoin treasury. Treasury said it aims to “even the first Bitcoin Treasury company listed in a major European exchange.”
Treasury plans to get to the Euronext Amsterdam Stock Exchange through a reverse list by integrating with Lender MKB Nedsense. A reverse list enables private companies to obtain stock exchange lists without meeting the requirements by integrating with listed companies.
Treasury and CEO founder Khing Oei told Cointelegraph that the company plans to use the issuance of equity equity and replacing the debt to increase its handling of bitcoin. The announcement records that it plans to use “both equity and debt to accumulate bitcoin as the main reserve of owner.”
European Bitcoin Treasury on the rise
With an initial allocation of 1,000 BTC, the Treasury has been -catapulted with the most prominent European corporate holders. According to bitcointreasuries.net DataEurope’s leading corporate Bitcoin Treasury is the German firm Bitcoin Group, with 3,605 BTCs worth nearly $ 400 million at the time of writing.
This is followed by French company companies with 3,205 BTCs worth nearly $ 356 million and UK based on a smarter web company with 2,440 BTCs worth $ 270 million. The number of European Bitcoin Treasury Firms is increasingly tight, including Dutch cryptocurrency service provider AMDAX recently announced that it is Preparing to launch a Bitcoin Treasury company in Amsterdam’s Euronext Stock ExchangeLike Treasury.
Related: The Bitcoin treasury model is falling, but the approach is not. Here’s why
Bitcoin’s treasures are not always a success
While the Treasury model of Bitcoin is gaining popularity, it also draws the fair portion of the criticism. A recent report of venture capital firm breed Only a few of these companies will stand the test of time And avoid a “spiral death” that can affect BTC holding companies near the net asset value.
Oei said he looked at the excessive action as a high risk, adding:
“We are closely monitoring the percentage percentage adopted by competitors in recent years. The current approach to the capital market includes the level of action that is currently lower than our peers.”
Although, though, As Cointelegraph reported recentlyWhile the number of Bitcoin treasury companies will continue to increase, a number of companies in this category failed to meet expectations. Josip Rupena, CEO of Lending Platform Milo and a former Goldman Sachs analyst, said in late August that crypto treasury companies pose similar risks to deblateralized debt obligations That triggered the 2007-08 financial crisis.
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