Treasury Moves Toward Euronext Listing with Reverse Merger Deal with MKB Nedsense

Highlights:

• Treasury has raised €126 million and purchased over 1000 Bitcoin to become one of Europe’s top corporate holders.
• Treasury has moved toward Euronext listing through a reverse merger with MKB Nedsense under the ticker TRSR.
• Gemini is targeting a valuation of $2.22 billion as demand for crypto exposure increases.

Treasury has raised €126 million from a private funding round. Winklevoss Capital and Nakamoto Holdings were the main investors in the round, along with more than 50 others. The Bitcoin-focused investment firm based in Amsterdam used the funds to purchase more than 1,000 Bitcoin. The purchase secures its position among the largest corporate Bitcoin holders in Europe.

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Treasury BV, backed by the Winklevoss twins, raised €126M (~$147M) led by Winklevoss Capital and Nakamoto Holdings to buy over 1,000 BTC. It plans to go public via a reverse merger with MKB Nedsense on Euronext Amsterdam under the ticker TRSR.https://t.co/5rivB46kOX

— Wu Blockchain (@WuBlockchain) September 3, 2025

The firm plans to expand its Bitcoin reserves further. It will issue equity and use convertible debt to grow its holdings over time. Founder and CEO Khing Oei said the company aims to keep its leverage low compared to competitors. He noted that firms with excessive leverage often face serious challenges when market conditions turn against them.

Europe already hosts several notable Bitcoin treasuries. Germany’s Bitcoin Group leads the region with more than 3,600 BTC, while France’s Sequans Communications holds over 3,200 BTC. In the United Kingdom, The Smarter Web Company manages more than 2,400 BTC. Treasury is entering this competitive space with both economic strength and a clear sense of purpose. Another Dutch company, Amdax, is also in the plans to launch a Bitcoin treasury company and list it on Euronext Amsterdam.

Treasury Moves Toward Euronext Listing Through Reverse Merger with MKB Nedsense

Treasury wants to go public by teaming up with the Dutch investment firm MKB Nedsense. After the deal is done, MKB Nedsense will change its name to Treasury N.V. The new company will trade under the ticker TRSR, with shareholders set to vote on the proposal soon. If the vote passes, trading could start in the fourth quarter.

The merger values Treasury at a 72% premium to MKB Nedsense’s recent market price. After the deal, shares should be worth about €2.10. By merging with a company that is already listed, Treasury can get a public listing quickly through the reverse merger route.

Meanwhile, interesting developments are also taking place in the United States. Gemini, a cryptocurrency exchange cofounded by the Winklevosses, is targeting a valuation of up to $2.22 billion as it heads to a public offering. It plans to raise as much as $317 million by selling 16.67 million shares of Class A stock. Gemini’s filing highlights how firms worldwide are turning to public markets to expand access to digital assets.

Gemini targets a $2.22B valuation in a U.S. IPO, seeking up to $317M at $17–$19 per share.

Third listed U.S. crypto exchange loading. Thoughts? pic.twitter.com/gTyZTnVJmo

— Andres Meneses (@andreswifitv) September 3, 2025

Advisory Support and Strategic Partnerships Strengthen Treasury’s Position in Europe

Treasury has built a strong advisory network to support its expansion. Its advisory board includes Cameron and Tyler Winklevoss. The firm also purchased Amsterdam Decentralized B.V., the organizer of the Bitcoin Amsterdam conference. This event attracts more than 5,000 attendees each year and features over 150 speakers. The acquisition strengthens the position of the company in Europe’s Bitcoin community. Additionally, Treasury formed a partnership with BTC Media, the media arm of BTC Inc. The deal will help people learn about and use Bitcoin all over the continent.

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