Treasury B.V.

Treasury B.V. represents a groundbreaking approach to European Bitcoin treasury management, operating as the Netherlands' most ambitious Bitcoin acquisition company following the proven MicroStrategy playbook while targeting to become Europe's largest publicly-traded Bitcoin treasury firm. Founded in 2025 by seasoned Wall Street veteran Khing Oei, the Amsterdam-based company has achieved remarkable early-stage success by raising €126 million from heavyweight investors including Winklevoss Capital and Nakamoto Holdings, already accumulating over 1,000 Bitcoin and positioning itself for a historic public listing on Euronext Amsterdam.

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Note on fees: Treasury operates a public company model where investor costs are primarily reflected in the share price premium to net asset value rather than direct management fees. The reverse listing structure through MKB Nedsense values shares at €2.10, representing a 72% premium to the target company's recent market price, with ongoing costs expected to align with public Bitcoin treasury company industry standards.

The company's strategic differentiation extends beyond simple Bitcoin accumulation through its comprehensive European market approach, combining institutional-grade Bitcoin treasury management with the acquisition of Amsterdam Decentralized B.V. (the organization behind Europe's flagship Bitcoin Amsterdam conference) and establishing strategic partnerships with BTC Media LLC. This integrated strategy positions Treasury not merely as a Bitcoin holder but as a leading advocate for European Bitcoin adoption, creating multiple value streams through both asset appreciation and Bitcoin ecosystem development while maintaining the regulatory compliance and operational transparency expected by European institutional investors.

Company History & Development

Treasury B.V.'s founding story represents the convergence of Wall Street expertise and European Bitcoin opportunity, emerging from founder Khing Oei's recognition that Europe lacked a dedicated Bitcoin treasury company capable of rivaling global leaders like MicroStrategy while serving the specific needs of European institutional investors. Oei, a Amsterdam-born finance veteran with over two decades of experience at Goldman Sachs, Fortress Investment Group, and as founder of the $200 million hedge fund Eyck Capital Management, identified the strategic timing opportunity created by Bitcoin's maturation as an institutional asset class and Europe's evolving regulatory clarity under MiCA frameworks.

The company's rapid development trajectory reflects sophisticated preparation and institutional-quality execution from inception. Within months of founding in 2025, Treasury successfully completed a €126 million private funding round that attracted some of the cryptocurrency industry's most prestigious investors, including Cameron and Tyler Winklevoss through Winklevoss Capital, David Bailey's Nakamoto Holdings, and additional participation from UTXO Management, Off The Chain Capital, M1 Capital, and Mythos Venture Partners. This investor roster provided not only substantial capital but also strategic expertise and credibility within the global Bitcoin ecosystem.

The selection of Amsterdam as Treasury's headquarters proved strategically advantageous, leveraging the Netherlands' favorable regulatory environment, sophisticated financial infrastructure, and symbolic importance as the birthplace of modern capital markets. As the Winklevoss twins noted during their investment announcement, "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."

Treasury's immediate Bitcoin accumulation strategy demonstrated the founder's confidence in both timing and execution capabilities. Using initial funding proceeds, the company rapidly acquired over 1,000 Bitcoin, establishing immediate credibility as a serious Bitcoin treasury operator while positioning for systematic expansion through public market capital access. This early accumulation occurred during favorable market conditions and reflected sophisticated market timing informed by Oei's extensive trading background.

The strategic acquisition of Amsterdam Decentralized B.V., the company behind Bitcoin Amsterdam conference, represents Treasury's broader vision beyond simple Bitcoin accumulation. Bitcoin Amsterdam attracts over 5,000 participants annually and features more than 150 speakers, making it Europe's flagship Bitcoin conference and a critical platform for institutional education and adoption advocacy. This acquisition creates synergistic value streams while positioning Treasury as a leading voice in European Bitcoin discourse.

The planned reverse listing through MKB Nedsense N.V. demonstrates Treasury's commitment to rapid public market access and European investor accessibility. The transaction structure, valuing the combined entity at approximately €2.2 billion and establishing the "TRSR" ticker symbol, creates a streamlined path to becoming Europe's first major publicly-traded Bitcoin treasury company while avoiding traditional IPO complexity and timeline constraints.

Business Model & Core Services

Treasury B.V. operates a sophisticated Bitcoin treasury acquisition model designed to provide European investors with leveraged exposure to Bitcoin appreciation while maintaining institutional-grade governance, transparency, and regulatory compliance standards. The company's primary value creation mechanism centers on systematic Bitcoin accumulation funded through public equity markets, creating a compound growth engine where Bitcoin price appreciation enables additional capital raising for further Bitcoin purchases, following the proven framework established by MicroStrategy but optimized for European market conditions.

The core revenue model eliminates traditional management fees in favor of value creation through Bitcoin appreciation and strategic premium maintenance above net asset value. Unlike traditional asset managers who charge annual fees regardless of performance, Treasury's shareholders benefit directly from Bitcoin price appreciation while the company generates operational funding through its ability to issue shares at premiums to underlying Bitcoin holdings. This alignment creates incentives for maximizing Bitcoin accumulation efficiency and maintaining investor confidence in the treasury strategy.

Treasury's approach to capital markets strategy combines equity issuance with strategic debt utilization, enabling accelerated Bitcoin acquisition while maintaining financial flexibility and risk management. The company plans to employ both traditional equity raises and convertible debt instruments, creating multiple funding pathways that can be optimized based on market conditions and cost of capital considerations. This sophisticated capital structure management distinguishes Treasury from simpler Bitcoin accumulation approaches by enabling sustained growth regardless of short-term market volatility.

The strategic Bitcoin conference acquisition creates unique synergies beyond simple event revenue generation. Bitcoin Amsterdam serves as a platform for institutional education, regulatory dialogue, and ecosystem development that directly benefits Treasury's primary mission of advancing European Bitcoin adoption. The conference provides networking opportunities with potential investors, regulatory clarity discussions that benefit the broader treasury strategy, and thought leadership positioning that enhances Treasury's credibility and market positioning within European financial circles.

Geographic focus on European markets creates operational advantages through deep understanding of regulatory frameworks, investor preferences, and institutional relationships specific to the region. While maintaining global Bitcoin exposure, Treasury's European specialization enables more effective capital raising, regulatory compliance, and stakeholder management compared to global competitors who must balance diverse jurisdictional requirements. This regional expertise proves particularly valuable during the MiCA implementation period, where regulatory clarity creates competitive advantages for compliant European operators.

Regulatory Compliance & Trust

Treasury B.V. has positioned regulatory excellence as a fundamental competitive advantage, operating under Dutch corporate law while preparing for comprehensive public company compliance requirements across European Economic Area member states. The company's commitment to regulatory adherence reflects both the founder's institutional background and strategic recognition that regulatory uncertainty represents one of the primary barriers preventing European institutional Bitcoin adoption.

The planned Euronext Amsterdam listing subjects Treasury to extensive ongoing compliance requirements including quarterly financial reporting, annual auditing, corporate governance standards, and investor protection frameworks comparable to traditional European financial institutions. These requirements create operational complexity and costs but provide institutional investors with the transparency, accountability, and legal protections necessary for fiduciary investment decisions. The regulatory framework also enables Treasury to serve institutional clients who cannot invest in unregulated vehicles regardless of potential returns.

MiCA compliance considerations, while not directly applicable to Treasury's treasury operations, influence the company's operational approach and strategic planning. The evolving European regulatory landscape for digital assets creates both opportunities and constraints that Treasury must navigate carefully. The company's legal and compliance expertise, combined with its institutional investor base, positions it advantageously for adapting to regulatory developments while maintaining operational flexibility.

The reverse listing structure through MKB Nedsense provides immediate access to established public company infrastructure, regulatory compliance systems, and institutional relationships without the complexity and timeline requirements of traditional IPO processes. Peter Paul de Vries's leadership of the target company brings additional regulatory and operational expertise that supports Treasury's transition to public company status while maintaining focus on core Bitcoin treasury strategy execution.

Corporate governance standards include independent board oversight, institutional-grade risk management procedures, and comprehensive disclosure protocols that exceed those typically required for private investment vehicles. These governance frameworks provide investor protection while enabling Treasury to attract institutional capital from pension funds, insurance companies, and other fiduciary-focused investors who require established governance structures for Bitcoin exposure investments.

Economics & Value Proposition

Treasury B.V. delivers compelling economic value through its leveraged Bitcoin exposure model, enabling European investors to access institutional-grade Bitcoin treasury management without the operational complexity, regulatory uncertainty, and custody risks associated with direct Bitcoin investment. The company's value proposition centers on providing amplified Bitcoin returns through systematic accumulation strategies while maintaining the legal protections, liquidity, and professional management expected by sophisticated European investors.

The fundamental economics operate through the proven Bitcoin treasury flywheel mechanism, where Bitcoin price appreciation increases company net asset value, enabling equity issuance at favorable terms for additional Bitcoin purchases that further increase per-share Bitcoin exposure over time. This compounding effect, successfully demonstrated by MicroStrategy, creates the potential for share price performance that significantly exceeds Bitcoin's underlying price appreciation, especially during sustained bull market periods.

Cost advantages compared to direct Bitcoin investment include elimination of custody complexity, regulatory compliance burden, tax reporting complications, and technical security risks that individual or institutional investors would otherwise manage independently. Treasury's institutional infrastructure, professional management, and regulatory compliance capabilities provide value that justifies reasonable premiums above net asset value while delivering superior risk-adjusted returns compared to self-directed Bitcoin investment approaches.

The European market focus creates additional value through currency hedging benefits, regulatory certainty, and local market expertise that global competitors cannot easily replicate. European institutional investors benefit from domestic regulatory oversight, familiar corporate governance standards, and elimination of cross-border investment complexity that often constrains international Bitcoin treasury investment. These operational advantages justify premium valuations while reducing investment friction for Treasury's target market.

Liquidity advantages through public market trading enable institutional position sizing, portfolio rebalancing flexibility, and exit strategy implementation that private Bitcoin investment cannot provide. Public trading also creates price discovery mechanisms, transparent valuation, and market-based performance measurement that institutional investors require for fiduciary compliance and performance reporting purposes.

Technology & User Experience

Treasury B.V. operates sophisticated institutional-grade technology infrastructure optimized for Bitcoin custody, treasury management, and corporate governance rather than consumer-facing applications or trading functionality. The company's technology approach prioritizes security, regulatory compliance, and operational efficiency over user interface considerations, reflecting its institutional focus and Bitcoin treasury specialization.

The Bitcoin custody architecture employs industry-leading security protocols including multi-signature wallet implementations, hardware security module utilization, and segregated cold storage systems designed to institutional specifications. Professional custody arrangements eliminate single points of failure while maintaining operational accessibility necessary for strategic portfolio management and regulatory compliance requirements. These security measures align with institutional expectations while providing Treasury management with appropriate operational flexibility for systematic Bitcoin accumulation strategies.

Corporate reporting and investor relations systems reflect public company requirements through comprehensive financial reporting, regulatory filing capabilities, and investor communication infrastructure. The platform generates quarterly and annual reports that integrate Bitcoin holdings, market value fluctuations, and operational performance metrics in formats suitable for institutional investor analysis and regulatory compliance. Real-time portfolio tracking enables board oversight and risk management while supporting transparent investor communication.

Integration with public market infrastructure enables seamless equity issuance, secondary market trading, and institutional investor access through established European brokerage and custody relationships. The technology supports various corporate actions including rights offerings, dividend distributions, and convertible debt management that may be utilized as Treasury's capital markets strategy evolves. This integration reduces operational friction while enabling sophisticated corporate finance activities.

The acquired Bitcoin Amsterdam conference technology infrastructure provides additional capabilities including event management systems, community engagement platforms, and content distribution capabilities that support Treasury's broader Bitcoin advocacy mission. These systems enable year-round stakeholder engagement beyond the annual conference while providing data and insights about European Bitcoin ecosystem development that inform Treasury's strategic planning and market positioning.

Security & Risk Management

Treasury B.V. implements comprehensive security and risk management frameworks that address both the unique requirements of institutional Bitcoin custody and traditional corporate risk management practices necessary for publicly-traded companies. The company's security approach reflects institutional best practices while addressing cryptocurrency-specific risks that require specialized expertise and infrastructure.

Bitcoin custody security employs multi-layered protection systems including geographically distributed cold storage, multi-signature transaction authorization, and hardware security module implementations that meet institutional custody standards. The company maintains detailed security protocols, regular penetration testing, and comprehensive insurance coverage designed specifically for digital asset custody risks. These measures provide institutional-grade protection while maintaining operational flexibility necessary for systematic Bitcoin accumulation and strategic portfolio management.

Corporate risk management encompasses market risk, operational risk, regulatory risk, and counterparty risk through established frameworks appropriate for publicly-traded financial services companies. Bitcoin price volatility creates unique risk management challenges that Treasury addresses through position sizing guidelines, stress testing scenarios, and comprehensive disclosure protocols that ensure appropriate investor understanding of underlying risks. The company's risk management approach balances Bitcoin exposure maximization with prudent capital management and stakeholder protection.

Operational security extends beyond digital asset custody to encompass comprehensive data protection, access controls, business continuity procedures, and fraud prevention systems appropriate for financial institutions. Regular security audits, employee background checks, and specialized training programs ensure that operational security maintains institutional standards while addressing cryptocurrency-specific risks. These measures protect both digital assets and sensitive corporate information from internal and external threats.

Financial risk management includes liquidity management, capital adequacy monitoring, and stress testing procedures that ensure Treasury maintains operational flexibility during adverse market conditions. The company's approach to leverage utilization, convertible debt management, and capital structure optimization reflects sophisticated understanding of corporate finance principles while maintaining focus on Bitcoin treasury strategy execution. Insurance coverage includes both digital asset protection and traditional corporate liability protection appropriate for public company operations.

Market Position & Suitability

Treasury B.V. occupies a unique position in the global Bitcoin treasury landscape by combining European regulatory compliance with institutional-grade Bitcoin accumulation strategies, appealing to sophisticated investors seeking regulated exposure to Bitcoin appreciation through professionally managed public market vehicles.

European Institutional Investors represent Treasury's primary target market, benefiting from the company's regulatory compliance, professional management, and familiar corporate governance structures that enable fiduciary-responsible Bitcoin investment. The MiCA regulatory environment and European corporate law frameworks provide legal certainty and investor protections that international alternatives cannot offer European institutions, while the public company structure enables appropriate position sizing and liquidity management for large-scale investment portfolios.

High-Net-Worth European Individuals find significant value in Treasury's institutional approach to Bitcoin exposure, eliminating custody complexity, regulatory uncertainty, and technical security risks associated with direct Bitcoin investment while providing professional portfolio management and tax-efficient structure. The public company format enables portfolio diversification and risk management that individual Bitcoin ownership cannot provide, while maintaining exposure to Bitcoin appreciation through leveraged institutional accumulation.

Bitcoin-Focused Investment Funds benefit from Treasury's European regulatory standing and institutional infrastructure that enables fund investment in Bitcoin exposure without direct cryptocurrency ownership or custody responsibilities. The public company structure provides familiar investment vehicles for traditional fund managers seeking Bitcoin allocation while maintaining compliance with fund governance and risk management requirements.

European Family Offices seeking strategic Bitcoin allocation find Treasury's institutional approach attractive for its combination of professional management, regulatory compliance, and operational simplification. The company's European focus, institutional governance, and systematic accumulation strategy align well with family office investment horizons and risk management requirements while providing Bitcoin exposure that individual custody approaches cannot efficiently deliver.

Cryptocurrency Industry Participants may find Treasury's conference acquisition and European market leadership valuable for ecosystem development and market expansion objectives. The company's platform provides access to European institutional markets and regulatory dialogue that benefit broader cryptocurrency adoption while creating potential partnership opportunities for industry participants seeking European market development.

The platform's limitations include focus on Bitcoin-only exposure that may not satisfy investors seeking broader cryptocurrency portfolio diversification, premium pricing above net asset value that may not appeal to cost-sensitive investors, and European regulatory focus that may limit global institutional access compared to US-based alternatives.

Conclusion

Treasury B.V. represents a significant evolution in European Bitcoin investment infrastructure, successfully combining institutional-grade treasury management with comprehensive regulatory compliance and sophisticated capital markets execution to create Europe's most ambitious Bitcoin accumulation platform. The company's rapid development from founding to €126 million funding round and planned public listing demonstrates exceptional execution capabilities while its strategic acquisitions and investor base provide sustainable competitive advantages in the evolving European Bitcoin landscape.

Key strengths include pioneering European regulatory compliance that provides legal certainty for institutional investors, proven leadership with extensive Wall Street experience and successful track record in alternative investment management, strategic investor base including industry leaders Winklevoss Capital and Nakamoto Holdings providing credibility and expertise, comprehensive Bitcoin ecosystem approach through conference acquisition and market advocacy that creates multiple value streams, and sophisticated capital markets strategy enabling systematic Bitcoin accumulation through public equity access. The company's focus on European markets creates operational advantages while the MiCA regulatory framework provides defensive moats against less compliant competitors.

Areas for continued development include successful execution of the reverse listing process and public company transition, management of public market volatility and maintaining appropriate premiums above net asset value, expansion of institutional relationships and capital market access for scaled Bitcoin acquisition, development of comprehensive European Bitcoin adoption advocacy programs, and building educational resources that support institutional Bitcoin understanding and confidence. The company's focus on Bitcoin-only exposure may require strategic evaluation if broader digital asset allocation becomes institutionally preferred.

For European institutional investors seeking regulated, professionally managed Bitcoin exposure, Treasury offers compelling advantages over both direct Bitcoin investment and unregulated alternative approaches. The combination of institutional governance, regulatory compliance, systematic accumulation strategy, and European market focus makes it particularly suitable for sophisticated investors prioritizing legal certainty and professional management while seeking leveraged Bitcoin appreciation exposure.

The company's strategic positioning for long-term success appears robust, with comprehensive regulatory compliance providing defensive advantages while institutional-grade operations enable expansion opportunities as European Bitcoin adoption continues accelerating. As the European cryptocurrency sector matures under harmonized MiCA regulation, Treasury's early market leadership and professional execution position it advantageously for sustained growth and potential market dominance in the European Bitcoin treasury segment.

Last updated: September 3, 2025