Treasury BV moves forward with $147M Bitcoin treasury with Winklevoss twins backing

Gemini co-founders Cameron and Tyler Winklevoss are backing Netherlands-based Treasury BV in its campaign to become Europe’s leading Bitcoin treasury company. 

The Treasury announced Wednesday that it raised 126 million euros ($147 million) in a private funding round led by Winklevoss Capital and Nakamoto Holdings to buy 1,000 BTC. It said the move is designed to attract Bitcoin-focused investors in a region where opportunities “were limited” compared to the United States and Asia.

Treasury BV has entered a binding agreement with MKB Nedsense NV, a Dutch investment firm specializing in small and medium-sized enterprises, to be publicly listed. The transaction will see MKB Nedsense transferring all its assets and liabilities to its largest shareholder, Value8 NV, before issuing new shares to Treasury’s investors.

According to the structure of the share issuance reported by Reuters, the price of the new shares, along with a dividend of 4.35 euro cents per share, is a 72% premium over MKB Nedsense’s closing price on July 11. Compared to the three-month volume-weighted average price, the premium stands at 90%.

Following the completion of the deal, Treasury expects to begin trading on Euronext Amsterdam under the ticker symbol “TRSR.”

Treasury BV CEO talks Bitcoin ‘equitisation’

Speaking to news outlets, Treasury CEO and founder Khing Oei called the Winklevoss twins-backed venture “a strategy to cement Bitcoin within Europe’s financial ecosystem.” 

Cameron and Tyler Winklevoss supported Oei’s sentiments of connecting Treasury BV to centuries of Dutch financial innovation. 

“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. We’re proud to support their efforts,” the twins said in a joint statement.

Treasury has also partnered with BTC Media LLC, the publishing arm of BTC Inc., to promote Bitcoin adoption and education throughout Europe. 

According to Bloomberg, the funding was supported by KindlyMD, a New York-based health company that merged with Nakamoto Holdings in August.

Gemini prepares for US IPO 

Aside from their Bitcoin treasury ambitions, the Winklevoss twins are moving forward with their own exchange’s public debut in the United States, Gemini Space Station Inc. The crypto exchange and custodian founded by the brothers filed for an initial public offering with the US Securities and Exchange Commission (SEC) on Monday.

Per the filing reviewed by Cryptopolitan, Gemini plans to sell 16.7 million shares at a price range of $17 to $19 each. At the top of the range, the company would achieve a market capitalization of around $2.2 billion. The IPO could raise as much as $316.7 million, positioning Gemini among a wave of crypto-related listings in 2025.

Gemini’s filing follows several high-profile listings from the crypto industry, supported by an increasingly favorable regulatory environment under President Donald Trump. Stablecoin issuer Circle Internet Group went public in June with a $1.2 billion offering, its shares surging 168% on debut. In August, crypto exchange Bullish raised $1.1 billion in its IPO, with shares climbing 84% on their first day of trading.

Still, Gemini is struggling to count positives after posting a net loss of $282.5 million on revenue of $68.6 million in the first half of the year. That compares to a net loss of $41.4 million on $74.3 million in revenue during the same period in 2024.

Earlier this year, Gemini agreed to pay $5 million to resolve a lawsuit brought by the Commodity Futures Trading Commission. 

Get up to $30,050 in trading rewards when you join Bybit today