Europe's Bitcoin Treasury Wave: Treasury B.V. Navigates Roller Coaster Models to Build $147M Reserve Strategy

A New Player Enters Europe’s Corporate Bitcoin Game

Treasury B.V., a Dutch-based firm backed by influential crypto figures including Winklevoss Capital and Nakamoto Holdings, just closed a €126 million ($147 million) funding round with an ambitious mission: establishing what could become Europe’s premier corporate Bitcoin Reserve. The capital infusion represents a significant bet on Bitcoin’s role as an institutional-grade reserve asset, even as markets continue their characteristic volatility.

The firm’s approach differs from typical venture plays. Rather than chasing quick profits, Treasury B.V. deployed virtually all raised capital—over 1,000 BTC—into its core reserve immediately. At current BTC valuations around $88.19K, this positions the company among Europe’s largest corporate Bitcoin holders from day one, though still trailing Germany’s Bitcoin Group (3,605 BTC) and others in the regional pecking order.

The Reverse Listing Strategy: Bringing Bitcoin Treasuries to Traditional Markets

Treasury B.V. structured a reverse takeover of Dutch-listed MKB Nedsense N.V. to achieve Euronext Amsterdam listing under ticker “TRSR”—a move designed to bypass traditional IPO friction while establishing credibility in mainstream financial markets. This approach creates an interesting tension: combining roller coaster models of crypto volatility with the stability-seeking expectations of European institutional investors.

The public listing serves multiple purposes. It provides transparency into Treasury B.V.'s Bitcoin holdings and strategy. It also signals to both traditional investors and crypto-native players that corporate Bitcoin treasuries can operate within regulated market structures. The firm explicitly aims to use its public status as a platform to attract additional capital through future equity offerings and convertible debt instruments, systematizing growth rather than relying on single funding events.

Building the Ecosystem: Beyond Just Holding Bitcoin

Beyond accumulating BTC, Treasury B.V. acquired the Bitcoin Amsterdam conference, a strategic move suggesting the company views community engagement as central to its long-term positioning. The board roster reinforces this emphasis, featuring figures like Cameron and Tyler Winklevoss and David Bailey—names carrying weight in both crypto and traditional finance circles.

The company’s stated intention to explore Bitcoin yield strategies introduces another layer of complexity. Rather than static holding, Treasury B.V. seeks to generate returns from its reserves through mechanisms like lending or participation in DeFi protocols—essentially asking how reserves can actively contribute to the balance sheet rather than passively sitting idle.

The Broader European Shift Toward Bitcoin Treasuries

Treasury B.V.'s entry reflects accelerating momentum among European corporations adopting Bitcoin reserve models, following patterns established by U.S. precedents. Recent examples include KindlyMD’s acquisition of 5,744 BTC through its merger with Nakamoto Holdings, valued at approximately $679 million.

The scale of corporate Bitcoin accumulation has reached a threshold worth noting: public firms now control over 4% of Bitcoin’s total supply. This concentration matters because it signals institutional confidence despite—or perhaps because of—ongoing market volatility. The shift toward Bitcoin-backed balance sheet strategies appears less cyclical and more structural, driven by persistent inflation concerns and limited alternatives for corporate reserve diversification.

Treasury B.V.'s goal to eventually outpace established European Bitcoin holders like Sequans Communications (3,205 BTC) and The Smarter Web Company (2,440 BTC) depends on sustained capital raises and disciplined deployment. The roller coaster models defining crypto markets will test whether the company’s execution matches its ambition, but the framework it’s building suggests a longer time horizon than typical speculative ventures.