This year has witnessed a remarkable shift as companies focused on cryptocurrencies are making significant moves towards going public. Joining this trend is a fresh Bitcoin investment firm backed by the prominent Winklevoss twins, which is set to pursue a listing in Amsterdam.

Strategic Move to the Amsterdam Market

As reported by Reuters, the firm, aptly named Treasury, is planning to go public via a reverse merger with the Dutch investment company MKB Nedsense. This strategy is designed to expedite their entry into public markets with more efficiency.

Recently, Treasury secured €126 million (around $147 million) in a private equity round, spearheaded by Winklevoss Capital and Nakamoto Holdings. This indicates robust investor confidence in the emerging firm.

The anticipations from the reverse merger suggest a marked premium, estimated at a 72% rise compared to MKB’s share price of €0.7 recorded on July 11. The goal is to stabilize the post-merger price at approximately €2.10.

To progress with this transaction, MKB will convene an extraordinary meeting for shareholders to approve the merger. Upon completion, it will be renamed “Treasury N.V.” and will operate under the ticker symbol “TRSR.”

This initiative aligns with recent developments in the Dutch marketplace, as local operators like Amdax position themselves to launch a Bitcoin treasury entity, AMBTS, on the Euronext Amsterdam.

Companies like Treasury focus on maintaining Bitcoin reserves as their primary assets. This business model stands in contrast to traditional firms that usually retain cash assets. By accumulating Bitcoin, they aim to establish long-term financial stability.

A well-known case of this approach is Michael Saylor’s firm, Strategy, which has consistently increased its Bitcoin holdings weekly, yielding substantial unrealized gains to date.

Treasury has successfully acquired over 1,000 Bitcoin; while this is significantly less than Strategy’s immense portfolio of 636,000 Bitcoin, it is still a noteworthy start. The company strategically aims to draw investors in a European climate where cryptocurrency options are limited compared to the United States.

Gemini’s Future IPO

Simultaneously, the Winklevoss twins are gearing up for the initial public offering (IPO) of their cryptocurrency exchange, Gemini, within the United States.

According to Bitrabo’s recent reports, they hope to achieve a valuation of around $2.22 billion, offering 16.67 million shares priced between $17 and $19 each under the ticker “GEMI.”

Should this IPO come to fruition, it has the potential to generate roughly $317 million at the higher end of the pricing spectrum, positioning Gemini as the third publicly traded digital asset exchange, following the successful listings of Bullish and Coinbase.

Image sourced from DALL-E, chart data from TradingView.com