Treasury

What Treasury does

Treasury B.V. is a Netherlands-incorporated Bitcoin treasury enterprise founded in Amsterdam in 2025 by Khing Oei, a former Goldman Sachs, Fortress, Bardin Hill, and Eyck Capital investor who also served as Senior Advisor Crypto at Genesis. The company's core product is a euro-denominated Bitcoin treasury strategy: it systematically accumulates Bitcoin as its primary reserve asset and seeks to generate Bitcoin yield by leveraging both equity and debt capital-markets instruments, providing a transparent, liquid, institutional-grade vehicle for Bitcoin exposure. It serves institutional investors (family offices, large financial institutions, professional investors) as the primary segment, with European retail investors as a secondary segment, addressing the lack of accessible, euro-denominated, regulated Bitcoin investment options in European capital markets relative to U.S. peers such as Strategy.

The business model is not traditional fee- or subscription-based; value is derived from Bitcoin accumulation, appreciation of holdings, and any yield generated via capital-markets instruments. Distribution is anchored to a planned Euronext Amsterdam listing (via reverse listing with MKB Nedsense N.V., intended ticker 'TRSR'), which would route access through standard European brokerage accounts. Treasury raised €126 million (~$147 million) in a 2025 seed round co-led by Winklevoss Capital and Nakamoto Holdings Inc. (subsidiary of KindlyMD, NASDAQ: NAKA), with UTXO Management, Off The Chain Capital, M1 Capital, Mythos Venture Partners, and 50+ additional investors; as of September 2025 the company reported holdings of 1,111 BTC.

Complementing the treasury core, Treasury has built a distinctive Bitcoin ecosystem stack: it acquired Amsterdam Decentralized B.V. (operator of the Bitcoin Amsterdam conference with 5,000+ attendees and 150+ speakers), partnered with BTC Inc./BTC Media for media and education, and in January 2026 launched Bitcoin Magazine Nederland. These assets are positioned as community-engagement and thought-leadership infrastructure rather than separate revenue lines, and they integrate an unusual media-and-events footprint with a public Bitcoin treasury vehicle for the European market.

Name

Treasury

Legal name

Treasury B.V.

Website

https://treasury-btc.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Treasury B.V. is a Netherlands-based, euro-denominated Bitcoin treasury company that systematically accumulates Bitcoin as its primary reserve asset and seeks Bitcoin yield through capital-markets instruments, serving institutional and retail investors in Europe via a planned Euronext Amsterdam listing (ticker TRSR).

Ownership category

akta.pro rank

Product category

Bitcoin Treasury Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

Keywords

• Bitcoin treasury services
• Euro-denominated digital assets
• Bitcoin yield generation
• Capital markets instruments
• Institutional bitcoin exposure

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Bitcoin accumulation and appreciation: Treasury accumulates Bitcoin as its primary reserve asset, generating value through appreciation of its Bitcoin holdings.
2. Bitcoin yield generation: Leveraging capital markets strategy including equity and debt instruments to generate Bitcoin yield.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Treasury operates as a euro-denominated Bitcoin treasury enterprise that systematically accumulates Bitcoin as its primary reserve asset and generates Bitcoin yield through capital markets instruments including equity and debt. The company provides institutional-grade, transparent, and liquid Bitcoin exposure to European investors via a planned Euronext Amsterdam listing under ticker TRSR. Its offering extends to Bitcoin ecosystem assets including the acquired Bitcoin Amsterdam conference and the launched Bitcoin Magazine Nederland.

Product overview

Treasury operates as a unified Bitcoin treasury platform offering a single core product: institutional-grade Bitcoin treasury services for European investors. The company provides systematic Bitcoin accumulation as its primary reserve asset combined with Bitcoin yield generation through capital markets strategies. As a complementary ecosystem, Treasury has expanded through strategic acquisitions including Bitcoin Amsterdam (Europe's flagship Bitcoin conference) and Bitcoin Magazine Nederland (Bitcoin education publication), which serve to raise awareness and foster Bitcoin adoption across Europe while building community engagement.

Differentiator

Problem solved

Functional benefit

Products and services

• Bitcoin Treasury Services Systematic Bitcoin accumulation as primary reserve asset combined with Bitcoin yield generation through capital markets strategy leveraging equity and debt instruments, providing institutional-grade Bitcoin exposure for European investors via Euronext Amsterdam.
• Bitcoin Amsterdam Conference Europe's premier Bitcoin conference attracting over 5,000 attendees annually with 150+ thought leaders; acquired by Treasury to serve as a platform for Bitcoin education, engagement, and community connection.
• Bitcoin Magazine Nederland Bitcoin education and adoption publication launched in partnership with BTC Inc., focused on educating and engaging investors, institutions, and builders across the Netherlands and Europe about Bitcoin's transformative potential.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• BTC Inc.coreStrategic or Co-development Partner · 3 September 2025Strategic partnership with BTC Media LLC for Bitcoin media and events platform. Treasury acquired Amsterdam Decentralized B.V. (BTC Inc. affiliate) which hosts Bitcoin Amsterdam conference. Together working to educate, engage and connect investors with Bitcoin potential.
• MKB Nedsense N.V. (MKBN)coreStrategic or Co-development PartnerDutch SME focused investment firm listed on Euronext Amsterdam. Treasury is pursuing a reverse listing through MKBN to become the first Bitcoin treasury company listed on a primary European exchange. MKBN will be renamed to 'Treasury N.V.'
• Amsterdam Decentralized B.V.coreStrategic or Co-development PartnerAffiliate of BTC Inc. and host of Bitcoin Amsterdam conference. Acquired by Treasury to strengthen its presence in Europe's Bitcoin community.
• Value8 N.V.minorStrategic or Co-development PartnerAs part of the reverse listing transaction, MKBN sells and transfers all its assets and liabilities to Value8, its largest shareholder, prior to the reverse listing completion.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• Hut 8 Corp: Hut 8 is a publicly listed digital asset infrastructure company that mines and holds Bitcoin on its balance sheet. It is comparable as a public corporate Bitcoin holder, though its hybrid infrastructure model differs from Treasury's pure-treasury approach.
• Marathon Digital Holdings: Marathon Digital Holdings is a large publicly listed Bitcoin miner that also holds significant BTC on its balance sheet. While its core business is mining rather than pure treasury, its corporate BTC accumulation strategy and public market listing make it a partial comparable.
• Riot Platforms: Riot Platforms is a publicly listed Bitcoin miner with material BTC holdings on its corporate balance sheet. It is comparable as a public corporate Bitcoin holder and treasury allocator, though mining operations distinguish it from Treasury's pure-treasury focus.
• Sato Innovation / Other European BTC treasury entrants: Multiple emerging European public vehicles and private companies are pursuing corporate Bitcoin treasury strategies tracked on BitcoinTreasuries.net. While individually smaller, collectively they represent the competitive set Treasury is racing to lead in Europe.

Direct peers

• Strategy (formerly MicroStrategy): Strategy is the original and largest publicly listed corporate Bitcoin treasury company, having pioneered the model since 2020. Treasury mirrors Strategy's strategy of raising equity and debt to accumulate Bitcoin, targeting the same institutional and retail investor base but denominated in euros and listed on Euronext.
• Bitcoin Group SE: Bitcoin Group SE is a European publicly listed company holding approximately 3,605 BTC, making it one of the largest European listed Bitcoin holders. It is directly comparable to Treasury as a European-listed corporate Bitcoin treasury, though it predates Treasury and operates with an older capital structure.
• Capital B (The Blockchain Group): Capital B is a European listed entity pursuing an aggressive Bitcoin treasury strategy with 2,925 BTC held. It is a direct peer in the European listed-Bitcoin-treasury category, competing for the same European institutional and family office investor demand Treasury targets.

Broad incumbents

• KindlyMD / Nakamoto Holdings: Nakamoto Holdings, a subsidiary of KindlyMD (NASDAQ: NAKA), is a US-listed Bitcoin treasury company that co-led Treasury's €126M funding round and shares David Bailey on Treasury's Strategic Advisory Board. It is a broader incumbent in the same treasury category and represents both an investor and strategic ally.
• Block (formerly Square): Block is a large public fintech company that has held Bitcoin on its corporate balance sheet since 2020 and offers Bitcoin-related products to merchants and consumers. It is a broader incumbent that demonstrates corporate Bitcoin treasury adoption at scale.
• Coinbase Global: Coinbase is the largest US-listed crypto exchange and custodian with significant institutional Bitcoin custody and ETF infrastructure. It serves as a broad incumbent that could provide custody and liquidity infrastructure for Treasury and its peers.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Treasury_BTC

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Treasury