Treasury launches to become Europe’s largest Bitcoin treasury company, backed by Winklevoss Capital and Nakamoto
Highlights
• Treasury B.V. (“Treasury”), an emerging euro-denominated Bitcoin treasury company, has raised initial funding of €126 million ($147 million) through a private round led by Winklevoss Capital and Nakamoto Holdings Inc., a subsidiary of KindlyMD, Inc. (NASDAQ: NAKA). With this funding, Treasury has already accumulated more than 1,000 Bitcoin to advance its Bitcoin strategy.
• Treasury has the ambition to be the first Bitcoin treasury company listed on a primary European exchange, and it will pursue such listing via a reverse listing on Euronext Amsterdam through MKB Nedsense N.V. (“MKBN”).
• Treasury aims to implement a robust capital market strategy, leveraging both equity and debt to systematically accumulate Bitcoin as its primary reserve asset while generating Bitcoin yield.
• Treasury will also act as a leading ambassador for Bitcoin, having entered into a definitive agreement to purchase Amsterdam Decentralized B.V., an affiliate of BTC Inc. and the company that hosts the Bitcoin Amsterdam conference.
• Treasury has also partnered with BTC Media LLC, an affiliate of BTC Inc., in support of the Bitcoin Amsterdam conference.
• Treasury was founded and is led by CEO Khing Oei and will establish a Strategic Advisory Board that includes Cameron and Tyler Winklevoss and David Bailey.
“Bitcoin is shaping the future of global financial markets, and the next wave, which we call the equitization of Bitcoin, is expected to dramatically broaden access and ownership that will rival traditional markets. Treasury was established to level the playing field in Europe by expanding access and strategically positioning Bitcoin at the core of the region’s financial ecosystem.
To advance our mission of becoming the largest Bitcoin treasury company in Europe, we have raised an initial €126 million ($147 million) in funding through a private round led by Winklevoss Capital and Nakamoto, which we have already leveraged to accumulate 1,000 Bitcoin. Our strong capital base also supports our intention to pursue a reverse listing on Euronext Amsterdam, positioning Treasury as one of the first Bitcoin treasury companies to be listed on a primary European stock exchange. This access to major capital markets enables rapid scaling, efficient Bitcoin accumulation, and the leverage of Europe’s rich trading heritage for long-term growth. As a leading Bitcoin ambassador in Europe, Treasury reinforces its presence by acquiring Bitcoin Amsterdam and partnering with BTC Inc., creating a growth flywheel we believe will ignite the Digital Golden Age.” Khing Oei, Founder & CEO of Treasury
Founder-led Launch Backed by Industry-Leading Advisory Board
Treasury was founded and is led by Khing Oei, a seasoned investor with extensive experience at Goldman Sachs, Fortress as well as managing his own hedge fund. He has deep roots across both traditional finance and digital assets markets.
To accelerate its mission, Treasury will establish a Strategic Advisory Board that includes leading Bitcoin pioneers, Cameron and Tyler Winklevoss, and David Bailey. Cameron and Tyler are the founders of Gemini, a leading cryptocurrency exchange in the U.S., and Winklevoss Capital, a venture firm investing in technology and digital assets. David is the CEO and Chair of the Board of KindlyMD, Inc. (NASDAQ: NAKA), a provider of integrated healthcare services and an institutional-grade Bitcoin treasury vehicle through its subsidiary Nakamoto Holdings, Inc.
Funding and Euronext Amsterdam Listing
“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.”
Cameron and Tyler Winklevoss, Founders of Gemini and Winklevoss Capital, future Treasury Strategic Advisory Board members
Treasury has strategically selected Euronext Amsterdam for its listing. With a history as a center of global trading dating back to 1602 and world-class financial infrastructure, Euronext provides a gateway to global capital markets. Through the intended reverse listing with MKBN, Treasury aims to become the first Bitcoin treasury company listed on a primary European exchange, establishing a launchpad for growth and supporting the integration of Bitcoin into Europe’s mainstream financial ecosystem.
Treasury has raised an initial €126 million ($147 million) via a founder-led private funding round, led by Winklevoss Capital, Nakamoto, UTXO Management, Off The Chain Capital, M1 Capital, Mythos Venture Partners and more than 50 other investors. This funding provides the foundation to accelerate Treasury’s capital markets strategy, leveraging both equity and debt instruments to systematically accumulate Bitcoin, generate Bitcoin yield and deploy innovative capital markets initiatives. Treasury has already leveraged this funding to accumulate more than 1,000 Bitcoin, strengthening its position as it executes on its Bitcoin strategy.
Strategic Acquisition and Partnerships
“This investment represents Nakamoto’s first in the European capital markets. Treasury has one of the best leadership teams I have met among Bitcoin treasury companies. Its participation in one of the oldest and strongest public markets in Europe creates an exciting opportunity for Dutch investors and for Nakamoto shareholders alike.”
David Bailey, CEO and Chair of the Board of KindlyMD, Inc., co-founder and CEO of BTC Inc., and future Treasury Strategic Advisory Board member
Treasury is also committed to strengthening Europe’s financial ecosystem by raising awareness and fostering Bitcoin adoption. As an initial step, Treasury has entered into a definitive agreement to acquire Amsterdam Decentralized B.V., an affiliate of BTC Inc. and the company that hosts Bitcoin Amsterdam, Europe’s flagship Bitcoin conference. It has also entered into a strategic partnership with BTC Media LLC, the leading Bitcoin media and events platform and affiliate of BTC Inc. Together, Treasury and BTC Inc. and its affiliates will work to educate, engage, and connect investors, institutions, and builders with the transformative potential of Bitcoin.
Bitcoin Amsterdam has established itself as Europe’s premier gathering for Bitcoiners, attracting more than 5,000 attendees annually and featuring over 150 thought leaders. By leveraging this platform, Treasury may gain unparalleled access to Europe’s vibrant Bitcoin community and emerging adopters. The next edition of Bitcoin Amsterdam will take place on 13–14 November 2025.
Reverse Listing Transaction Details
Treasury intends to list on Euronext Amsterdam through a reverse listing with MKBN. Upon completion of the transaction, Treasury is expected to trade under the ticker ‘TRSR’.
For more information, please refer to the Reverse Listing press release, also published today, 3 September 2025 here.
Media contact
Laura Peijs Press@treasury-btc.com
About Treasury
Treasury is an emerging euro-denominated Bitcoin treasury company. With Bitcoin as the digital gold benchmark, we are building a transparent, liquid, and institutional-grade structure for Bitcoin exposure in Europe. Our robust Bitcoin treasury approach focuses on systematic Bitcoin accumulation as our primary reserve asset and generating Bitcoin-yield by leveraging a robust capital markets strategy, including equity and debt. To access global capital markets, Treasury is pursuing a listing on Euronext Amsterdam (intended ticker: TRSR), one of Europe’s leading exchanges via a reverse listing. Beyond its core Bitcoin accumulation strategy, Treasury also aims to act as an advocate for greater Bitcoin adoption and foster broader engagement across the Netherlands and Europe.
Find out more on www.treasury-btc.com.
Notes
Khing Oei biography
Khing Oei is the Founder and CEO of Treasury, a Netherlands-based Bitcoin treasury company recently launched with the ambition to become Europe’s largest. Backed by investors including Winklevoss Capital and Nakamoto, Treasury has the intention to list via a reverse listing on Euronext Amsterdam.
Khing is a seasoned investor with deep expertise across traditional and digital markets. He most recently served as Senior Advisor Crypto at a multi-billion-dollar hedge fund focusing on crypto distressed situations such as FTX and Genesis, where he is a member of the Board of Directors. In this role, he oversaw multi-billion-dollar Bitcoin swaps, acquisitions and distributions.
He began his career at Goldman Sachs in the Fixed Income, Currency & Commodities’ Special Situations Investing Group, before moving into senior investment roles at Fortress and Bardin Hill (formerly Halcyon), where he was CEO of Europe and built the firm’s $2.5B securitized credit business. He later founded and was Chief Investment Officer of Eyck, a $200M event-driven distressed & special situations hedge fund twice nominated for EuroHedge awards.
Throughout his career, Khing executed complex transactions across equities, credit, special situations, and digital assets. As an entrepreneur, he has also launched ventures such as Maicrotrader, an AI-driven Bitcoin and crypto trading agent platform.
Born and raised in Amsterdam, Khing returned to the Netherlands after 18 years in London. He holds an MSc in Econometrics from Vrije Universiteit Amsterdam.
Bitcoin
Over the past decade, Bitcoin has gained recognition as a high-performing asset, showing consistent growth and resilience through market cycles. Often described as digital gold, Bitcoin’s value is underpinned by a fixed supply of 21 million coins, creating engineered scarcity that distinguishes it from traditional fiat currencies and positions it as a long-term store of value in an era of monetary expansion and inflationary pressures. As of August 2025, almost 20 million Bitcoin have been mined, leaving a finite supply that reinforces its scarcity-driven value proposition. Beyond its role as a store of value, Bitcoin also functions as programmable money, enabling new forms of digital transactions, decentralized financial products, and innovative capital market strategies.
Legal disclaimer
This announcement is for information purposes only. The information contained in this announcement does not purport to be full or complete and, in particular, does not contain all the information that should be considered concerning the proposed transaction involving a reverse listing of Treasury on Euronext Amsterdam, pursuant to a contribution agreement between MKBN and Treasury (the “Reverse Listing”), and is not intended to form the basis of any investment decision or any other decision in respect of the Reverse Listing. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Treasury will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. This announcement does not constitute, and should not be construed as, an offer to sell or a solicitation of any offer to purchase the ordinary shares of Treasury or MKBN and is not a recommendation to engage in any investment activities.
This announcement does not constitute a prospectus. Investors are advised to read the Euronext Information Memorandum and EGM documentation that is expected to be published on MKBN’s website (once available), and is made available by MKBN, as these materials will contain important information about Treasury and the Reverse Listing.
No action has been taken by Treasury that would permit an offer of securities or the possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.
This press release may include statements that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect Treasury’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Treasury’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.
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