Bitcoin Treasury Race Heats Up As Dutch Firm Shoots For $23-M Launch

Dutch cryptocurrency service provider Amdax has announced that it raised over $23 million to establish a Bitcoin treasury company.

The new entity, called AMBTS, will be listed on Amsterdam’s Euronext stock exchange. According to reports, investors from the initial funding round have already committed the full $23.3 million.

Targeting A Massive Share Of Bitcoin

AMBTS has a goal that stands out in its ambition: to eventually acquire 210,000 BTC, or about 1% of the total Bitcoin supply that will ever exist.

At today’s prices, that amount is worth more than $23 billion. The company says it wants to build value for its shareholders by expanding its Bitcoin holdings and increasing crypto per share, depending on market conditions.

The move reflects a growing wave of companies taking the treasury approach with Bitcoin. This strategy, popularized in 2020 by Michael Saylor’s Strategy, has steadily gained ground among public companies and private firms alike.

While some corporations simply add BTC to their balance sheets, others have been set up entirely to accumulate the digital asset.

Companies Building Bitcoin Treasuries

The list of firms building reserves goes beyond crypto-focused businesses. Strategy, formerly MicroStrategy, holds over 632,000 BTC, the largest corporate stash. Tesla also keeps Bitcoin in reserve, while Block, Inc. (formerly Square) added it to its treasury as well.

Japan’s Metaplanet is raising funds for more Bitcoin, and Dutch firm Amdax launched AMBTS to target 1% of supply. MercadoLibre and Norway’s Aker have also built reserves, showing the global spread of this trend.

Canadian video-sharing platform Rumble has also revealed holdings in digital currency, adding to the list of firms holding the asset as part of their long-term strategy.

On the other side, firms established with the sole intention of crypto acquisition are increasing their stacks. Each coin they add to their coffers takes more BTC out of circulation, which tightens supply.

Jockeying For Position

AMBTS, while still in its infancy, is putting itself squarely in the running for the treasury competition. Having raised $23.3 million and positioned itself to scale its holdings exponentially, the company has put itself among the increasingly large contingent of institutions viewing Bitcoin as a strategic reserve asset, not simply another investment.

Featured image from Unsplash, chart from TradingView