The Emergence of Bitcoin Treasuries in Europe: A Strategic Opportunity with Treasury BV

The institutionalization of Bitcoin has entered a new phase in Europe, driven by regulatory clarity, capital innovation, and strategic market positioning. At the forefront of this movement is Treasury BV, an Amsterdam-based firm backed by the Winklevoss twins and Nakamoto Holdings, which has raised €126 million to accumulate over 1,000 BTC while pursuing a reverse listing on Euronext Amsterdam [3]. This development underscores a broader trend: the equitization of Bitcoin, where institutional-grade structures are transforming the cryptocurrency into a tradable, regulated asset class.

MiCA: The Catalyst for Institutional Adoption

The EU’s Markets in Crypto-Assets (MiCA) regulation, fully enforceable since December 2024, has been pivotal in legitimizing Bitcoin as a strategic reserve asset. According to a report by AINvest, 8.9% of institutional portfolios in the EU now include Bitcoin, a figure projected to grow by 40% by 2026 [1]. MiCA’s harmonized framework has enabled firms like Treasury BV and Amdax to operate with institutional-grade custody, governance, and compliance standards, filtering out smaller, less prepared players [2].

For example, Treasury BV’s €126 million private round—led by Winklevoss Capital and Nakamoto Holdings—was structured under MiCA-compliant guidelines, ensuring transparency and investor protections [3]. The firm’s reverse listing strategy on Euronext Amsterdam aims to democratize access to Bitcoin treasuries, offering both institutional and retail investors a regulated equity vehicle for exposure [1]. This mirrors Amdax’s Amsterdam Bitcoin Treasury Strategy (AMBTS), which targets 1% of Bitcoin’s total supply through similar MiCA-compliant mechanisms [5].

Equity Offerings and Yield-Generating Strategies

Treasury BV’s capital structure exemplifies the equitization of Bitcoin. By issuing equity and convertible debt instruments, the firm is scaling its Bitcoin holdings while generating yield through staking—a practice now accounting for 39% of Bitcoin staking participation in Q1 2025 on regulated platforms [1]. These staking solutions, governed by a mandatory 10% reserve requirement to ensure liquidity stability, further reduce counterparty risk and align with institutional risk management frameworks [4].

Retail investors are also gaining access via MiCA-approved ETFs, such as BlackRock’s iShares Bitcoin Trust (IBIT), which holds $70 billion in assets under management [1]. Meanwhile, tokenized Bitcoin treasuries are enabling fractional ownership, bridging the gap between crypto and traditional fixed-income markets. This integration is critical for Bitcoin’s adoption as a reserve asset, as it allows institutional investors to allocate 10% or more of their portfolios to Bitcoin with confidence [2].

Strategic Implications and Challenges

The rise of Bitcoin treasuries in Europe is not without challenges. Price volatility remains a concern, as evidenced by institutional losses during market downturns [1]. Additionally, MiCA’s stringent compliance requirements—such as mandatory whitepaper disclosures and anti-money laundering (AML) protocols—can be burdensome for smaller firms [3]. However, these hurdles have also created a competitive edge for well-capitalized players like Treasury BV, which can leverage their scale and regulatory expertise to dominate the market.

Analysts predict Bitcoin could reach $200,000–$210,000 within 12–18 months, though prolonged bear markets may test the resilience of treasury firms [1]. Despite this, the EU’s regulatory leadership is accelerating Bitcoin’s equitization, with institutional holdings projected to grow by 40% by 2026 [1].

Conclusion

The emergence of Bitcoin treasuries in Europe represents a seismic shift in institutional finance. Treasury BV’s strategic equity offerings, coupled with MiCA’s regulatory clarity, are paving the way for Bitcoin to become a mainstream reserve asset. As Amsterdam solidifies its position as a hub for institutional crypto adoption, investors must recognize the long-term value of participating in this equitization wave. For those seeking exposure, the combination of regulated structures, yield-generating strategies, and cross-border accessibility makes European Bitcoin treasuries a compelling opportunity in 2025 and beyond.

Source:
[1] Bitcoin's Equitization in Europe: Strategic Entry Points for Institutional and Retail Investors [https://www.ainvest.com/news/bitcoin-equitization-europe-strategic-entry-points-institutional-retail-investors-public-bitcoin-treasury-market-2509/]
[2] Institutional Crypto Risk Management Statistics 2025 [https://coinlaw.io/institutional-crypto-risk-management-statistics/]
[3] Winklevoss-Backed Treasury BV to List Bitcoin Firm on Euronext Amsterdam [https://coincentral.com/winklevoss-backed-treasury-bv-to-list-bitcoin-firm-on-euronext-amsterdam/]
[4] Impact of MiCA on Crypto Lending and Staking Statistics [https://coinlaw.io/impact-of-mica-on-crypto-lending-and-staking-statistics/]
[5] Amdax initiates Amsterdam Bitcoin Treasury Strategy [https://www.amdax.com/en/article-overview/amdax-launches-amsterdam-bitcoin-treasury-strategy]