Treasury

Treasury is a European bitcoin treasury company headquartered in the Netherlands, operating as a public vehicle that holds bitcoin as its primary reserve asset. Its core business is straightforward: it raises euro-denominated capital and converts it into bitcoin, positioning itself as Europe's answer to MicroStrategy. The company's narrative centers on bitcoin as "digital gold," offering institutional investors a regulated, transparent way to gain bitcoin exposure without directly holding or managing the asset themselves.

The market problem Treasury addresses is the lack of convenient, compliant vehicles for European institutions to access bitcoin. Traditional funds often carry high fees or structural inefficiencies, while direct custody poses operational and regulatory burdens. Treasury solves this by functioning as a simple, listed holding company whose share price tracks its bitcoin holdings, providing liquidity and ease of access.

In the past six months (February to August 2026), Treasury has focused on executing its treasury strategy. It completed a significant capital raise of €126 million, which was used to purchase over 1,000 BTC, bringing its total holdings to a substantial level. The company also announced plans to list on Euronext Amsterdam through a reverse merger with MKB Nedsense, a move designed to accelerate its public market presence. However, critics have noted risks inherent to bitcoin treasury models, including potential NAV discount volatility and the danger of a "death spiral" if market sentiment turns, though no such events have occurred to date.