- Treasury BV raises €126M to buy 1,000 BTC and target TRSR listing in Amsterdam.
- Reverse deal with MKB Nedsense and Value8 includes a €0.0435 per share dividend and pricing premiums.
- Gemini IPO plan: 16.7M shares at $17–$19; 1H loss $282.5M on $68.6M revenue.
The Winklevoss Twins are backing Treasury BV, a Netherlands based bitcoin treasury company planning to list in Amsterdam. The firm raised €126 million, equal to about $147 million, in a private round led by Winklevoss Capital and Nakamoto Holdings, securing over 1,000 BTC as its reserve. Treasury BV will merge with MKB Nedsense NV, transferring assets to Value8 NV before issuing new shares to investors. The agreement includes a dividend of 4.35 euro cents per share and pricing at a 72% premium to MKB Nedsense’s July 11 close and a 90% premium to its three month average. Once completed, the company expects to trade on Euronext Amsterdam under the ticker TRSR, presenting Europe with a clear equity path to bitcoin exposure.
Winklevoss Twins back Treasury BV’s Amsterdam listing plan
The Winklevoss Twins support a straightforward thesis for Europe’s public markets by attaching a listed equity shell to a single reserve asset and by using familiar exchange disclosure to make the position clear to institutions and retail portfolios. Treasury BV describes a goal of cementing bitcoin within Europe’s financial ecosystem by pairing audited balance sheet exposure with the rhythm of Euronext reporting, which can be easier to hold than direct custody or derivatives for many allocators. Amsterdam offers euro based trading, familiar settlement, and a rulebook that large funds understand, while the company’s stated purpose is to buy and hold bitcoin with transparent updates that show BTC held and euro value over time. The Winklevoss Twins connect this plan to Dutch market heritage that includes early joint stock practices, arguing that a listed company with a simple reserve model can give Europe a clean instrument for bitcoin exposure at scale. The near term focus is execution of the listing steps and the start of trading under TRSR, followed by ongoing communication that aligns equity performance with the 1,000 BTC reserve and any future accumulation.
Share structure, pricing, and dividend details
The listing pathway relies on a reverse structure that first moves all assets and liabilities of MKB Nedsense to Value8 NV, leaving the listed entity ready to issue new shares to Treasury BV’s investors and rebrand for trading in Amsterdam. This route avoids the longer timetable of a conventional float and anchors the transition in a set of hard numbers that help holders understand value transfer. The deal terms specify a dividend of €0.0435 per share and an issuance price that together reflect a 72% premium to the undisturbed closing price on July 11, and a 90% premium to the three month volume weighted average price, a pair of markers that give analysts a basis for modeling post transaction levels. Once the change of control and share issuance complete, the renamed company expects to begin trading on Euronext Amsterdam under TRSR, presenting an equity wrapper for a bitcoin treasury that relies on periodic reports rather than opaque disclosures. The Winklevoss Twins are central backers of the €126 million raise that funded the initial 1,000 BTC, and their family office participation, alongside Nakamoto Holdings and the KindlyMD link, provides a visible cap table for early buyers who want clarity on sponsors and potential lockups.
Winklevoss Twins and Gemini IPO context
The Winklevoss Twins are also advancing a separate track in the United States through Gemini Space Station Inc, where the crypto exchange and custodian has filed for an initial public offering that plans to sell about 16.7 million shares in a range of $17 to $19. At the top of that range the raise could reach $316.7 million with an implied market capitalization near $2.2 billion, placing the deal among a set of crypto related listings in 2025 that includes Circle Internet Group, which raised $1.2 billion with a first day move of 168%, and Bullish, which raised roughly $1.1 billion with an 84% first day gain. The filing shows a first half net loss of $282.5 million on revenue of $68.6 million, compared with a first half loss of $41.4 million on revenue of $74.3 million in 2024, numbers that will shape investor questions about cost controls and product mix. The broader market setting is described as more open under President Donald Trump, yet the record still includes risk items such as a $5 million settlement with the Commodity Futures Trading Commission from earlier this year. For readers tracking both stories, the Amsterdam treasury path and the U.S. exchange listing move on different rails, but both show how the Winklevoss Twins are using public markets to formalize exposure and raise capital.
Conclusion
The Winklevoss Twins are backing a euro based bitcoin treasury that plans to list in Amsterdam with a €126 million raise, an initial 1,000 BTC reserve, a €0.0435 per share dividend for the transition, and pricing that reflects a 72% premium to the July 11 close and a 90% premium to the three month volume weighted average price, with trading expected under TRSR on Euronext Amsterdam. In parallel, their exchange is seeking a U.S. listing that would offer about 16.7 million shares at $17 to $19 for up to $316.7 million and an implied value near $2.2 billion, set against recent crypto listings and a first half loss of $282.5 million on $68.6 million in revenue. Together the two tracks place the Winklevoss Twins inside a European equity wrapper for bitcoin and a U.S. exchange filing that may reopen larger conversations about listed crypto exposure and public disclosures.
Disclaimer
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