Amdax, a Dutch platform providing cryptocurrency services, has secured a substantial 20 million euros (equivalent to $23.3 million USD). This funding is designated for the establishment of a Bitcoin-focused treasury firm, which will be listed on the Euronext stock exchange in Amsterdam.
According to a recent press release issued on Friday, a group of investors has pledged approximately $23.3 million through an initial funding round to support Amdax’s Bitcoin (BTC) treasury initiative. This development follows a prior announcement earlier this month outlining their intentions to launch this treasury as an autonomous, privately owned entity named AMBTS, complete with its own independent governance structure.
The purpose of creating AMBTS is to systematically accumulate a significant portion of the total Bitcoin supply, aiming for at least 1% of all Bitcoin that will ever be created. This translates to approximately 210,000 BTC, which, at current market valuations, holds a value exceeding $23 billion.
As stated in the announcement, “AMBTS plans to utilize capital markets to strategically increase its Bitcoin holdings. This, in turn, is designed to generate equity appreciation and enhance the Bitcoin per share value for its stakeholders, contingent on prevailing market dynamics and other influencing factors.”
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The Growing Trend of Corporate Bitcoin Treasuries
Since Strategy – formerly known as MicroStrategy – successfully demonstrated the feasibility of adopting Bitcoin as a corporate treasury asset, the practice of holding Bitcoin as a treasury reserve has gained traction among publicly traded companies.
This burgeoning trend has also seen numerous companies, whose core business isn’t strictly focused on Bitcoin accumulation, begin incorporating it into their balance sheets. Notable examples include Tesla, the US electric vehicle manufacturer; KULR Technology, a US firm specializing in thermal and battery safety solutions; Aker, a Norwegian industrial investment company; Méliuz, a Brazilian fintech firm; MercadoLibre, a leading e-commerce platform in Latin America; Samara, an investment manager based in Malta; Jasmine, a Thai telecommunications provider; Alliance, a US-based coal producer; and Rumble, a Canadian video-sharing platform.
Meanwhile, companies whose primary focus is Bitcoin acquisition have continued to increase their holdings. This activity contributes to the reduction of Bitcoin available in general circulation.
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Continued Bitcoin Accumulation
Earlier this week, Metaplanet, a Japanese entity focused on building a Bitcoin treasury, approved a plan to raise approximately $880 million through an overseas share offering, dedicating roughly $835 million to Bitcoin acquisitions. Additionally, this week, Sequans Communications, a French semiconductor company, filed for a $200 million “at-the-market” equity offering on Monday, with the intention of using the funds to bolster its Bitcoin treasury strategy.
Earlier in August, Michael Saylor, co-founder of Strategy, the pioneering Bitcoin treasury company, indicated an upcoming Bitcoin purchase, marking the company’s third such acquisition in August. Strategy currently holds the title of the world’s largest Bitcoin treasury, possessing 632,457 BTC, which was valued at over $69.5 billion at the time of this writing. This represents over 3% of the total Bitcoin supply that will ever be mined.
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