Amdax, a Dutch cryptocurrency service provider, has successfully secured 20 million euros ($23.3 million) to establish a Bitcoin treasury firm on Amsterdam’s Euronext stock exchange.
As detailed in a recent announcement, various investors have committed around $23.3 million in the initial financing round for Amdax’s Bitcoin (BTC) treasury. This follows an earlier announcement this month about launching the treasury as an independent, privately held entity with its own governance, named AMBTS.
AMBTS aims to eventually acquire at least 1% of all Bitcoin ever created, totaling approximately 210,000 BTC. This amount is currently valued at over $23 billion.
The announcement stated, “AMBTS plans to utilize the capital markets to enhance its Bitcoin holdings, sequentially driving equity appreciation and increasing Bitcoin per share for its shareholders, depending on market and other conditions.”
Related: The Bitcoin treasury model is breaking, but Strategy’s isn’t. Here’s why
The emergence of corporate Bitcoin treasuries
The Bitcoin treasury strategy has seen a rise in adoption among publicly traded companies ever since MicroStrategy showcased its viability.
This trend has also led numerous companies, not exclusively focused on Bitcoin accumulation, to start acquiring it. These include US electric vehicle manufacturer Tesla, US thermal and battery safety firm KULR Technology, Norwegian industrial investment firm Aker, Brazilian fintech Méliuz, Latin America’s leading e-commerce platform MercadoLibre, Malta-based investment manager Samara, Thai telecom Jasmine, US coal producer Alliance, and Canadian video-sharing platform Rumble.
Meanwhile, companies dedicated to Bitcoin acquisition have continued to amass more, which further decreases the circulating supply of Bitcoin.
Related: Satsuma secures $218M, including $125M in BTC, to advance Bitcoin strategy
Bitcoin accumulation continues to grow
This week, Metaplanet, a Japanese Bitcoin treasury, approved plans to raise approximately $880 million through an overseas share issuance, with nearly $835 million earmarked for Bitcoin purchases. Furthermore, French semiconductor company Sequans Communications filed for a $200 million at-the-market equity offering on Monday to support its Bitcoin treasury strategy.
Earlier this month, Michael Saylor, co-founder of Strategy, the world’s first Bitcoin treasury company, hinted at an upcoming Bitcoin acquisition, which would mark the company’s third this August. Currently, Strategy holds 632,457 BTC, valued at over $69.5 billion, equivalent to more than 3% of all Bitcoin that will ever be mined.
Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder
