Dutch firm Amdax plans Bitcoin treasury listing on Euronext Amsterdam

Dutch cryptocurrency service provider Amdax is preparing to launch a Bitcoin treasury firm on Amsterdam’s Euronext stock exchange, as more European companies follow US counterparts in adopting Bitcoin strategies.

Amdax said Monday it is creating AMBTS B.V., a privately held company with independent governance that will operate as a stand-alone firm. AMBTS aims to become a “1% Bitcoin treasury company,” with the goal of eventually accumulating 1% of all Bitcoin (BTC) in circulation.

The company said it plans to raise capital in stages through the markets to expand its Bitcoin holdings, grow equity value and increase Bitcoin-per-share metrics for investors. Accumulating 1% of Bitcoin’s total supply would require more than $24 billion at current prices, with Bitcoin trading above $115,800 this week.

Amdax was the first crypto service provider to register with the Dutch Central Bank in 2020. The platform was among the first Dutch crypto service providers to receive a Markets in Crypto-Assets Regulation (MiCA) license from the Dutch Authority for the Financial Markets (AFM) on June 26.

Amdax and AMBTS plan to raise capital from private investors in an initial financing round, with the net proceeds expected to be used to “make a head start with the Bitcoin accumulation strategy,” the announcement stated.

Amdax said its platform offers 33 cryptocurrencies for trading, automated investing and expert-managed portfolio strategies for users.

Cointelegraph contacted Amdax for comment on the timeline of the firm’s upcoming capital raise and future Bitcoin investments, but had not received a response by publication.

Corporate Bitcoin adoption grows in Europe

More European companies are adopting Bitcoin as a primary treasury reserve asset. However, Bitcoin exposure is still “relatively small in investment portfolios,” according to Lucas Wensing, CEO of Amdax. He added:

“With now over 10% of bitcoin supply held by corporations, governments and institutions, we think the time is right to establish a Bitcoin treasury company with the aim to obtain a listing on Euronext Amsterdam, as one of the leading exchanges in Europe.”

At least 15 European companies have publicly announced adopting Bitcoin as part of their corporate balance sheet. These include Germany-based Bitcoin Group with 3,605 BTC, the United Kingdom-based Smarter Web Company with 2,395 BTC, France-based The Blockchain Group with 1,653 BTC and the UK’s Satsuma Technology with 1,126 BTC.

The other European firms with less than 1,000 BTC include Sweden’s H100 Group, Samara Asset Group, CoinShares International Limited, 3U Holding, Advanced Bitcoin Technologies, Phoenix Digital Assets, Baultz Capital, Vanadi Coffee, Aker ASA, K33 and Refined Group.

Bitcoin continues to outperform

Bitcoin has outpaced all major asset classes over the past decade, rising more than 26,900%, compared with gains of 193% for the S&P 500, 125% for gold and 4.3% for crude oil, according to CoinGecko.

Beyond Europe and the US, corporate Bitcoin adoption is also steadily growing in Asia, spearheaded by Japanese investment firm Metaplanet.

Metaplanet acquired an additional 775 BTC worth over $89 million, to surpass 18,888 BTC or $2.1 billion in total holdings, the company said on Monday.

Metaplanet stock surged nearly 190% year-to-date, outperforming the 7.2% rise of Japan’s leading and most liquid blue-chip companies tracked by the Tokyo Stock Price Index (TOPIX) Core 30, Cointelegraph reported last Wednesday. 

Despite an optimistic earnings report released last week, Google Finance data shows that Metaplanet’s stock price fell by over 12.7% during the past five trading days, to trade at 900 Japanese yen, or $6.11 per share.