The Amsterdam-based corporation will spearhead the initiative in the region, aiming for a public listing on its local stock exchange.

The asset of choice, meanwhile, underwent a highly volatile period and has yet to regain lost ground.

H1

In an announcement shared to Reuters, Amdax, a cryptocurrency platform, disclosed its plans to launch a BTC treasury called AMBTS (Amsterdam Bitcoin Treasury Strategy) on the Dutch stock exchange Euronext.

Source: Reuters This marks the latest in a long line of institutions that have adopted Bitcoin as a reserve strategy, underscoring the growing levels of adoption and trust in digital assets.

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 to obtain a listing on Euronext Amsterdam, as one of the leading exchanges in Europe. Amdax CEO, Lucas Wensing

The cryptocurrency exchange has been operating for over 5 years and is fully licensed, boasting a robust compliance framework. In 2020, it became the first digital asset service provider in the Netherlands to register with the Dutch Central Bank (DNB). Additionally, it received a Markets in Crypto-Assets Regulation (MiCA) license from the Dutch Authority for the Financial Markets (AFM).

AMBTS will operate as a stand-alone entity from Amdax, as a private limited liability company, and will have its independent governance. The capital raise strategy will focus on securing investments from several private investors in an initial round, with the proceeds expected to be used to initiate a Bitcoin accumulation strategy. The strategic fund is already in advanced stages for a listing on the Euronext through an IPO.

After going public, the long-term goal of AMBTS is to become a treasury that owns 1% of the total BTC supply over time, similar to Metaplanet, which is already significantly ahead with its plan.

How Is Bitcoin Doing?

The leading cryptocurrency has been experiencing a red sea over the last few days, with the most notable crash occurring on Thursday, which followed a new all-time high (ATH) of over $124,000.

However, that did not last long, as just hours later, the price plummeted by several thousand dollars to sub $118,000, caused by a massive sell-off likely fueled by the less-than-favorable inflation data, which also led to a series of liquidations.

At the time of writing, BTC is trading at around $115,000, still far from recovering the losses from last week.