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Amdax raises 30 million euros for Bitcoin treasure: a new milestone!
Dutch firm Amdax has raised €30 million for Bitcoin to acquire 1% of the stock and plans Euronext listing.
Amdax raises 30 million euros for Bitcoin treasure: a new milestone!
Dutch cryptocurrency firm Amdax has successfully raised 30 million euros (approximately $35 million) for its Bitcoin treasury initiative AMBTS. This funding round closed on October 7, 2023, and the initiative aims to acquire 1% of the total Bitcoin supply, which is approximately 210,000 BTC. CEO and co-founder Lucas Wensing described the completion of the financing round as an “important milestone” for the company’s Bitcoin strategy.
Amdax aims to provide investors with transparent access to Bitcoin. The funds from the financing round will be used for an initial purchase of BTC before the company goes public on the Euronext Amsterdam stock exchange. Amdax originally targeted 23 million euros, before increasing the target to 30 million euros.
Amdax and the Bitcoin market
The cryptocurrency market is currently undergoing an exciting development. Bitcoin recently reached a new all-time high of $126,080, but fell back to around $123,879 but remains stable above $120,000. Despite the volatility, continued interest in Bitcoin shows the digital asset's relevance in today's financial landscape.
Amdax plans to accumulate at least 210,000 BTC, which represents 1% of the global Bitcoin supply. Currently, only MicroStrategy holds more than 210,000 BTC, with a holding of 640,031 BTC, representing over 3% of the total supply of 21 million BTC. MicroStrategy's Bitcoin holdings are worth about $73 billion, and if Amdax operates with their $35 million at current prices, they could be able to acquire at least 282,533 BTC, which would make them the second-largest Bitcoin treasury firm.
Collaboration with traditional companies
In addition to its own endeavors, Amdax has a notable partnership with Dutch Treasury, also based in the Netherlands and backed by the Winklevoss twins. This partnership could further strengthen Amdax's position in the market as they aim to provide comprehensive services in the cryptocurrency space.
In a rapidly changing market environment, Amdax will be able to secure its market shares and provide transparent access to Bitcoin through its strategic decisions and increasing its capital base beyond the financing round. The developments surrounding Amdax are therefore of great importance for investors and the broader cryptocurrency market.