AKD advises MKB Nedsense N.V. and Value8 N.V. on a reverse listing transaction with Treasury B.V.

September 11, 2025

An AKD deal team has advised MKB Nedsense N.V. (MKBN) and Value8 N.V. on a landmark reverse listing transaction with Treasury B.V., a pioneering euro-denominated Bitcoin treasury company.

In a rare move for Dutch capital markets, Treasury is set to become Europe’s first Bitcoin treasury company listed on a primary exchange (Euronext Amsterdam), marking a major milestone in the evolution of digital asset infrastructure. This reverse listing structure, rarely used in the Netherlands, enables Treasury to access European capital markets, while maintaining regulatory integrity.

Backed by the US Winklevoss twins (who rose to prominence after their dispute with Mark Zuckerberg about their claim to Facebook), Treasury positions itself as a new kind of listed entity: a digital asset treasury vehicle, rather than a broker or exchange.

Following shareholder approval and an asset sale to its large shareholder Value8, MKBN will be renamed Treasury N.V. and trade under the ticker TRSR. Treasury has also acquired Bitcoin Amsterdam, Europe’s flagship Bitcoin conference, and partnered with BTC Inc. to drive education and adoption across the European continent.

Led by Lennart Crain, the team consisted of Ralph Ledeboer and Christiaan Schuurs (Corporate M&A), and Remco Bosveld (civil-law notary).

For more information, see the press coverage on this deal: