Cryptocurrency Business Amdax Secures $23 Million Funding for Aggrandized Bitcoin Reserve Scheme (Strategy)

A Dutch cryptocurrency company named Amdax has taken a significant step towards becoming one of the world's largest corporate Bitcoin holders. The company, which is one of the Netherlands' leading crypto service providers, has raised €20 million ($23.3 million) in its first funding round.

Amdax's ambitious target is to own 1% of all Bitcoin that will ever exist. With the funds raised, AMBTS, the company's trading name, will start buying Bitcoin immediately. The company plans to complete its private funding at €30 million.

The move by Amdax represents a new benchmark for corporate Bitcoin adoption in Europe. By purchasing Bitcoin, Amdax aims to strengthen Europe's position in the crypto market and facilitate institutional entry into Bitcoin. This could attract large financial institutions seeking exposure to Bitcoin ahead of AMBTS’s planned IPO on Euronext Amsterdam.

The company's bold strategy has solid regulatory backing. Amdax registered with the Dutch Central Bank in 2020, and in June 2021, it received one of the first MiCA licenses from Dutch financial authorities, allowing it to operate across all 27 European Union countries.

European companies are catching up to their American counterparts in the Bitcoin buying trend. At least 15 European companies already hold Bitcoin as a treasury asset. MicroStrategy remains the largest corporate Bitcoin holder with 632,457 Bitcoin, but Amdax's 1% target sets a new benchmark for corporate Bitcoin adoption in Europe.

The total value of corporate Bitcoin holdings is $408 billion, distributed across 310 companies and 3.68 million tokens. The Bitcoin market has been volatile recently, with the digital currency hitting new all-time highs above $124,000 before pulling back to around $108,000.

Amdax is not alone in its Bitcoin buying strategy. Japanese company Metaplanet approved plans to raise $880 million, with $835 million going to Bitcoin purchases. Potential investors interested in further financing of Amdax in the future could be institutional investors attracted by AMBTS’s plan to acquire 210,000 Bitcoins.

In the future, Amdax plans to raise more money through public markets to continue its Bitcoin buying spree. Amdax will go public on Euronext Amsterdam, providing regular investors with the opportunity to buy shares in a company that owns Bitcoin. This approach allows regular investors to gain exposure to the volatile but potentially lucrative crypto market.

Cryptocurrency Business Amdax Secures $23 Million Funding for Aggrandized Bitcoin Reserve Scheme (Strategy)