Dutch Firm Amdax Raises $35M For Bitcoin Treasury, Plans to Acquire 1% of Supply — Is $130K BTC Next?

Dutch crypto firm Amdax has secured 30 million euros ($35M) in its latest funding round to launch a dedicated Bitcoin treasury company, Amsterdam Bitcoin Treasury Strategy (AMBTS), with plans to accumulate 1% of the total BTC supply.

According to a Reuters report dated October 7, the AMBTS team is now prepared to begin acquiring Bitcoin for its treasury.

CEO and AMBTS co-founder Lucas Wensing described the completion of the funding round as a crucial milestone in the company’s Bitcoin accumulation mission.

Amdax Targets 210,000 BTC to Become Europe’s Bitcoin Treasury Giant

“We now advance with our bitcoin strategy, offering investors clear access to this distinct asset class,” Wensing stated.

Back in August, Cryptonews reported that Amdax had obtained €20 million ($23 million) in early funding for AMBTS and announced plans to close its private funding round at €30 million ($35 million) before seeking a public listing on Euronext Amsterdam.

This target has now been reached, with bitcoin purchases set to begin.

The company intends to use capital markets to increase Bitcoin per share while working toward its 210,000 BTC target, valued at roughly $26 billion at today’s prices.

CEO Lucas Wensing argues that Europe requires its own Bitcoin treasury leader to match the corporate adoption rates seen in the U.S. and Asia, where institutional holdings have grown substantially.

This follows the recent MiCAR license approval that Amdex obtained to meet the new European legislation for crypto markets.

Amdax now joins the expanding roster of major companies adding BTC to their corporate reserves.

Another Dutch firm pursuing a BTC treasury is Treasury B.V., which has backing from the Winklevoss twins.

Unlike AMBTS, Treasury has already started operations with a balance of 1,000 BTC.

AMBTS Bitcoin treasury ambitions follow Strategy (formerly MicroStrategy), the U.S.-based software company that has become nearly synonymous with corporate Bitcoin adoption.

Corporate Bitcoin Treasuries Surge Past 1M BTC Across 200 Firms

According to BitcoinTreasuries.net, MicroStrategy currently holds 640,031 BTC, making it the largest public holder by a wide margin.

In total, public companies now control approximately 1,040,961 BTC across 200 firms, a figure that has risen by nearly 4.89% in the past month alone.

Other corporate holders include Marathon Holdings with over 52,000 BTC, the United States’ Twenty One Company with 43,514 BTC, and Japan’s Metaplanet with nearly 31,000 BTC.

Combined, entities ranging from corporations to governments now hold about 3.74 million BTC globally, valued at $463.8 billion.

Meanwhile, US Senator Cynthia Lummis (R-WY) has suggested that the United States could also begin purchasing Bitcoin as funds to establish a US strategic Bitcoin reserve (SBR) may materialize at any time.

The crypto market showed signs of strength at the start of the week, with Bitcoin climbing to a new record high above $126,000 on Monday, extending gains as investors sought refuge from political and economic uncertainty.

The world’s largest digital asset reached as high as $126,080 after crossing the $125,000 mark for the first time on Sunday.

It has now stabilized at $124,209, still up 0.45% and on track for a second consecutive session of gains.

Ryan Lee, chief analyst at Bitget, said Bitcoin could maintain its upward trajectory in the near term.

He noted investors may witness a test of $130,000 if ETF momentum continues to accelerate.

Elliott Wave Fifth Wave Bull Indicator Points to $134K

Examining the Bitcoin chart reveals an Elliott Wave pattern with a potential fifth wave development.

The price recently pushed above a major resistance zone around $121,000 and is currently trading at approximately $124,188, displaying strong upward momentum.

The chart presents a clear consolidation phase throughout July and August, where the price maintained a rectangular range between roughly $113,000 and $121,000.

After dipping in mid-August to retest support around $105,000 (marked as wave iv), Bitcoin has mounted an impressive recovery rally through September and October, reclaiming previous resistance levels.

The primary technical observation is that price has now firmly broken above the $121,000 resistance level, which previously served as a barrier multiple times.

This breakout indicates continuation potential, as the wave 5 annotation suggests.

Based on the pattern, if wave 5 is developing, the next major resistance to monitor would be the zone marked around $134,000-$136,000.

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