Amsterdam’s Amdax wants to list a dedicated bitcoin treasury company on Euronext, with the audacious ambition to own roughly 1% of the network over time. For European institutions caught between ETFs and balance‑sheet buys, AMBTS sketches a third path—with different governance, fee, and liquidity dynamics.
The product: a listed treasury, not an ETF
Amdax’s proposed Amsterdam Bitcoin Treasury Strategy (AMBTS) is not a spot ETF; it’s a listed operating company whose sole mandate is to accumulate and hold bitcoin as treasury. Think of it as a purpose‑built MicroStrategy without the software business—and without the leverage by default.
