Dutch cryptocurrency services firm Amdax has raised €20 million ($23.3 million) to launch a Bitcoin treasury company on the Amsterdam Euronext stock exchange, setting one of the most ambitious goals ever seen in the industry. The new entity, called AMBTS, is being established as an independent company with its own governance and structure, and it intends to accumulate up to 1% of Bitcoin’s total supply — about 210,000 BTC. At today’s prices, that target represents over $23 billion worth of Bitcoin.

According to Amdax, the funds raised will be used to steadily expand Bitcoin holdings through capital markets strategies, with the aim of generating shareholder value by growing Bitcoin per share. Investors have already committed the full $23.3 million in the initial round of financing.

The idea of companies building large Bitcoin treasuries has gained momentum ever since MicroStrategy, now called Strategy, pioneered the approach. Since then, major corporations worldwide have added Bitcoin to their balance sheets, including Tesla, MercadoLibre, Aker, and Rumble, as well as firms in sectors ranging from telecommunications to industrial investments.

Competition among Bitcoin treasury companies is heating up. Japan’s Metaplanet recently approved an $880 million fundraising plan, with most of the funds directed toward Bitcoin purchases. In France, semiconductor company Sequans Communications also announced a $200 million equity offering to fuel its Bitcoin acquisition strategy. Meanwhile, Strategy remains the world’s largest Bitcoin treasury, holding over 632,000 BTC — more than 3% of all Bitcoin that will ever exist — valued at nearly $70 billion.

If Amdax’s AMBTS succeeds in reaching its 1% target, it would instantly join the ranks of the world’s largest Bitcoin holders, reducing circulating supply and potentially fueling new waves of corporate accumulation in the crypto market.