The Venture Codex

Participated · Convertible Note · Mar 2026

Capital B pursues a Bitcoin reserve strategy and announced corporate financing and securities adjustments to support that plan. The company completed a €1.1 million raise via subscription of BSA 2026-02 equity warrants by Adam Back. Concurrently it reduced the conversion price on its OCA B-04 convertible bonds and added a two-year equity warrant (BSA OC) to each converted bond. These actions were described as measures to optimize its capital structure and accelerate its Bitcoin reserve build-out. The reported information focuses on the financing structure and securities terms rather than operational metrics or revenues.

Participated · Equity · Sep 2025

Treasury is a Bitcoin treasury startup founded in 2025 by Khing Oei that aims to become Europe’s largest holder and manager of Bitcoin reserves. It has secured €126 million in funding and already accumulated over 1,000 Bitcoin in reserves. The company plans to list on Euronext Amsterdam via a reverse listing through MKB Nedsense N.V. and to trade under the ticker TRSR upon completion. Treasury is acquiring Amsterdam Decentralized B.V., organiser of the Bitcoin Amsterdam conference, and has formed a strategic partnership with BTC Media LLC to promote Bitcoin adoption and education across Europe. A Strategic Advisory Board includes Cameron and Tyler Winklevoss and David Bailey, and the €126 million round was led by Winklevoss Capital and Nakamoto Holdings Inc., alongside over 50 other investors including UTXO Management, Off The Chain Capital, M1 Capital and Mythos Venture Partners. Founder Khing Oei’s background at Goldman Sachs, Fortress and as Senior Advisor Crypto at a multi-billion-euro hedge fund informs the company’s plan to bridge crypto-native and traditional finance in Europe.

Participated · Equity · Aug 2025

Build on Bitcoin (BOB) is creating a technology stack that makes Bitcoin-based DeFi possible, positioning itself as the “Gateway to Bitcoin DeFi.” Its core product is the first hybrid zero-knowledge (ZK) rollup designed for Bitcoin, which the team has already brought to testnet. BOB has also launched a BitVM bridge in collaboration with institutional partners and introduced the first Bitcoin intents system that offers one-click BTC access across major chains. The project plans an imminent token generation event (TGE) and a full transition to community governance, reflecting its goal of decentralized ownership. To date, BOB has secured more than $25 million in funding, comprising $21 million from seed and strategic rounds plus a recently completed community sale. This capital is being used to refine its rollup technology, expand cross-chain connectivity, and onboard users and developers into Bitcoin-based DeFi.

Participated · Seed · Apr 2025

Sats Terminal provides a decentralized, Bitcoin-centric financial platform through both its flagship application and specialized SDKs. Its first core product, Borrow, launched in January 2026 and lets users post native BTC as collateral to obtain stablecoins across Ethereum, BNB Chain, Arbitrum, and Base without surrendering custody. A second product, Earn, is slated for release in March 2026 to give users yield-generating opportunities on their BTC holdings. The team is also finalizing integrations with major wallet providers to widen distribution of its services. Beyond product expansion, Sats Terminal plans to leverage strategic partners to embed its technology in broader crypto ecosystems. The company previously secured a $1.7 million pre-seed round in late 2025 led by Coinbase Ventures and Draper Associates. No operating metrics such as revenue or user counts were disclosed in the article.

Participated · Seed · Feb 2025

Maestro is an Austin, TX-based enterprise-grade infrastructure provider for Bitcoin DeFi. Led by CEO Marvin Bertin, the company offers a comprehensive, scalable infrastructure stack optimized for UTXO-based decentralized finance. Last year it released a state-of-the-art UTXO indexing platform tailor-made for the needs of DeFi on Bitcoin. This year Maestro is onboarding top protocols across crypto wallets, decentralized exchanges, and lending protocols with the aim of onboarding millions to Bitcoin. The company is forging strategic alliances across the Bitcoin landscape, including a collaboration with Arch Network to enable Bitcoin contract programmability via a parallel execution layer. Saturn will leverage Maestro to launch the first AMM DEX on Bitcoin L1, and Maestro raised $3M in Seed funding to expand operations and its development efforts.