Net Holding A.S.

Net Holding A.Ş. (NTHOL.IS) stands out as one of Turkey’s most innovative public companies, with a diversified business model spanning tourism, hospitality, and gaming. Founded in 1974 and headquartered in Istanbul, Net Holding has built a reputation for strategic investments and forward-thinking management. The company operates a range of hotels, casinos, and entertainment venues across Turkey and internationally, positioning itself as a leader in the region’s leisure and hospitality sector.

In recent years, Net Holding has demonstrated a progressive approach to treasury management by incorporating Bitcoin into its corporate reserves. This move reflects a growing trend among global public companies seeking to diversify their balance sheets and hedge against currency volatility. By allocating a portion of its assets to Bitcoin, Net Holding signals confidence in the long-term value proposition of digital assets and a willingness to embrace financial innovation.

Net Holding’s Bitcoin strategy is particularly significant within the Turkish market, where economic uncertainty and currency fluctuations have prompted both individuals and institutions to explore alternative stores of value. As one of the first Turkish public companies to disclose substantial Bitcoin holdings, Net Holding has set a precedent for transparency and modern asset management, reinforcing its position as a market pioneer.

Recent Developments

Net Holding’s Bitcoin treasury activities have been notable for their transparency and scale, as documented in official filings with the Turkish Capital Markets Board (SPK):

• December 31, 2022: The company added 349.2279 BTC to its holdings, as reported in its SPK filing (see page 66 of the financial statement).
• September 14, 2022: Net Holding reported the removal of 97.8614 BTC from its reserves.
• September 14, 2022: An additional transaction was recorded, with 0 BTC removed, indicating no net change for this entry.
• December 31, 2021: The company initially added 100.6614 BTC to its treasury, as detailed in the same SPK filing (page 66).

As of April 2025, there have been no publicly disclosed updates indicating further changes to Net Holding’s Bitcoin position since the last reported activity at the end of 2022. The company’s approach—characterized by periodic, sizable acquisitions and transparent reporting—continues to set a benchmark for Turkish corporates considering digital asset exposure.

Net Holding’s ongoing commitment to Bitcoin as a treasury asset underscores its role as a trailblazer in Turkey’s corporate landscape, offering a compelling case study for other firms evaluating the integration of digital assets into their financial strategies.