25th Jun 2025 12:42
(Alliance News) - A string of London listings are seeking to emulate US examples and Aquis-listed Smarter Web Co PLC by adopting a bitcoin treasury policy, whereby they hold reserves in the cryptocurrency, rather than cash.
GSTechnologies Ltd and TruSpine Technologies PLC on Wednesday both said they are adopting a bitcoin treasury policy, alongside their normal operations.
Perth, Australia-based GSTechnologies said the bitcoin policy made sense given its acquisition of the Bake cryptocurrency platform earlier in the year and its specialisation in digital asset services. "Bitcoin offers liquidity comparable to cash while serving as a reliable store of value," the company said.
More remarkably, Gatwick, England-based TruSpine said its bitcoin treasury policy will operate alongside its core business, which is making medical devices for vertebrae stabilisation. TruSpine said its directors believe that "bitcoin provides a means to preserve value over time and serve as a hedge against both inflation and geopolitical events".
TruSpine said it will allocate capital from future fundraisings to bitcoin, as well as to cash. It added that it is "exploring potential fundraising opportunities for this purpose".
Smarter Web Co, a Guildford, Surrey-based website designer, saw its market capitalisation soar past a billion pounds after being among the first London listings to adopt a bitcoin treasury policy. The stock was down 41% to 242.50 pence on Wednesday morning on the Aquis Stock Exchange. However, earlier this month, the price hit 500.00p, up from less than 5.00p back in April.
Smarter Web on Tuesday said it bought a further GBP15.2 million in bitcoin, raising the value of its total holding to GBP42.4 million.
GSTechnologies shares were up 14% to 1.28 pence on the London Main Market midday Wednesday, though earlier they hit an intraday high of 1.70p. TruSpine shares, meanwhile, were quoted at 1.55p on AQSE, nearly tripled from 0.55p on Tuesday.
The price of bitcoin has been volatile this year. It is up 15% so far in 2025 to just under USD107,000, though it fell as low as USD75,000 in April, following the announcement of trade tariffs by US President Donald Trump, a vocal supporter of cryptocurrency. Five years ago, bitcoin was priced at less than USD10,000.
Other London listings to announce bitcoin treasury policies have been Vaultz Capital PLC, which on Tuesday said it bought GBP774,570 worth of bitcoin. Vinanz Ltd adopted the same treasury strategy, saying on Tuesday it now holds 56.68 bitcoin, which is worth about GBP4.5 million.
Similarly, Vault Ventures PLC, back in May, established a treasury function focused on ethereum, another cryptocurrency. Earlier this month, it raised GBP1.0 million and will deploy between 50% and 75% of this into ethereum.
Blue Star Capital PLC, which invests in e-sports and blockchain-related businesses, on Tuesday also said it is considering initiating a bitcoin treasury reserve. Amazing AI PLC and Sundae Bar PLC made similar announcements on Monday and Tuesday.
Mining companies also are getting in on the act, some seeking to mine cryptocurrency in addition to actual minerals.
Panther Metals PLC, which is developing a zinc, copper and precious metal mine in Canada, said it wants to combine "hard assets with digital currency". It has opened a bitcoin treasury account and wants to use a loan facility secured on its bitcoin holdings to finance the purchase of the Pick Lake deposit in Ontario.
In announcing a GBP515,000 equity raise on Monday, Mendell Helium PLC said it will adopt a bitcoin treasury management policy. Mendell Helium previously had said it is working on a feasibility study for using excess methane from its well in Fort Dodge, Kansas, to provide energy for a cryptocurrency mining operation.
Bluebird Mining Ventures Ltd, which is developing gold projects in Asia, on Wednesday said it has signed a GBP2 million funding facility with a new director. An initial GBP1 million drawdown from the facility will be used to buy bitcoin.
The new director, Sath Ganesarajah, is a veteran cryptocurrency investor and will become Bluebirds's non-executive chair.
Earlier this month, Bluebird agreed to buy 756 bitcoin mining computers to start up a bitcoin mining venture.
Interim Chief Executive Officer Aidan Bishop last week said Bluebird is on a "new journey...marrying its existing mining projects and expertise with the future that is 'digital gold' aka bitcoin and the growing global appetite for this nascent asset class".
By Tom Waite, Alliance News editor
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Bluebird Mining VenturesPanther MetalsVinanzSWC.LGSTechnologiesBlue StarAAI.LSundae Bar