The trend towards listed companies adopting a ‘Bitcoin treasury’ strategy has caused fluctuations in the share price of a firm focused on building AI agents.
Cykel AI plc floated on the Aquis challenger market in October 2023, raising £1.75m, then last summer underwent a reverse takeover and relisted on the London Stock Exchange.
In raising £350,000 in fresh capital via a share placing last July, co-founder and then CEO Jonathan Bixby – also behind Aquis-listed NFT Investments and a co-founder of Argo Blockchain, Guild Esports and Cellular Goods – said: “The last few years have seen massive growth in the AI technology market.
“A senior London stock market listing will provide us with the profile, credibility, and access to global capital to drive our growth.”
Co-founder Ewan Collinge (pictured) was made CEO last October.
The London firm’s products claim to interact with any UI, website or API using natural language commands. Following the launch of autonomous recruitment agent ‘Lucy’, it built a sales agent called ‘Eve’ then a research agent named ‘Samson’.
As may be expected for a research-heavy company at the cutting edge of technology, the group incurred a total comprehensive loss for the period ending 31st January 2025 of £2.6m, following on from losses in the prior year of £1.6m.
However, it is another aspect of the company altogether that seems to be capturing the attention of investors: its cryptocurrency investment strategy.
Streetbees falls into administration five years after $200m valuation
In May it announced a new share placing of £750,000, which it expected to complete by 6th June, with the aim of investing in Bitcoin – in the manner made popular by Tesla and since copied by companies including Cel AI and the Smarter Web Company.
Its share price would almost double by mid-to-late June – reaching around 4.3p – before dropping back to 1.4p by last week. Then yesterday it climbed back to above 2.2p, before dropping back to 1.68p at the time of writing (9.30am).
This morning the firm acknowledged the wild swings, explaining: “The board is in advanced discussions with a strategic investor group regarding a possible significant equity investment into the company, to raise funds to help develop the company’s existing business and support its treasury strategy which will be revised if the fundraise completes to allow investment in Solana and stablecoins.
“The possible investment, which is expected to be priced at a significant discount to the closing price on Friday 22nd August 2025, will be subject to shareholder approval.”
Cykel AI’s share price hit an all-time high of 8p in August 2024.