A UK company created exclusively for Bitcoin accumulation and revenue generation will float on the Access segment of the AQSE Growth Market on 22nd September.
B HODL, which describes itself as ‘exclusively focused on Bitcoin-related activities’, has ambitions to build revenue streams from strategically acquired Bitcoin while contributing to the broader ecosystem of the cryptocurrency.
The firm has conditionally raised £13.3 million through a subscription of 95.25m new ordinary shares at 14p each.
It also intends to launch a Winterflood Retail Access Platform (WRAP) offer of 3.57m new shares at the same price, targeting a further £500,000.
The company operates a five-year-old Bitcoin Lightning node ranked among the world’s top 100, generating routing fee income and with plans to scale further.
Its board is chaired by David Jaques, PayPal’s first CFO; CEO Freddie New, who is the co-founder of Bitcoin Policy UK; CoinCorner co-founders Danny Scott and David Boylan; CoinCorner CTO Zakk Lakin; and venture investor Allen Farrington.
The team collectively brings more than 40 years of experience in the Bitcoin sector.
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The fundraising has attracted several high-profile backers from the Bitcoin community, including Adam Back, CEO and co-founder of Blockstream, and Bitcoin journalist Joe Nakamoto.
Conditional on admission, the company will pursue its strategy of building a Bitcoin treasury and strengthening Bitcoin’s payments infrastructure via its Lightning operations.
“Bitcoin is our business – both in terms of our intention to acquire a significant Bitcoin treasury, and in our plans to use that Bitcoin to strengthen and develop Bitcoin’s payment capabilities via our operation of one of the world’s most highly ranked Lightning nodes,” said New.
“Bitcoin’s market capitalisation now sits at around $2 trillion, but we believe that this represents just a small fraction of its potential value in the foreseeable future.
“It’s also an asset to which many investors are underexposed. We have therefore come together to create B HODL, with a team that includes leading figures from the Bitcoin industry and who also have significant experience in paytech and asset management.
“Through B HODL, investors can gain price exposure to Bitcoin and to the growing payment revolution that we believe it represents, participating indirectly in the continuing growth, strength and stability of the industry.”
Scott, who is serving as chief business officer of the firm, added: “We are committed to making B HODL the leading UK listed Bitcoin company and believe that we have the people, network, knowledge and strategy to successfully deliver on this ambitious objective.
“We are extremely excited about the future and look forward to providing regular updates on our progress.
“I hope that we can inspire a new wave within Bitcoin treasury companies whose core business is to utilise the treasury asset itself, allowing for a pure focus on Bitcoin.”