Shares in Cykel AI PLC (LSE:CYK) rose 11% on Tuesday after the company said it plans to raise £750,000 and adopt a Bitcoin-based treasury strategy.
The London-listed artificial intelligence firm aims to complete the share placing by 6 June, with new shares to be priced at that day’s closing bid.
The money raised will support day-to-day operations and fund Cykel’s first Bitcoin purchase, part of a broader move to join a group of listed firms holding digital assets on their balance sheets.
The strategy mirrors those adopted by companies such as Tesla and MicroStrategy, which have argued that allocating a portion of cash to Bitcoin can enhance returns and increase market visibility.
The stock rose 0.28p to 2.86p.