London BTC Company Limited (LSE:BTC, OTCQB:VINZF), the Bitcoin-focused investment firm listed on London's Main Market, has raised £1 million through a combination of retail and direct fundraising as it seeks to 'aggressively' roll out its treasury strategy.
The company secured £700,000 via a WRAP retail offer. A further £300,000 was raised through a direct share subscription, also priced at 18.5p per share, adding another 1.62 million shares to its issued capital.
“We’re excited to have successfully closed £1 million in fresh capital through a mix of direct financing and our WRAP programme,” said Hewie Rattray, the company's chief executive.
“Demand exceeded our target, but we chose to cap the raise strategically. We’re here to build aggressively, but we intend to strike hard when timing allows for maximum impact.”
Rattray added that with “investor appetite growing and market conditions evolving fast”, the company is preparing for larger raises and further Bitcoin acquisitions.
London BTC holds Bitcoin on its balance sheet as part of a long-term investment strategy that is becoming more commonplace here in the UK as well as the US, where the approach originated. It also mines the cryptocurrency.