A new Bitcoin treasury company looks set to join the sector's growing ranks this month.
B HODL, which has an experienced board and heavyweight investor backing, has set out plans to join the Access segment of the AQSE Growth Market.
The Isle of Man-based group said it has conditionally raised £13.3 million through a share subscription and plans to raise a further £500,000 via a retail offer.
The proceeds will be used primarily to acquire Bitcoin and to operate Lightning Nodes, a payment channel technology designed to allow faster and cheaper Bitcoin transactions.
The business has assembled a board and management team with more than 40 years’ collective experience in the cryptocurrency sector.
David Jaques, former founding chief financial officer of PayPal, will be chair.
He is joined by Freddie New, a solicitor and co-founder of Bitcoin Policy UK, as chief executive and Danny Scott, co-founder of CoinCorner, as chief bitcoin officer.
Also on the executive team is David Boylan, formerly chief financial officer at CoinCorner, as finance chief and Zakk Lakin, CoinCorner’s chief technology officer, who becomes B HODL’s CTO.
Allen Farrington, a former Baillie Gifford fund manager and now co-founder of Axiom Venture Partners, joins as a non-executive director.
The listing has also attracted industry investors. These include Adam Back, the chief executive and co-founder of Blockstream, a leading Bitcoin infrastructure company, and Joe Nakamoto, a journalist and educator known for his advocacy of Bitcoin.
CoinCorner itself is also a strategic partner and shareholder, providing technical infrastructure, compliance services and access to its highly ranked Lightning Node.
CEO New, chief executive, said: “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.”
The group’s strategy is to allocate around 90% of equity funding directly to Bitcoin accumulation, while keeping operating costs low.
Its directors believe that the Lightning Network, a system designed to facilitate high-volume, instant settlement, could one day replace parts of legacy fiat payment systems such as Visa or SWIFT.
Scott, chief bitcoin officer, said: “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.”
Admission to AQSE is expected on 22 September. If successful, B HODL would become the first UK-listed company formed specifically for Bitcoin accumulation and Lightning Network operations.