Buccaneer Energy Plc (AIM:BUCE) has signed a contract with digital asset firm BitGo, which will provide custody and trading support as it prepares to monetise natural gas through a future Bitcoin mining operation.
Buccaneer has previously announced plans to monetise the gas produced at the Fouke area near Pine Mills, Texas, by using it in power generation that will feed an on-site bitcoin mining operation.
BitGo will act as Buccaneer’s regulated custodian for any Bitcoin revenue, and it will provide access to its OTC trading platform to support liquidity.
"We are delighted to conclude this agreement with BitGo ahead of our planned participation in a Bitcoin mining operation, as we believe they are the best partner to work with in this business," said chief executive Paul Welch.
"This is just one of many things we are doing in preparation for drilling at Fouke, with the next action being the staking of the next development location, scheduled for the end of this week.
"We look forward to updating the market as we progress."