UK-listed firms holding Bitcoin on their balance sheets were in demand on Monday after the cryptocurrency hit a fresh record over the weekend, boosted by investors seeking havens from political and economic uncertainty in the United States.
Bitcoin reached $125,689 on Sunday, its highest level since mid-August, before easing slightly to just under $124,000 in London trading.
Analysts said the rally reflected a “debasement trade”, as the US government shutdown drove investors toward assets viewed as stores of value, including gold, which also reached a new peak above $3,900 an ounce.
According to Bloomberg, the surge was supported by inflows of $3.2 billion into US bitcoin exchange-traded funds last week, the second-largest weekly total since their debut in 2024.
In late morning trading, The Smarter Web Company (AQSE:SWC), London's largest treasury company, was up 5%; Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF) rose 7% and newcomer B Hodl Plc (AQSE:HODL) advanced 9%.