Connecting Excellence Group Plc (AQSE:XCE) has added 10 Bitcoin to its balance sheet after settling its first Bitcoin-denominated bond, as the recruitment firm pushes ahead with an unconventional strategy to increase its holdings of the cryptocurrency.
The bond, issued on 31 December 2025, raised the equivalent of just over $925,000 based on the settlement price of £65,104.26 per Bitcoin.
It marks the first tranche of a planned Bitcoin-denominated convertible bond programme that the company says is designed to grow its Bitcoin per share while offering downside protection to bondholders.
The instrument is unusual in that it raises capital directly in Bitcoin, with no interest payments and the possibility of conversion into equity if certain share price triggers are hit.
If the company’s share price trades at 20% or more above the conversion price (set at 2.925 pence) for ten consecutive trading days, XCE can force conversion into just over 22 million new shares.
If that condition is not met before the bond matures in 12 months, XCE can adjust the conversion price, provided the result still delivers an increase in Bitcoin per share for existing shareholders. Investors who opt not to convert can redeem the bond for Bitcoin, minus a 2% fee.
The company, which is listed on the Aquis Stock Exchange and focuses on executive recruitment, has made no secret of its intention to build a long-term treasury of Bitcoin, using what it calls “innovative capital raising tools” to do so.
XCE said the structure of the bond allows both new and existing investors to participate in future tranches as the programme scales.
The group first announced the bond programme on 5 January. Full terms are available on its website.