Connecting Excellence Group Plc (AQSE:XCE) told investors it had bought 1.065 Bitcoin, for £64,000, using surplus operational cashflow generated during January from its Spencer Riley recruitment business.
The AQSE-quoted firm noted that Spencer Riley delivered January revenues of £253,424 and generated incremental cashflow for the group. The surplus cash was deployed under its capital allocation framework to grow its Bitcoin treasury.
"This Bitcoin purchase is a clear demonstration of how XCE's unique business model works in practice," said chief executive Scott Ellam.
"Spencer Riley's executive recruitment performance generated surplus cashflow in January and thus we have utilised that cashflow directly into accumulating Bitcoin in line with our disciplined treasury strategy.
"Our profitable operating company, Spencer Riley, produces revenue largely uncorrelated to volatile Bitcoin market movements, we intend to combine the operational cashflow growth with our team's capital markets expertise in order to increase BTC per share, in any environment."
The company reported an average Bitcoin purchase price of £60,100 per BTC for the transaction (converted from US$, at a USD to GBP exchange rate of 1.3748).