XCE Connecting Excellence Group

Share Price
AQSE:XCE
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Investor Enquiry
Investor Enquiry
Share Price
AQSE:XCE
-- ▲

share LIVE · 1.94

Investor Enquiry

Home › About › Business Model

How We
Create Value

Connecting operational excellence with digital capital allocation

The only UK-listed Bitcoin treasury company with a
profitable, cash-generative operating business behind it.

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Our value creation flywheel

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Three engines, one strategy

Executive recruitment


Growth of Spencer Riley

  • Profitable, international executive recruitment with BTC on the balance sheet
  • BTC accumulation Dollar Cost Averaging (DCA)
  • Bitcoin recruitment specialists

Bitcoin treasury


Build a balance sheet with low debt and high value

  • Set the foundation for long-term shareholder value
  • PLC status will help to attract capital, talent, and grow the XCE profile
  • Tools include equity raises to increase BTC per share

Industry consolidation


Acquire privately owned recruitment companies

  • Use little or no cash cost
  • Convert cash reserves to buy BTC
  • Convert excess cashflows to DCA Bitcoin

Our operational advantages

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum dapibus lacus sed ante pharetra, et facilisis erat pulvinar. Donec ornare condimentum aliquam. Mauris massa purus, varius sed laoreet non, bibendum eu ipsum. Aenean at dui ut nisi fermentum laoreet. Cras rhoncus mi quis erat fringilla feugiat a eu turpis.

Strong operating foundation

Cash-generative recruitment firm
powering the treasury.

Diversified revenue

Broad sectors and geographies
smooth the cycle.

Counter-cyclical to BTC

<0.1 correlation. Revenue 4×
through 2021–23 winter.

Treasury strength

Profit reduces forced-sale risk on BTC holdings.

Lean, people-driven

Service-led model. Minimal
overhead, scalable.

BTC adoption network

Thousands of professionals
across industries.

Financial highlights

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum dapibus lacus sed ante pharetra, et facilisis erat
pulvinar. Donec ornare condimentum aliquam. Mauris massa purus, varius sed laoreet non, bibendum eu ipsum. Aenean at
dui ut nisi fermentum laoreet. Cras rhoncus mi quis erat fringilla feugiat a eu turpis.

0 ₿
Bitcoin held on 

balance sheet
£ 0 m

Current treasury value

£ 0 m

Invested since IPO

Quick links:

Download the presentation
Visit Spencer Riley
Go to the Bitcoin treasury dashboard

Meet the leadership team

Scott Ellam

Founder & CEO

Read bio

Adam Back

Investor, Prominent Bitcoin Figure

Read bio

Richard Byworth

Board Member & Experienced Investor

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Vijay Selvam

Non Executive Director & Advisor

Read bio

Sam Roberts

Non Executive Chairman

Read Bio
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Scott Ellam

Scott Ellam

Founder & CEO

Preview:Founder of Spencer Riley and architect of the XCE operating model.

Expanded bio: Scott founded Spencer Riley in 2014 and has spent more than a decade building specialist recruitment businesses across multiple sectors. He developed conviction in Bitcoin's long-term role as a corporate reserve asset and introduced a Bitcoin treasury strategy in 2021, years before XCE became a public company. Today, Scott leads XCE's long-term strategy, recruitment growth, acquisitions, and Bitcoin treasury initiatives. He is responsible for executing the group's vision of building a globally recognised recruitment platform where operating growth, capital allocation, and Bitcoin accumulation reinforce one another over time.

Scott Ellam

Angus Gladish

Chief Financial Officer

Preview:Leads finance, governance, reporting, and capital allocation.

Expanded bio: Angus Gladish is Chief Financial Officer of XCE and supports the group's financial strategy, governance, public company reporting, treasury management, and capital allocation. He brings more than 15 years of experience advising AIM and Main Market companies, with expertise across listed company operations, financial governance, transaction execution, and capital markets activity. At XCE, Angus plays a central role in ensuring the group can scale responsibly while maintaining the governance, reporting, and financial discipline expected of a public company.

Scott Ellam

Carlos Benito-Garcia

Chief Performance & Growth Officer

Preview:Drives recruitment performance, international growth, and team development.

Expanded bio: Carlos Benito-Garcia is Chief Performance & Growth Officer at XCE, appointed to accelerate the growth of the group's Spencer Riley operation. Carlos brings more than 30 years of leadership experience across executive recruitment and global pharmaceuticals, including senior roles at GSK, Pfizer, AstraZeneca, and IQVIA. His experience in building high-performance teams, scaling international businesses, and operating across complex global markets supports XCE's ambition to grow its recruitment platform, attract exceptional recruiters, and expand internationally.

Scott Ellam

Richard Byworth

Board Advisor

Preview:Managing Partner at BYZ Partners and Bitcoin capital markets specialist.

Expanded bio: Richard Byworth is a Board Advisor to XCE and Managing Partner at BYZ Partners. He is also publicly listed as a Board Member at Relai and Advisor at JAN3. Richard has held senior roles across investment, liquid alternatives, digital assets, and Bitcoin-focused businesses, including serving as Managing Partner and Head of Liquid Alternatives at Syz Capital. At XCE, Richard advises on Bitcoin treasury strategy, capital markets development, institutional investor engagement, and the broader intersection between public markets and Bitcoin-native finance. His experience helps XCE bridge traditional capital markets with emerging Bitcoin treasury strategies.

Scott Ellam

Sam Roberts

Non-Executive Chairman

Preview:Investment consultant and governance leader with institutional Bitcoin experience.

Expanded bio: Sam Roberts is Non-Executive Chairman of XCE and Director of Investment Consulting at Cartwright, an advisory firm supporting pension trusts, charitable trusts, funeral trusts, and corporate clients. A qualified actuary, Sam has advised institutions for more than 25 years and has been closely involved in pioneering institutional Bitcoin allocation work in the UK pensions market. At XCE, Sam provides independent board oversight, governance leadership, and strategic guidance, with particular relevance to the group's Bitcoin treasury strategy, institutional credibility, and long-term capital discipline.

Scott Ellam

Adam Back

Strategic Investor & Advisor

Preview:Co-founder and CEO of Blockstream; inventor of Hashcash.

Expanded bio: Dr Adam Back is a Strategic Investor and Advisor to XCE, and Co-founder and CEO of Blockstream, one of the world's leading Bitcoin infrastructure companies. A cryptographer and cypherpunk, Adam invented Hashcash, the proof-of-work system later cited in the Bitcoin whitepaper and foundational to Bitcoin mining. He is widely recognised as one of the most important figures in Bitcoin's history and continues to shape the development of Bitcoin infrastructure, digital scarcity, and global adoption through his work at Blockstream. At XCE, Adam's involvement provides strategic insight into Bitcoin, treasury strategy, corporate adoption, and long-term value creation.

Scott Ellam

Joe Bryan

Bitcoin Strategy & Education Advisor

Preview:Creator of “What's the Problem?” and Bitcoin education advisor.

Expanded bio: Joe Bryan is a Bitcoin educator, speaker, advisor, and creator of “What's the Problem?”, one of the best-known educational projects helping people understand Bitcoin through clear, accessible storytelling. He is also publicly listed as an advisor to Bitcoin Collective and has built a strong reputation in the Bitcoin ecosystem for explaining complex monetary and economic ideas to mainstream audiences.At XCE, Joe supports Bitcoin education, investor communication, and the broader effort to explain why Bitcoin can strengthen real operating businesses.

Scott Ellam

Vijay Selvam

Non-Executive Director & Advisor

Preview:Digital asset lawyer and Chief Legal Officer of Elektron Energy.

Expanded bio: Vijay Selvam is a Non-Executive Director and Advisor to XCE, and Chief Legal Officer of Elektron Energy. He is a legal and financial services expert with more than 20 years of experience across traditional finance, digital assets, regulation, and governance. XCE has publicly described Vijay as having held senior roles at Nasdaq-listed digital asset exchanges and Goldman Sachs. He is also the author of Principles of Bitcoin, bringing a multidisciplinary perspective across law, markets, governance, and Bitcoin. At XCE, Vijay supports the group across regulation, governance, strategic positioning, digital asset law, partnerships, and long-term platform development.

Download the XCE Corporate Presentation

Our latest investor presentation covers the full investment case: BTC treasury strategy,
BTC per share data, governance overview, and the Spencer Riley business.










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