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Answers to your questions about our approach to digital capital
Answers to the most common questions from investors and shareholders about XCE’s Bitcoin treasury strategy.
Why is XCE holding Bitcoin on its balance sheet?
XCE views Bitcoin as a long-term reserve asset and a way to manage surplus capital more deliberately than holding all reserves in cash.
The strategy developed from XCE’s experience as an operating recruitment business and is intended to strengthen the Group’s balance sheet over the long term. Bitcoin does not replace the underlying business: recruitment generates the revenue, earnings and cashflow that underpin XCE.
How is BTC per share calculated?
BTC per share shows the amount of Bitcoin held by XCE relative to the number of shares in issue. It is calculated by dividing XCE’s total Bitcoin holdings by its total shares outstanding. This provides investors with a simple way of tracking the amount of Bitcoin attributable to each XCE share over time.
What happens to the BTC if XCE issues new shares?
Issuing new shares does not change the amount of Bitcoin XCE already owns, but it can change BTC per share because there are more shares outstanding.
Where XCE raises new capital, the Board considers how that capital can best be deployed to create long-term shareholder value. This may include investment in the operating business, acquisitions or additional Bitcoin. The objective is to grow the Group while maintaining disciplined capital allocation.
Will XCE ever sell its Bitcoin?
XCE considers Bitcoin a long-term reserve asset rather than a short-term trading position.
There is no commitment that Bitcoin will never be sold. As a listed operating company, XCE must retain the flexibility to make capital allocation decisions in the best interests of the business and its shareholders. Any decision would be considered in that context.
How does the Bitcoin strategy interact with the recruitment business?
The two are designed to reinforce each other, but the recruitment business comes first.
XCE’s recruitment companies generate revenue, earnings and cashflow. Bitcoin provides a long-term reserve asset intended to strengthen the balance sheet, while XCE’s listed structure and capital position can support acquisitions, investment and the attraction of high-performing recruitment talent.
The model is ultimately about building both sides together: grow the operating business, strengthen the balance sheet and compound value over time.
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Our latest investor presentation covers the full investment case: BTC treasury strategy, BTC per share data, governance overview, and the Spencer Riley business.
