Hamack Gold, an early stage mineral exploration company focusing on the discovery of orogenicity and greenstone host gold deposits in Liberia, West Africa, is shifting part of the Ministry of Finance Bitcoin.
The London Stock Exchange listing since 2022 announced on the £2.47 million through share allocations, but did not specify when the funds were secured.
With the “infusion of a new capital,” Hamack Gold will “become a good position to pursue two parallel core goals,” newly appointed Chairman Nick Thurlow said in a statement issued by the London Stock Exchange.
These objectives include “maximizing (our) opportunities for exploration and development of existing gold” and “seizure of transformative opportunities (…) to lead the UK in Bitcoin financial management,” Thurlow said.
While still uninnovated and there are no active mining operations, Hamak Gold holds a license over more than 1,700 square kilometres of future terrain.
Same playbook, different players
Bitcoin Treasury pivots have become an increasingly familiar strategy, especially among companies seeking to reinvent themselves.
Michael Saylor's strategy moved to Bitcoin in 2020 after years of stagnant performance. Healthcare company Semler Scientific faced a decline in revenue and legal issues before adopting its Bitcoin strategy last year. Currently, we aim to obtain 105,000 BTC by 2027.
Others such as GameStop approved the purchase of Bitcoin in early March, calibrated to trend amid retail headwinds and pressure from activist investors. Since then, it has acquired more than 4,710 BTC, raising $450 million last month, securing more.
More recent moves include the move from Opyl, an Australian biotech company with runways of less than a month, and Vanadi Coffee, a Spanish cafe chain with just six locations, appearing to be working from the same playbook: Pivot to Bitcoin, a story reset.
Structure and discipline
Still, not all Bitcoin financial strategies are built similarly.
The difference comes down to structure and discipline, according to Saul Rejwan, managing partner at MasterKey at early stages of Crypto Venture Capital.
Rejwan said, citing Metaplanet, which was listed in Tokyo. Decryption After the company “buying back the debts from the first refinanced high-coupon hotel and old secured bonds,” it later issued a zero-coupon paper to add 1,005 bitcoins.
But because Metaplanet's operational engine can already cover its debt, the Bitcoin location “completes a cleaner balance sheet instead of replacing one,” explained Rejwan, highlighting how Bitcoin's financial model can serve as a kind of “litmus test” for business.
Rejwan is in contrast to companies like Twenty One Capital, characterising this as a “Spac-born” vehicle. Twenty One Capital announced early April that it was planning a public debut at the Treasury, carrying 42,000 BTC. This said Rejwan was “financed primarily by fresh stocks and convertible debts” from supporters such as Softbank and Tether.
“Here, we'll be looking for a She Account Balloon before one Satoshi is acquired. Bitcoin volatility is expected to do heavy lifts for the stock price, not to protect the stock price,” Rejuwan said as he compared the major players to new entries.
“Dividing lines are risk discipline,” he insisted. Bullish markets may tend to “flat” such preliminary strategies, but history can otherwise prove it.
Companies that “rely rely on serial equity procurement, oversized positions, or one-signator wallets” ostensibly “leveraging shareholders into a four-year boom-and-bust cycle,” Rejwan said.
