|
London BTC Co Ltd on Wednesday said it was focused on longevity as it posted an increased interim loss amid sharply higher administration costs. The bitcoin miner with operations in the US and Canada said pretax loss widened to £1.2 million in the six months to August 31, from £669,406 a year ago. Revenue surged to £582,211 from £280,513, however cost of sales increased sharply to £490,232 from £181,140. Depreciation and amortisation expense increased 71% to £78,410 from £45,974. Administration costs were much higher, at £1.5 million compared to £551,036. The company said that it had over 1,100 miners by October, while its bitcoin holdings have grown to more than 85 during the six months to August 31. ‘Importantly, London BTC remains one of the few UK-listed bitcoin companies that effectively acquires bitcoin daily through its mining activities,’ it highlighted. London BTC said it will now work closely with its US and UK legal advisors to finalise necessary documentation and advance its Nasdaq application ambitions, while maintaining its London main market presence. Looking ahead, the company said: ‘We intend to keep building our mining capacity as new opportunities arise. Bitcoin mining lies at the core of our strategy. With bitcoin prices around $100,000, every additional miner enhances our potential for revenue and margin growth as the market appreciates further - a view shared by many leading banking analysts. Our goal is to give shareholders direct leverage to bitcoin’s mining economics, something currently unique among listed companies in the UK. Given the prohibitively high cost of electricity domestically, UK investors cannot feasibly operate their own mining operations, making London BTC an opportunity to hold exposure to both mining and treasury growth.’ Chief Executive Officer Hewie Rattray said: ‘We are building for longevity, a company that can compound bitcoin per share over time, regardless of short-term market volatility. Our focus remains on strategic growth and operational excellence. We believe the months ahead will be pivotal as we continue executing towards our dual-listing ambitions and expanding our footprint in the US market. ‘Our mission is simple: to grow our existing operations and strengthen our bitcoin treasury, while maintaining the highest levels of transparency, governance and alignment. London BTC is here to be the bridge between traditional markets and the bitcoin standard.’ London BTC shares fell 4.5% to 3.20 pence each on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
