Overview

• London-listed exploration company Hamak Gold is diversifying its treasury, incorporating Bitcoin.
• New chairman Nick Thurlow aims for Hamak to lead the UK in Bitcoin treasury management.
• Analysts caution against undisciplined Bitcoin strategies during liquidity tightening.

London-listed Hamak Gold, an early-stage mineral exploration company focusing on orogenic and greenstone-hosted gold deposits in Liberia, West Africa, has announced it is shifting part of its treasury reserves into Bitcoin.

Hamak Gold secured £2.47 million through a recent share placement, contributing to the “injection of new capital” that positions the pre-revenue company well for its core objectives. The new funds raise occurred earlier Thursday, though the specific acquisition timing was not disclosed.

Speaking exclusively to Decrypt following the announcement, newly-appointed chairman Nick Thurlow highlighted the strategic dual focus achieved by the company:

“This injection of new capital makes Hamak Gold well-positioned to pursue two core objectives in parallel,” Thurlow stated. “Those objectives include maximizing our existing gold exploration and development opportunities and seizing the transformative opportunity to lead the UK in Bitcoin treasury management.”

Hamak Gold currently occupies licenses covering over 1,700 square kilometers of prospective gold exploration terrain across West Africa’s Liberian region. Despite being pre-revenue with no active mining operations, the London Stock Exchange listed company sees its treasury diversification as a strategic growth component.

A Familiar Playbook Emerging

The pivot towards incorporating BTC into corporate treasuries is a strategy increasingly adopted by businesses seeking narrative shifts as much as financial diversification.

“Bitcoin treasury pivots have become an all-too-familiar tool, particularly among companies pursuing reinvention,” noted an industry analysis piece published Thursday. “While Hamak Gold’s approach aligns with peers navigating corporate finance uncertainty, the execution details separate tactical from strategic adoption.”

• Michael Saylor/ MicroStrategy (2020): A tech veteran adopted Bitcoin after years of stagnant performance.
• Semler Scientific (Late 2023): A healthcare equipment maker facing revenue decline and legal issues.
• GameStop (March 2024): Under pressure from activist investors amid historic retail trading volatility.
• Opyl/Vanadi Coffee (Recent): Biotech and café operators seemingly operating on limited cash runway.

Hamak Gold’s implementation signals a notable trend: even mineral exploration companies, typically insulated from digital asset volatility, are re-evaluating traditional treasury models in a world of diminished returns and enhanced risk appetites.

Beyond the Buzzword: Structure Matters

Not all Bitcoin treasury strategies carry the same risk profile or strategic purpose.

“The crucial difference for legitimate diversification or strategic hedging versus a headline-grabbing move rests with structure and discipline,” said Saul Rejwan, Managing Partner at Los Angeles-based crypto venture capital firm Masterkey. “While many frame the move as diversification, the mechanics determine true intent.”

Rejwan contrasted fundamentally different implementation strategies:

“Tokyo-listed Metaplanet serves as an instructive example,” Rejwan explained. “The company first refinanced high-coupon hotel debt and bought back older secured bonds, later issuing zero-coupon bonds to raise capital specifically allocated to Bitcoin. Because their core operations comfortably covered liabilities, the Bitcoin position complemented rather than substituted existing assets.”

This contrasts sharply with MicroStrategy’s acquisition of 42,000 BTC by April, which was facilitated by “fresh equity and convertible debt” raised from major backers including SoftBank and Tether.

Rejwan highlights a key pattern: “Twenty One Capital here represents a SPAC-born vehicle approaching Bitcoin purely as an equity pump. Share counts balloon before meaningful asset generation. Unlike the genuinely funded diversifier, the stock price relies entirely on Bitcoin’s volatility trajectory.”

In conclusion, Rejwan warns that corporate treasury diversification into Bitcoin must be underpinned by robust structuring and fiscal discipline to avoid creating systemic risk for both the company and its shareholders in inevitable volatility cycles.