Bluebird Mining Ventures Ltd., a UK-listed gold exploration company (LSE: BIRD), has unprecedentedly announced plans to convert future revenues into bitcoin, establishing the first UK mining company bitcoin treasury.

Key Reactions

• Company shares surged 63% following the announcement, reaching £0.60 within 48 hours.

Strategy Overview

Bluebird, managing gold projects in South Korea and the Philippines, stated this initiative forms part of its broader financial modernization plan. Aidan Bishop (Interim CEO & Executive Director) commented:

“By adopting a ‘gold plus a digital gold’ strategy, it offers the Company an opportunity to turn the page and look to the future and seek to attract a new type of shareholder.”

Modernizing Finance

The management views this shift as a response to evolving dynamics in stores of value, believing gold’s traditional role as an inflation hedge faces pressure from bitcoin.

“Gold’s position as a store of value has been under threat due to the rising global adoption of bitcoin, which some commentators have described as ‘digital gold’,” the company stated.

Beyond Gold

Bluebird’s plan involves using gold mining revenues to purchase bitcoin, aiming to preserve capital while capitalizing on the digital asset market’s growth potential. This crypto asset will be maintained as a long-term balance sheet reserve, analogous to physical gold or cash holdings.

Company Context

Bluebird Mining Ventures, a small outfit with seven employees and operations spanning Asia, focuses on reactivating high-grade, previously idle gold mines. Core projects include:

• Gubong and Kochang Gold Mines (South Korea)
• Batangas Gold Project (Philippines)

Recent progress includes renewing the mining permit in the Philippines and preparing a “free carry” profit-sharing agreement there. Simultaneously, the company is pursuing legal action in South Korea to safeguard assets.

Career Move

To lead this transition, Bluebird is seeking a new CEO specifically experienced in the Bitcoin ecosystem, underscoring the operational challenge of integrating traditional mining finance with cryptocurrency asset management.