Bitcoin-focused UK-listed company Vinanz Limited (BTC.L) has significantly surpassed its initial target with a raise of £3.58 million, more than tripling its £1 million goal.
Vinanz Chairman David Lenigas informed investors via X
The successful raise, announced via the London Stock Exchange (LSE), highlights increasing interest in Bitcoin from UK investors seeking regulated exposure, an area limited by few direct exchange listings.
Proceeds will be allocated for increasing Bitcoin purchases and supporting its existing mining operations across the United States and Canada.
- The company aims to rebrand as “the London Bitcoin Company”
- It intends to bolster its treasury position through strategic Bitcoin acquisitions
The funds’ composition was as follows:
- £3.03 million raised from the public via the LSE’s wholesale-regulated access platform (WRAP), a significant achievement for a small-cap company.
- £550,000 sourced from institutional investors.
Vinanz CEO Hewie Rattray commented:
“This raise reflects growing interest in our LSE-listed Bitcoin strategy and helps accelerate our goal of becoming a leading UK main board-listed Bitcoin company.”
Vinanz operates mining facilities in Indiana, Iowa, Nebraska, Texas (US) and Labrador (Canada), utilizing approximately 700 mining machines hosted by third parties.
Rallying behind higher Bitcoin prices – which increased over 75% since April 2024 and neared $111,000 recently – Vinanz intends to capitalize quickly.
“We intend to immediately deploy the net proceeds into bitcoin purchases to strengthen our overall treasury position.”
This strategy continues from earlier funding secured from a global investment manager.
Listing on the LSE rather than UK’s alternative finance markets (like Aquis) provides Vinanz with FCA regulated status, attracting both retail and institutional investors seeking authorized access. The ticker symbol BTC.L serves as a strong branding asset.
The planned rebranding underscores ambitions to clarify its purpose and facilitate a potential future NASDAQ listing for broader investor access.
Despite the fundraising success, potential risks exist. Analyst Matthew Sigel of VanEck warned against excessive dilution potentially driven by Bitcoin purchase strategies. He referenced Semler Scientific whose stock fell significantly after its own substantial Bitcoin acquisition. However, Vinanz’s overwhelming response indicates sustained appetite for regulated Bitcoin exposure, particularly benefiting UK investors with limited direct access options.
