- Hamak Gold is moving part of its treasury funds into Bitcoin while continuing gold exploration in Liberia.
- The company raised $3.15 million through a share placement to support this dual strategy.
- New chairman Nick Thurlow said Hamak aims to lead the UK in Bitcoin treasury management.
- Experts warn that undisciplined approaches to holding Bitcoin reserves could fail in times of tight liquidity.
- Other companies have recently adopted similar Bitcoin-focused treasury strategies to shift their business narrative.
Hamak Gold, a mineral exploration company focused on gold in Liberia, has announced it will allocate part of its treasury to Bitcoin. The company is listed on the London Stock Exchange and aims to lead the UK in Bitcoin treasury management while maintaining its core gold exploration business.
Hamak Gold recently raised $3.15 million through a share placement, according to a statement from its new chairman, Nick Thurlow, to the London Stock Exchange. Thurlow explained that this capital injection will help the company maximize gold development opportunities and position it at the forefront of Bitcoin treasury management.
The company holds exploration licenses for over 1,700 square kilometers in Liberia but remains pre-revenue, without active mining operations. “Maximising [our] existing gold exploration and development opportunities” and “seizing the transformative opportunity […] to lead the UK in bitcoin treasury management,” Thurlow said in the company’s statement.
The approach mirrors other firms that have recently pivoted to Bitcoin as part of their financial strategy. Companies like Strategy and Semler Scientific adopted Bitcoin treasury strategies after periods of stagnant or declining financial performance. Semler Scientific outlined plans to acquire 105,000 Bitcoin by 2027, while GameStop also began buying Bitcoin earlier this year.
Some new entrants, such as the Australian biotech firm Opyl and Spain’s Vanadi Coffee, have also adopted Bitcoin pivot strategies, often when facing limited financial options.
According to Saul Rejwan of Masterkey, a crypto venture capital firm, “The dividing line is risk discipline,” when comparing different Bitcoin treasury models. He highlighted Tokyo-listed Metaplanet, which maintained a strong balance sheet before adding to its Bitcoin holdings. In contrast, some companies fund large Bitcoin reserves mostly through new equity and debt, relying on Bitcoin’s price to support their stock value.
Experts caution that firms relying heavily on Bitcoin without careful risk controls or stable operations could face challenges, especially if the market turns.
Some companies take on greater risk by raising new equity or debt to support Bitcoin holdings, making their business models more tied to the cryptocurrency’s price cycle.
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