Hamak Limited transitions from gold mining business to Bitcoin corporate treasury

Hamak Gold Limited, a London-listed gold exploration company, announced plans on Thursday to adopt a Bitcoin treasury management policy. The news sent its shares up by 6%, now changing hands at 1.17 GBX.

According to a press statement published on July 3, Hamak successfully raised gross proceeds of £2.47 million through a placing and subscription round priced at 0.8 pence per share, a 27% discount from the previous close on July 2, 2025. 

The deal introduced 308.4 million new ordinary shares, representing 68.2% of Hamak’s newly enlarged share capital of 452.1 million shares. Each new share is accompanied by a two-year warrant exercisable in the second year, with a one-year lock-in period.

Hamak Gold funding round to finance Bitcoin treasury

Per the company’s statement, existing shareholders will receive warrants on equivalent terms, with the cut-off set as the close of business on July 2, the day before the official announcement.

The share issuance process faced regulatory limitations, with Hamak unable to admit all the new shares without publishing an FCA-approved prospectus. 

As a workaround, the 308 million shares were issued to newly appointed directors Nick Thurlow and James Lawrence, who agreed to resell 283 million of those shares to investors at the issue price.

The financing round came against the backdrop of an office shuffle, where former Executive Chairman Amara Kamara and Non-Executive Director Niall Young stepped down, and Thurlow and Lawrence took over as executive chairman and executive director, respectively. 

One of the investors in the fundraising was MBS Global Investments, which subscribed for £100,000. MBS is the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, a member of the Qatari royal family. 

The Qatari investors will see to it that part of the proceeds are used to create a Bitcoin treasury.

“With the injection of additional capital, we are now well-positioned to pursue two core objectives in parallel, maximising our gold exploration opportunities and leading the UK market in bitcoin treasury management as a Main Market-listed company,” Chair Thurlow said in a statement.

Earlier this week, Hamak submitted applications to the Financial Conduct Authority (FCA) and the London Stock Exchange for the admission of 308,375,000 new shares to the equity shares (transition) category of the FCA’s Official List. The company expects the shares to begin trading on the main market on or around July 4, 2025.

London-registered companies are buying Bitcoin

Alongside Hamak, at least nine companies in London have disclosed their intent to purchase digital assets in the past two weeks, taking a similar approach to business intelligence firm Strategy, led by the pro-BTC Michael Saylor in the US.

Among these firms is Panther Metals, which recently purchased its first Bitcoin after reporting a £2.2 million loss last year. Panther’s shares have surged over 60% in the last month. Its CEO Darren Hazelwood stated the firm will build up its Bitcoin holdings “quickly,” with a short-term goal of accumulating £4 million worth of the asset.

Bluebird Mining Ventures, another natural resources company, raised £2 million in debt to buy Bitcoin and is seeking to secure another £10 million. “The company was on life support before this,” Founder Aidan Bishop remarked, adding that Bluebird had reported a $898,000 loss last year.

Vinanz, a company originally formed as a Bitcoin mining operation, announced more Bitcoin acquisitions last week, funded by equity and debt offerings. Its current holdings now total $3.85 million.

The market value of Smarter Web Company, a Guildford-based website builder listed on the Aquis Exchange, reportedly surged to £806.2 million in just two months since disclosing its Bitcoin-buying plans in April.

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