Bluebird Mining Ventures Ltd., a London-listed gold exploration company operating throughout Asia, has announced plans to adopt Bitcoin as part of its financial management strategy.
The company announced the move in a post on June 5th (formerly Twitter), indicating a significant deviation from the traditional capital allocation model for the UK mining sector.
The company plans to direct revenues from gold mining projects to BTC.
According to the company, the pairing of revenue from physical gold with digital assets like Bitcoin provides a future-thinking approach to capital conservation and growth. It also aims to maintain lean corporate overhead to improve efficiency.
To support this transition, Bluebird has confirmed that it is searching for new CEOs with expertise in digital assets.
Meanwhile, Aidan Bishop, interim CEO of the company, said the strategy is a response to major changes in global finance. He described Bitcoin as a transformational force, highlighting the possibility of combining valuable traditional digital stores with digital stores.
According to Google Finance data, the company’s stock price rose by around 60% to 0.39 after the announcementMento.
Why Gold Miners are turning their eyes to Bitcoin
In its share talk report, Bluebird acknowledged the long-standing role of gold as a store of value, citing gold’s industrial applications and global demand from central banks.
However, we noted that Bitcoin is increasingly considered a great alternative due to its digital nature and limited supply.
According to the company:
“With the rise in Bitcoin’s global adoption, Gold’s status as a valuable storage is under threat, with some commentators describing it as “digital gold,” with many citing its advantage over gold as a valuable store. ”
Bluebird also cited growing concerns about inflation, high debt levels and geopolitical risks as the key factors behind Bitcoin’s rise. These factors have led several companies to hold assets ahead of the Treasury Department.
In return, many of these companies are gaining investor attention and enjoying a significant premium over traditional asset valuations.
Bluebird sees an opportunity to distinguish itself by entering the digital asset space. The company believes it offers early investors an attractive entry point for its current market valuation compared to peers who already employ similar models.
Aidan said:
“By adopting a ‘gold and digital gold’ strategy, we offer the company the opportunity to turn the page, look to the future and try to attract new types of shareholders. ”
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