Aquis firm scraps failed Bitcoin treasury strategy after admitting ‘challenges’

An Aquis-listed firm will no longer allow shareholders direct exposure to Bitcoin after admitting the strategy damaged its balance sheet.

Vaultz Capital transitioned into a pure-play Bitcoin treasury company in mid-2025, raising funds to purchase the cryptocurrency and use it as its primary reserve asset over cash.

While the move initially raised £13.6m, the stock began to trade at a “persistent discount” as shareholders began to buy the asset directly rather than through the firm, causing equity to sink to £11.6m.

The firm recorded an operating loss of £6m in the 2026 financial year, surging from £350,586 the prior year.

Charlie Wood, executive chairman of Vaultz Capital, said:  “Shareholders seeking Bitcoin exposure can access it directly at lower cost, and the treasury strategy has not, of itself, been sufficient to close the gap between market capitalisation and underlying asset value.”

Wood also admitted that market sentiment towards the asset has steadily declined since launching the strategy, leading the board to confirm continuing on as a pure Bitcoin company is “not the best use” of shareholder’s capital.

The price of Bitcoin has plunged 24.9 per cent over the past 12 months as economic uncertainty led investors to move away from risky assets.

Vaultz formally terminated the policy in July.

Turning to AI

Wood noted the decision would allow the company to pursue transactions across a range of sectors which offer a “more compelling opportunity to generate value”, rather than being restricted to a singular asset.

“The board is focused on identifying and executing a well-structured… transaction that will close the gap between the Company’s market capitalisation and its underlying net asset value,” he said.

The company is now eyeing up potential deals in high-growth sectors, including digital infrastructure, AI and strategic metals.

In particular, the firm invested £3m into a software developer, gaining a 2.3 per cent equity stake. The transaction was funded by the sale of 47 Bitcoin from Vaultz’s holdings.