REG - London BTC Company - Interim Results
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RNS Number : 1123H London BTC Company Limited 12 November 2025
12 November 2025
London BTC Company Limited
(or "the Company")
(BTC:L and VINZF:US)
Interim results for the six-months ended 31 August 2025
London BTC Company Limited (LSE: BTC and US OTCQB: VINZF) the London listed
Company dedicated to building a robust Bitcoin treasury through a dual
approach: decentralised mining operations across North America and strategic
acquisitions of Bitcoin assets, presents its unaudited results for the
six-month period to 31 August 2025.
Statement from David Lenigas, Chairman of London BTC Company Limited
"The past six months have been operationally rewarding for The London BTC
Company Limited, despite a challenging trading environment for Bitcoin-related
shares in the UK. This stands in sharp contrast to the United States, where
our primary operations are based and market sentiment remains much stronger.
Your Board believes the foundations for growth are firmly in place,
positioning us to strengthen the business significantly over the next half
year and beyond.
We are fortunate to hold the ticker symbol "BTC" on the London Stock Exchange
- an asset that provides considerable global branding value and long-term
strategic advantage. We also remain proud to report that the Company
carries no debt.
Our Bitcoin mining fleet continues to expand across North America - the most
favourable jurisdiction globally for mining operations. At the beginning of
the period, we operated an average of 640 miners across Indiana, Iowa,
Nebraska, Texas, and Labrador in Canada. By October 2025, that number had
grown to 1,100, with most of the expansion occurring in recent months.
We intend to keep building our mining capacity as new opportunities arise.
Bitcoin mining lies at the core of our strategy. With Bitcoin prices around
$100,000, every additional miner enhances our potential for revenue and margin
growth as the market appreciates further - a view shared by many leading
banking analysts. Our goal is to give shareholders direct leverage to
Bitcoin's mining economics, something currently unique among listed companies
in the UK. Given the prohibitively high cost of electricity domestically, UK
investors cannot feasibly operate their own mining operations, making London
BTC an opportunity to hold exposure to both mining and treasury growth.
On the treasury side, our Bitcoin holdings have grown to more than 85 BTC
during the reporting period. Importantly, London BTC remains one of the few
UK-listed Bitcoin companies that effectively acquires Bitcoin daily through
its mining activities. Like several peers, we raised capital during the
period, but we not only increased our treasury, but we also strategically
directed funds toward expanding our mining fleet - fully aligned with our
approved growth plan upon listing on the LSE earlier this year.
Since our debut on the LSE, we have learned some valuable lessons. Future
growth will focus on increasing our Bitcoin exposure via mining and treasury
holdings, whilst avoiding the pattern of rapid, shareholder-diluting capital
raisings common among other UK companies in recent times. Instead, we are
pursuing smarter, more sustainable financing - including our dual listing
strategy in the United States.
Jeremy Edelman and I, both major shareholders, are deeply aligned with our
investors' interests. Our commitment is to long-term share price appreciation
and value creation, not short-term dilution.
Earlier this year, we announced our intent to seek a dual listing on Nasdaq.
This remains a key strategic priority. With the publication of these interim
accounts, our team will now work closely with our U.S. and UK legal advisors
to finalise the necessary prospectus documentation and advance our Nasdaq
application ambitions - complementing our LSE main market presence.
We believe London BTC is built on a sustainable, scalable foundation within
the Bitcoin ecosystem. Our team shares one vision and one mission: to grow
stronger as Bitcoin continues to gain global recognition as both a store of
value and a medium of exchange. We are confident the Company is
well-positioned to capitalise on this accelerating momentum."
Statement from Hewie Rattray, the Company's Chief Executive Officer
"Over the past six months, we have strengthened every core aspect of our
business from expanding our mining fleet in North America to strategically
growing our Bitcoin treasury in line with our capital efficiency targets.
London BTC is emerging as a differentiated Bitcoin vehicle on the London Stock
Exchange, combining the financial discipline of a listed treasury with the
growth potential of a miner.
We are building for longevity, a company that can compound Bitcoin per share
over time, regardless of short-term market volatility. Our focus remains on
strategic growth and operational excellence. We believe the months ahead will
be pivotal as we continue executing towards our dual-listing ambitions and
expanding our footprint in the US market.
Our mission is simple: to grow our existing operations and strengthen our
Bitcoin treasury, while maintaining the highest levels of transparency,
governance and alignment. London BTC is here to be the bridge between
traditional markets and the Bitcoin standard."
The full interim financial statements are appended below and will also be
available on the Company's website for viewing.
The directors of London BTC Company Limited accept responsibility for this
announcement.
For further information please refer to London BTC Company Limited's website
www.ldnbtc.com or contact:
London BTC Company Limited
David Lenigas david@ldnbtc.com
Robert Scott rob@ldnbtc.com
First Sentinel (Financial Adviser)
Brian Stockbridge brian@first-sentinel.com
+44 (0) 20 3855 5551
Clear Capital Markets (Broker)
Bob Roberts bobroberts@clear-cm.co.uk
+44 (0) 20 3869 6080
London BTC Company Limited
Directors' report
31 August 2025
Going Concern Statement
The Directors, having reviewed the budgeted cash flows and other available
resources for the period to at least 12 months from the date of authorisation
of these financial statements, have a reasonable expectation that the Company
will have adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the going concern
basis in preparing the financial statements.
Change of accounting reference date
Last year, the Company changed its accounting reference date from 31 August to
28 February. The Company produced audited results for the 18-month period
ended 28 February 2025. The Company has prepared these unaudited results for
the 6 months ended 31 August 2025, with the comparative period represented to
reflect the equivalent 6 months period to 31 August 2024.
Principal activity
London BTC Company Limited, a company incorporated on 27 August 2021 in the
British Virgin Islands ("BVI"), with registered number 2073995, aims to
provide a listed UK platform to offer entry to the technology and
cryptocurrency business. The company focuses on BTC cryptocurrency through
mining operations and Bitcoin treasuries - accumulating BTC as a strategic
asset to preserve and grow shareholder value. Together, cryptocurrencies and
decentralised protocol technologies interoperate to create global
decentralised financial services platforms. We aim to use our capital
strategically - deploying funds where they generate the highest long-term BTC
denominated returns for the most reasonable capital expended in $ per
Terrahash terms. Our Bitcoin holdings are secured with institutional-grade
custody partners, ensuring security, transparency, and audit-readiness. We
believe in cryptocurrency's role as a hedge against fiat debasement and a
cornerstone of modern corporate treasuries.
As stated in the Company's approved London Stock Exchange listing prospectus,
the Company's business strategy includes:
● The extensive use of multiple unrelated third-party hosting facilities for the
Company's Bitcoin miners.
● Acquiring Bitcoin mining machines: The Company has partnered with Luxor
Technology to provide the Company with Luxor Technology's firmware on its
mining machines, which increases efficiencies and reduce power requirements.
● Diversification: As with any investment (and cryptocurrency included),
diversification reduces risk. In the long term, the Company intends to
diversify its sources of revenue, other income and value creation by investing
in and developing other commercial opportunities in the digital asset sector.
● Focus on reliable, low-cost, renewable power as successfully doing so should
enable it to reduce and maintain overall power costs.
● Risk Management: Cryptocurrency investments carry a variety of risks,
including volatility, security, liquidity, and regulatory risks. The Company
keeps these risks under review and deploys mitigation strategies as and when
required.
● Sticking to objectives: Capital preservation and growth are priorities.
● Growth: Both organic and expansionary growth is an ongoing objective.
The Company continues to grow and advance its mining operations and will
strengthen its Bitcoin treasury strategy however given the volatility of
Bitcoin the board has been investigating potential hedging strategies. The
board has identified that certain gold assets may act as a hedge against
Bitcoin volatility, and therefore the board has determined that subject to any
required regulatory approvals the company may make investments in certain gold
assets from time to time.
Results and dividends
The Statement of Profit or Loss and Other Comprehensive Income is set out on
page 10 and has been prepared in Pound Sterling, the functional and reporting
currency of the Company.
The Company did not declare a dividend during this period.
Review of the business and future developments
A review of the Company's performance, financial position and future prospects
is given within this report and the Chairman's and Chief Executive Officer's
statement earlier.
Financing and Markets
Highlights
· During the period under review the Company raised a gross amount
of £6,078,905 in equity before brokerage and capital raising fees.
· With the new equity capital, the Company bought £6,561,645 in
Bitcoin, which is held with an institutional-grade custody partners, ensuring
security, transparency, and audit-readiness.
· The Company increased its Bitcoin mining fleet by 385 taking its
fleet over 1,000 miners, with the fleet now standing at over 1,100 miners.
· The Company is debt free.
· The Company has total assets exceeding £8 million.
Substantial shareholdings
Other than as summarised below, the Directors have been advised of any
individual interest, or group or interests held by persons acting together,
which on 31 August 2025 exceeded 3% of the Company's issued share capital.
No. shares % of share capital
Vinanz Limited Employee Benefit Trust 50,740,204 14.61
David Lenigas 50,330,067 14.49
Jeremy Edelman 49,850,067 14.35
(Note: Directors David Lenigas and Jeremy Edelman each lent 5,388,909 shares
to retire the $2m debt position with a US institutional investor and these
shares will need to be replaced on demand. This was done to assist preserve
the Company's placing capacity headroom. This would in effect increase both
directors share holdings by 1.5% each on a fully diluted basis.)
Board Changes
The Board appointed Robert Scott as Executive Finance Director on 13 May 2025.
Employees
The Company had one directly employed person in the period.
Creditor Payment Policy
The policy of the Company is to:
(a) Agree the terms of payment with suppliers when settling the terms of each
transaction;
(b) Ensure the suppliers are made aware of the terms of payment by inclusion of
all the relevant terms in contracts; and
(c) Pay in accordance with its contractual and other legal obligations provided
suppliers comply with the terms and conditions of supply.
Directors' Liability
As permitted by the BVI Business Companies Act, 2004 (as amended), the Company
is entitled to purchase insurance cover for the Directors against liabilities
in relation to the Company. The Company has Directors and Officers insurance
in place.
Financial Reporting
The Board has ultimate responsibility for the preparation of the half-year
accounts. A detailed review of the performance of the Company is contained in
this report and the Chairman's Statement. Presenting the Director's Report,
the Board seeks to present a balanced and understandable assessment of the
Company's position, performance and prospects.
Internal control
A key objective of the Directors' is to safeguard the value of the business
and assets of the Company. This requires the development of relevant policies
and appropriate internal controls to ensure proper management of the Company's
resources and the identification and mitigation of risks which might serve to
undermine them. The Directors are responsible for the Company's system of
internal control and for reviewing its effectiveness. It should, however, be
recognised that such a system can provide only reasonable and not absolute
assurance against material misstatement or loss.
Risk management
The directors have in place a process of regularly reviewing risks to the
business and monitoring associated controls, actions and contingency plans.
The Company's principal risks and uncertainties, including financial risk
management policies, as seen by the board at this current time are set out
below.
Principal risk
The Company aims to provide a listed UK platform to offer entry to the
technology and cryptocurrency business, and its principal risk is the carrying
value of its investments.
The Company's strategy is to follow an appropriate risk policy, which
effectively manages exposures related to the achievement of business
objectives. The Board is responsible for approving the Company's strategy and
determining the appropriate level of risk. The key risks which the Company
faces are detailed as follows:
Business and investment performance risk
Business performance risk is the risk that the Company may not perform as
expected either due to internal factors or due to external competitive
pressures in the markets in which they operate. The Company may seek
investments in companies with growth potential. The Directors may identify
suitable investment opportunities in accordance with its investment strategy.
Bitcoin valuation is volatile, and this affects the mining operations as well
as treasury valuations. The risk is that the Company's investments may
encounter circumstances that result in a loss of value which could in turn
damage the Company's share value.
Valuation risk
Valuation risk is the risk that the value of an investment when made was
overstated. The Board seeks to mitigate this risk by conducting due diligence
on its investment targets and sourcing independent valuations and opinions.
Market conditions
Market conditions, especially in the context of Bitcoin valuations, may have a
negative impact on the Company's ability to make investments which generate
acceptable returns, or to disinvest in a timely manner such that acceptable
returns can be realised.
There is increased market risk as the Company is now involved in the
cryptocurrency market. The Bitcoin price is volatile, but the Board sees this
as a great opportunity to grow a substantial business. The Board also sees
leverage to the Bitcoin price over the coming years as tremendous and believes
the continual addition of miners to the mining fleet can ultimately be
beneficial to the Company.
Political risk
All countries carry political risk that can lead to interruption of activity.
Politically stable countries can have enhanced environmental and social risks,
risks of strikes and changes to taxation, whereas less developed countries can
have, in addition, risks associated with changes to the legal framework, civil
unrest and government expropriation of assets. The Directors will have working
knowledge of the countries in which the Company will invest in to help reduce
possible political risk.
Review of business and financial performance
The Company had a pleasing operational period. Revenue which is linked to
petahash sold to Luxor Technologies increased from £280,513 to £582,211 due
to the increase in ASIC machines acquired during the period. Total machines
are now in excess of 1,000, however the number of machines online at any one
time does vary with power outages at our third-party hosting centres and minor
mechanical issues experienced during the period affecting the overall number
of productive number of miners on-line at any one time.
The Company aims to maintain a very lean operation, with no fixed office and
very few fixed costs. Total head count is 5. The expenses for the period
increased to £1,485,889 from £551,036. The head count, although lean,
increased to match the Company's needs. Other notable non-recurring costs
during the period that may not be repeated going forwarded, included marketing
costs associated with our joining US based Bitcoin for Corporations, attending
various industry conventions. Various one-off Stock Exchange fees associated
with the various capital raises, and other legal fees that were above previous
period's costs due to the work performed for the various capital raises in the
UK, legal costs and fees associated with the $2 million loan and US centric
legal costs associated with a potential NASDAQ listing.
Included in the income is a profit on sales of shares of £228,067. These were
shares acquired on the market in Bitcoin related businesses and sold at a
profit. Net loss increased to £1,196 206 from £669,406 for comparable
period 2024, primarily due to the non-recurring items mentioned in the
paragraph above.
The balance sheet has improved greatly. The Company raised a $2m loan which
was also repaid during the period. The repayment was done via the settlement
of shares from two directors, namely David Lenigas and Jeremy Edelman. This
has resulted in a loan owing to the directors of £1,508,160, which will be
settled via the issue of shares to both directors. As announced on the 30 June
2025, the number of shares owed to each director is 5,388,909.
In addition, the Company raised further equity capital during the period of
£6,078,905 before costs. These funds, along with the $2m loan, were used to
acquire £6,561,645 of Bitcoin at cost. At period end the Company had 86.033
Bitcoin in treasury.
Cash position
Having sufficient cash for business operations is vital for the Company and
must be managed accordingly. The Directors review and manages the Company's
cash flow monthly. The financial strategy is to ensure that, wherever
possible, there are sufficient funds to cover corporate overheads and business
expenditure for as long a period as possible. Management has confidence that
financing of the Company can continue as and when required albeit the board is
keen to avoid excessive dilution and will manage the financing process with
that objective in mind.
Furthermore, the Company has ensured that where possible it has built
operational flexibility in its corporate and expenditure to be paused should
the financing environment prove difficult and cash preservation prove
essential.
Corporate Governance
The Directors have adopted the Quoted Companies Alliance Corporate Governance
Code.
Due to the size and nature of the Company, audit and risk management issues
will be addressed by the Directors as a whole, rather than by separate
committees. As the Company develops, the Board will consider establishing
separate audit and risk management committees and will consider developing
further policies and procedures, which reflect the principles of good
governance.
Directors' Responsibility Statement
The Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting' as contained in
UK-adopted international accounting standards;
(b) the interim management report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules (indication of
important events during the first six months and description of principal
risks and uncertainties for the remaining six months of the year; and
(c) the interim management report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules (disclosure of
related parties' transactions and changes therein).
Website publication
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom and the BVI governing the preparation and
dissemination of accounts may differ from legislation in other jurisdictions.
London BTC Company Limited
Statement of profit or loss and other comprehensive income
For the half-year ended 31 August 2025
Unaudited Consolidated
Note 6 months ended 31 Aug 2025 6 months ended 31 Aug 2024
From continuing activities £ £
Revenue 582,211 280,513
Cost of sales (490,232) (181,140)
Depreciation and Amortisation Expense (78,410) (45,974)
13,569 53,399
Other income 228,067 -
Gross profit 241,636 53,399
Expenses
Administration expenses (1,485,889) (551,036)
Warrants, options & share based payments - (260,000)
Operating loss (1,244,253) (757,637)
Realised Gain on disposal of Bitcoin 50,024 88,231
Non-operational impairment (1,977) -
Loss before income tax expense (1,196,206) (669,406)
Income tax expense - -
Loss after income tax expense for the half-year attributable to the owners of (1,196,206) (669,406)
London BTC Company Limited
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Gain on the revaluation of intangible assets at fair value through other 16,345 -
comprehensive income, net of tax
Other comprehensive income for the half-year, net of tax 16,345 -
Total comprehensive income for the half-year attributable to the owners of (1,179,861) (669,406)
London BTC Company Limited
Unaudited
Consolidated
Note
6 months ended 31 Aug 2025
6 months ended 31 Aug 2024
From continuing activities
£
£
Revenue
582,211
280,513
Cost of sales
(490,232)
(181,140)
Depreciation and Amortisation Expense
(78,410)
(45,974)
13,569
53,399
Other income
228,067
-
Gross profit
241,636
53,399
Expenses
Administration expenses
(1,485,889)
(551,036)
Warrants, options & share based payments
-
(260,000)
Operating loss
(1,244,253)
(757,637)
Realised Gain on disposal of Bitcoin
50,024
88,231
Non-operational impairment
(1,977)
-
Loss before income tax expense
(1,196,206)
(669,406)
Income tax expense
-
-
Loss after income tax expense for the half-year attributable to the owners of
London BTC Company Limited
(1,196,206)
(669,406)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Gain on the revaluation of intangible assets at fair value through other
comprehensive income, net of tax
16,345
-
Other comprehensive income for the half-year, net of tax
16,345
-
Total comprehensive income for the half-year attributable to the owners of
London BTC Company Limited
(1,179,861)
(669,406)
Pence Pence
Basic earnings per share 7 (#_OepNote_TOC) (0.38) (0.50)
Diluted earnings per share 7 (#_OepNote_TOC) (0.38) (0.50)
London BTC Company Limited
Statement of financial position
As at 31 August 2025
Consolidated
Unaudited Audited
31 August 2025 28 February 2025
Note £ £
Assets
Current assets
Trade and other receivables 41,920 68,031
Cash and cash equivalents 225,452 855,484
Total current assets 267,372 923,515
Non-current assets
Investments 31,199 -
Property, plant and equipment 3 (#_NaaNote_TOC) 667,755 624,349
Intangibles 4 (#_NaiNote_TOC) 6,893,332 398,954
Deferred tax 3,125 3,125
Security Deposit 148,685 96,022
Total non-current assets 7,744,096 1,122,450
Total assets 8,011,468 2,045,965
Liabilities
Current liabilities
Trade and other payables 295,105 237,564
Amount owing to director 1,508,160 2,728
Total current liabilities 1,803,265 240,292
Total liabilities 1,803,265 240,292
Net assets 6,208,203 1,805,673
Equity
Issued capital 5 (#_EqcNote_TOC) 25,284,027 19,701,636
Revaluation surplus reserve 6 (#_EqrNote_TOC) 193,129 176,784
Retained earnings (19,268,953) (18,072,747)
Total equity 6,208,203 1,805,673
Consolidated
Unaudited
Audited
31 August 2025
28 February 2025
Note
£
£
Assets
Current assets
Trade and other receivables
41,920
68,031
Cash and cash equivalents
225,452
855,484
Total current assets
267,372
923,515
Non-current assets
Investments
31,199
-
Property, plant and equipment
3 (#_NaaNote_TOC)
667,755
624,349
Intangibles
4 (#_NaiNote_TOC)
6,893,332
398,954
Deferred tax
3,125
3,125
Security Deposit
148,685
96,022
Total non-current assets
7,744,096
1,122,450
Total assets
8,011,468
2,045,965
Liabilities
Current liabilities
Trade and other payables
295,105
237,564
Amount owing to director
1,508,160
2,728
Total current liabilities
1,803,265
240,292
Total liabilities
1,803,265
240,292
Net assets
6,208,203
1,805,673
Equity
Issued capital
5 (#_EqcNote_TOC)
25,284,027
19,701,636
Revaluation surplus reserve
6 (#_EqrNote_TOC)
193,129
176,784
Retained earnings
(19,268,953)
(18,072,747)
Total equity
6,208,203
1,805,673
London BTC Company Limited
Statement of changes in equity
For the half-year ended 31 August 2025
Share Option Warrant Retained Total equity
capital Reserve Reserve Earnings
Consolidated £ £ £ £ £
Balance at 1 March 2024 1,934,630 646,390 1,292,780 (2,371,202) 1,502,598
Loss after income tax expense for the half-year - - - (669,406) (669,406)
Other comprehensive income for the half-year, net of tax - - - - -
Total comprehensive income for the half-year - - - (669,406) (669,406)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs 637,020 - - - 637,020
Forfeited Options and Warrants - (67,774) - 67,774 -
Balance at 31 August 2024 2,571,650 578,616 1,292,780 (2,972,834) 1,470,212
Share
Option
Warrant
Retained
Total equity
capital
Reserve
Reserve
Earnings
Consolidated
£
£
£
£
£
Balance at 1 March 2024
1,934,630
646,390
1,292,780
(2,371,202)
1,502,598
Loss after income tax expense for the half-year
-
-
-
(669,406)
(669,406)
Other comprehensive income for the half-year, net of tax
-
-
-
-
-
Total comprehensive income for the half-year
-
-
-
(669,406)
(669,406)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs
637,020
-
-
-
637,020
Forfeited Options and Warrants
-
(67,774)
-
67,774
-
Balance at 31 August 2024
2,571,650
578,616
1,292,780
(2,972,834)
1,470,212
Share Revaluation Retained Total equity
capital Reserves Earnings
Consolidated £ £ £ £
Balance at 1 March 2025 19,701,636 176,784 (18,072,747) 1,805,673
Loss after income tax expense for the half-year - - (1,196,206) (1,196,206)
Other comprehensive income for the half-year, net of tax - 16,345 - 16,345
Total comprehensive income for the half-year - 16,345 (1,196,206) (1,179,861)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 5) 5,582,391 - - 5,582,391
Balance at 31 August 2025 25,284,027 193,129 (19,268,953) 6,208,203
London BTC Company Limited
Statement of cash flows
For the half-year ended 31 August 2025
Unaudited Consolidated
Note 6 months ended 31 Aug 2025 6 months ended 31 Aug 2024
£ £
Cash generated from operations
Payments to suppliers and employees (1,742,898) (607,909)
Net cash flow from operating activities (1,742,898) (607,909)
Cash flows from investing activities
Payments to acquire property, plant & equipment (121,257) (163,099)
Payments for intangibles 4 (#_NaiNote_TOC) (6,277,500) -
Proceeds from disposal of intangibles - 390,003
Net cashflow (used in)/generated from investing activities (6,398,757) 226,904
Cash flows from financing activities
Proceeds from issue of shares 5 (#_EqcNote_TOC) 6,078,915 419,020
Proceeds from borrowings 1,432,708 (99)
Net cash from financing activities 7,511,623 418,921
Net increase/(decrease) in cash and cash equivalents (630,032) 37,916
Cash and cash equivalents at the beginning of the financial half-year 855,484 87,326
- -
Cash and cash equivalents at the end of the financial half-year 225,452 125,242
Unaudited
Consolidated
Note
6 months ended 31 Aug 2025
6 months ended 31 Aug 2024
£
£
Cash generated from operations
Payments to suppliers and employees
(1,742,898)
(607,909)
Net cash flow from operating activities
(1,742,898)
(607,909)
Cash flows from investing activities
Payments to acquire property, plant & equipment
(121,257)
(163,099)
Payments for intangibles
4 (#_NaiNote_TOC)
(6,277,500)
-
Proceeds from disposal of intangibles
-
390,003
Net cashflow (used in)/generated from investing activities
(6,398,757)
226,904
Cash flows from financing activities
Proceeds from issue of shares
5 (#_EqcNote_TOC)
6,078,915
419,020
Proceeds from borrowings
1,432,708
(99)
Net cash from financing activities
7,511,623
418,921
Net increase/(decrease) in cash and cash equivalents
(630,032)
37,916
Cash and cash equivalents at the beginning of the financial half-year
855,484
87,326
-
-
Cash and cash equivalents at the end of the financial half-year
225,452
125,242
Cash and cash equivalents consists of:
Cash at bank and in hand 225,452
Cash and cash equivalents at 31 August 2025 225,452
London BTC Company Limited
Notes to the financial statements
31 August 2025
Note 1. General Information
London BTC Company Limited is incorporated and registered in the British
Virgin Islands ("BVI") under the BVI Business Companies Act, 2004 (as
amended). The Company's registered number is 2073995 having been incorporated
on 27 August 2021. The address of the registered office and principal place of
business is C/O Harneys Corporate Services Limited, Craigmuir Chambers, Road
Town, Tortola VG1110 British Virgin Islands. London BTC Company Limited listed
on the London Stock Exchange (In Transition) ("LSE") on 13 January 2025
(previously it was listed on the Aquis Stock Exchange on 21 April 2023) and on
5 September 2023, London BTC Company Limited's shares commenced trading on the
OTCQB Venture Market ("OTC") in the United States under the ticker VINZF. The
nature of the Company's operations and current principal activities are the
operating of Bitcoin miners in multiple decentralised data facilities
throughout the US and Canada through third-party cryptocurrency mining
providers and maintaining a Bitcoin Treasury.
In the opinion of the Directors the financial statements present fairly the
financial position, and results from operations and cashflows for the period
in conformity with the IFRS as adopted by the UK.
Note 2. Accounting Policies
These general-purpose financial statements for the interim half-year
reporting period ended 31 August 2025 have been prepared in accordance with
International Financial Reporting Standard IAS 34 'Interim Financial
Reporting', as appropriate for for-profit oriented entities.
These general-purpose financial statements do not include all the notes of the
type normally included in annual financial statements. Accordingly, these
financial statements are to be read in conjunction with the annual report for
the year ended 28 February 2025.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period, except for the
policies stated below.
Basis of Preparation
The interim report has been prepared in accordance with International
Financial Reporting Standards as adopted by the UK including standards and
interpretations issued by the International Accounting Standards Board and in
accordance with International Accounting Standards in conformity with the
requirements of the BVI Business Companies Act, 2004 (as amended). They have
been prepared using the historical cost convention.
The interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the year ended 28 February 2025 and
any public announcements made by the Company during the interim reporting
period. The accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting period.
Note 3. Non-current assets - property, plant and equipment
Unaudited Consolidated
31 Aug 2025 28 February 2025
£ £
Bitcoin Mining Machine - at cost 906,489 784,674
Less: Accumulated depreciation (238,734) (160,325)
667,755 624,349
Note 4. Non-current assets - Intangibles
Unaudited Consolidated
31 August 2025 28 February 2025
£ £
Bitcoin Wallet 6,893,332 396,977
Tokenomic - 1,977
6,893,332 398,954
Reconciliations
Reconciliations of the written down values at the beginning and end of the
current financial half-year are set out below:
Consolidated Consolidated
Bitcoin Wallet Tokenomic Total
Consolidated £ £ £
Balance at 1 March 2025 396,977 1,977 398,954
Additions 6,474,350 - 6,474,350
Mined Bitcoin (including internal transfers) 597,048 - 597,048
Bitcoin disposed (including internal transfers) (591,388) - (591,388)
Revaluation increments 16,345 - 16,345
Impairment of assets - (1,977) (1,977)
Balance at 31 August 2025 6,893,332 - 6,893,332
Note 5. Equity - issued capital
Unaudited Consolidated
31 August 2025 28 February 2025 31 August 2025 28 February 2025
Shares Shares £ £
Ordinary shares - fully paid 347,413,516 253,701,022 26,068,097 19,989,182
Cost of capital N/A N/A (784,070) (287,546)
347,413,516 253,701,022 25,284,027 19,701,636
Movements in ordinary share capital
Details Date Shares Issue price £
Balance 1 March 2025 253,701,022 19,989,182
Issue of fully paid ordinary shares as part of the Employee Benefit Trust 1 April 2025 50,740,204 £0.00 -
("EBT")
Issue of fully paid ordinary shares 17 June 2025 22,028,473 £0.1375 3,028,915
Issue of fully paid ordinary shares 17 June 2025 4,000,000 £0.1375 550,000
Issued ordinary shares as part of placement 2 July 2025 3,783,733 £0.185 700,000
Issued ordinary shares as part of placement 2 July 2025 1,621,621 £0.185 300,000
Issue of fully paid ordinary shares 10 July 2025 11,538,462 £0.13 1,500,000
Balance 31 August 2025 347,413,515 26,068,097
● On 1 April 2025, 50,740,204 ordinary shares were issued as part of the EBT.
● On 17 June 2025, 22,028,474 ordinary shares were issued as part of a capital
raise.
● On 17 June 2025, 4,000,000 ordinary shares were issued as part of a capital
raise.
● On 2 July 2025, 3,783,733 ordinary shares were issued as part of a capital
raise.
● On 2 July 2025, 1,621,621 ordinary shares were issued as part of a capital
raise.
● On 10 July 2025, 11,538,462 ordinary shares were issued as part of a capital
raise.
Note 6. Equity - revaluation reserve
Unaudited Consolidated
31 August 2025 28 February 2025
£ £
Revaluation surplus reserve 193,129 176,784
Note 7. Earnings per share
Unaudited Consolidated
6 months ended 31 August 2025 6 months ended 31 August 2024
£ £
Earnings per share for loss from continuing operations
Loss after income tax attributable to the owners of London BTC Company Limited (1,196,206) (669,406)
Unaudited Consolidated
6 months ended 31 August 2025 6 months ended 31 August 2024
£ £
Loss after income tax attributable to the owners of London BTC Company Limited (1,196,206) (669,406)
Weighted average number of ordinary shares used in calculating basic earnings 311,564,234 133,876,095
per share
Weighted average number of ordinary shares used in calculating diluted 311,564,234 133,876,095
earnings per share
Pence Pence
Basic earnings per share (0.38) (0.50)
Diluted earnings per share (0.38) (0.50)
Note 8. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to a variety of financial
risks: market risk (including foreign currency risk), and liquidity risk. The
consolidated entity's overall risk management program focuses on the
unpredictability of financial markets and seeks to minimise potential adverse
effects on the financial performance of the consolidated entity.
Risk management is carried out by finance director ('finance') under policies
approved by the Board of Directors ('the Board'). These policies include
identification and analysis of the risk exposure of the consolidated entity
and appropriate procedures, controls and risk limits. Finance identifies,
evaluates financial risks within the consolidated entity's operating units.
Finance reports to the Board on a monthly basis.
Market risk
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign
currency and is exposed to foreign currency risk through foreign exchange rate
fluctuations.
Foreign exchange risk arises from future commercial transactions and
recognised financial assets and financial liabilities denominated in a
currency that is not the entity's functional currency. The risk is measured
using sensitivity analysis and cash flow forecasting.
The average exchange rates and reporting date exchange rates applied were as
follows:
Average exchange rates Reporting date exchange rates
31 August 2025 (6 month period) 28 February 2025 (18 month period) 31 August 2025 28 February 2025
Pound sterling
Australian dollar 2.0460 1.8734 2.0647 2.0261
Canadian dollar 1.8380 1.6790 1.8574 1.8186
Euro 1.1839 1.1495 1.1562 1.2115
United States dollar 1.3316 1.2440 1.3507 1.2575
Price risk
The consolidated entity is not exposed to any significant price risk.
Liquidity risk
The consolidated entity manages liquidity risk by maintaining adequate cash
reserves by continuously monitoring actual and forecast cash flows and
matching the maturity profiles of financial assets and liabilities.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect
their fair value.
Note 9. Events after the reporting period
In September 2025, the Company issued 260,000 warrants to Dominari Securities
LLC at 28.75p pursuant to a contract signed with them in April 2025.
No matter or circumstance, other than above, has arisen since 31 August 2025
that has significantly affected, or may significantly affect the consolidated
entity's operations, the results of those operations, or the consolidated
entity's state of affairs in future financial years.
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. END IR FLFFSLFLLLIE
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