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On 12 November 2025, London BTC Company Limited released its unaudited interim results for the six-month period ended 31 August 2025, during which it raised £6,078,905 gross in equity, purchased £6,561,645 in Bitcoin, and increased its mining fleet from 640 to 1,100 miners by October 2025. By the period end, the Company held 86.033 Bitcoin, reported total assets exceeding £8 million, and appointed Robert Scott as Executive Finance Director on 13 May 2025.
| Date | 12 Nov 2025 |
| Time | 07:00:07 |
| Category | Results |
| ID | 1123H |
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:
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London BTC Company Limited |
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David Lenigas |
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Robert Scott |
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First Sentinel (Financial Adviser) |
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Brian Stockbridge |
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[email protected] |
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Clear Capital Markets (Broker) |
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Bob Roberts |
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[email protected] |
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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:
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The extensive use of multiple unrelated third-party hosting facilities for the Company's Bitcoin miners. |
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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. |
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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. |
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Focus on reliable, low-cost, renewable power as successfully doing so should enable it to reduce and maintain overall power costs. |
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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. |
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Sticking to objectives: Capital preservation and growth are priorities. |
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Growth: Both organic and expansionary growth is an ongoing objective.
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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.
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No. shares |
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% of share capital |
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Vinanz Limited Employee Benefit Trust |
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50,740,204 |
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14.61 |
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David Lenigas |
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50,330,067 |
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14.49 |
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Jeremy Edelman |
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49,850,067 |
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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:
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(a) |
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Agree the terms of payment with suppliers when settling the terms of each transaction; |
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(b) |
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Ensure the suppliers are made aware of the terms of payment by inclusion of all the relevant terms in contracts; and |
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(c) |
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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.
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Unaudited |
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Consolidated |
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Note |
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6 months ended 31 Aug 2025 |
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6 months ended 31 Aug 2024 |
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From continuing activities |
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£ |
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£ |
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Revenue |
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582,211 |
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280,513 |
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Cost of sales |
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(490,232) |
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(181,140) |
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Depreciation and Amortisation Expense |
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(78,410) |
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(45,974) |
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13,569 |
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53,399 |
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Other income |
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228,067 |
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- |
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Gross profit |
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241,636 |
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53,399 |
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Expenses |
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Administration expenses |
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(1,485,889) |
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(551,036) |
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Warrants, options & share based payments |
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- |
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(260,000) |
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Operating loss |
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(1,244,253) |
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(757,637) |
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Realised Gain on disposal of Bitcoin |
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50,024 |
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88,231 |
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Non-operational impairment |
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(1,977) |
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- |
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Loss before income tax expense |
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(1,196,206) |
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(669,406) |
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Income tax expense |
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- |
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- |
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Loss after income tax expense for the half-year attributable to the owners of London BTC Company Limited |
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(1,196,206) |
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(669,406) |
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Other comprehensive income |
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Items that will not be reclassified subsequently to profit or loss |
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Gain on the revaluation of intangible assets at fair value through other comprehensive income, net of tax |
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16,345 |
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- |
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Other comprehensive income for the half-year, net of tax |
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16,345 |
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- |
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Total comprehensive income for the half-year attributable to the owners of London BTC Company Limited |
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(1,179,861) |
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(669,406) |
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Consolidated |
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Unaudited |
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Audited |
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31 August 2025 |
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28 February 2025 |
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Note |
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£ |
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£ |
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Assets |
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Current assets |
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Trade and other receivables |
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41,920 |
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68,031 |
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Cash and cash equivalents |
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225,452 |
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855,484 |
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Total current assets |
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267,372 |
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923,515 |
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Non-current assets |
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Investments |
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31,199 |
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- |
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Property, plant and equipment |
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667,755 |
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624,349 |
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Intangibles |
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6,893,332 |
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398,954 |
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Deferred tax |
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3,125 |
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3,125 |
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Security Deposit |
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148,685 |
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96,022 |
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Total non-current assets |
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7,744,096 |
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1,122,450 |
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Total assets |
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8,011,468 |
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2,045,965 |
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Liabilities |
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Current liabilities |
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Trade and other payables |
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295,105 |
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237,564 |
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Amount owing to director |
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1,508,160 |
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2,728 |
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Total current liabilities |
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1,803,265 |
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240,292 |
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Total liabilities |
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1,803,265 |
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240,292 |
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Net assets |
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6,208,203 |
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1,805,673 |
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Equity |
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Issued capital |
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25,284,027 |
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19,701,636 |
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Revaluation surplus reserve |
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193,129 |
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176,784 |
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Retained earnings |
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(19,268,953) |
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(18,072,747) |
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Total equity |
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6,208,203 |
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1,805,673 |
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Share |
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Option |
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Warrant |
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Retained |
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Total equity |
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capital |
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Reserve |
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Reserve |
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Earnings |
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Consolidated |
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£ |
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£ |
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£ |
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£ |
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£ |
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Balance at 1 March 2024 |
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1,934,630 |
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646,390 |
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1,292,780 |
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(2,371,202) |
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1,502,598 |
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Loss after income tax expense for the half-year |
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- |
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- |
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- |
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(669,406) |
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(669,406) |
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Other comprehensive income for the half-year, net of tax |
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- |
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- |
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- |
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- |
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- |
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Total comprehensive income for the half-year |
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- |
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- |
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- |
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(669,406) |
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(669,406) |
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Transactions with owners in their capacity as owners: |
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Contributions of equity, net of transaction costs |
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637,020 |
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- |
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- |
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- |
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637,020 |
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Forfeited Options and Warrants |
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- |
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(67,774) |
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- |
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67,774 |
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- |
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|||
|
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 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
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 |
|
|
(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 |
|
|
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 ("EBT") |
|
1 April 2025 |
|
50,740,204 |
|
£0.00 |
|
- |
|
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 per share |
|
311,564,234 |
|
133,876,095 |
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in calculating diluted earnings per share |
|
311,564,234 |
|
133,876,095 |
|
|
|
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.