Hamak Gold Shifts to Bitcoin, Share Price Jumps 6%

Hamak Gold Limited, a London-listed gold exploration company, has announced a significant shift in its business strategy. The company plans to adopt a Bitcoin treasury management policy, marking a transition from its traditional gold mining operations. This news has sparked a 6% increase in its share price, which is now trading at 1.17 GBX.

On July 3, Hamak successfully raised £2.47 million through a placing and subscription round, priced at 0.8 pence per share. This represents a 27% discount from the previous close on July 2, 2025. The deal introduced 308.4 million new ordinary shares, which account for 68.2% of Hamak’s newly enlarged share capital of 452.1 million shares. Each new share comes with a two-year warrant exercisable in the second year, featuring a one-year lock-in period. Existing shareholders will also receive warrants on equivalent terms, with the cut-off set as the close of business on July 2.

The share issuance process encountered regulatory limitations, as Hamak was 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. This financing round coincided with a leadership change, 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 ensure that part of the proceeds are used to create a Bitcoin treasury. According to Chair Thurlow, “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.”

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.

Hamak is not the only company in London making this transition. At least nine other companies have disclosed their intent to purchase digital assets in the past two weeks, following 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.