Connecting Excellence Group PLC
XCE🇬🇧Leveraged
UK-based international executive recruitment firm headquartered in Leeds. IPO'd on Aquis Stock Exchange in December 2025, raising £3.3M. Funds BTC purchases through IPO proceeds, operational cash flow, and a BTC-denominated convertible bond programme.
BTC Holdings
62.941 BTC
180d
Stock PriceUpdated 20h ago
0.02 GBP▼ 12.39%
180d
Total financing
547.12K GBP
180d
mNAV
2.15x▼ 12.28%
180d
Leverage
15.9%
180d
BTC Risk
0.00%6.3x
Sats/Share
15
180d
Mkt cap
7.40M GBP
Shares
422.77M
Total reserve
3.44M GBP
Dilution
0.0%
Analytics
BTC Coverage
FinancialsUnverified
IFRSSemi-AnnualAs of 2025-12-31
Balance Sheet
Total Assets£5.4M
Total Liabilities£1.3M
Stockholders' Equity£4.1M
Cash & Equivalents£1.4M
Total Debt—
Digital Assets£2.6M
Income Statement
Revenue£1.2M
Operating Income£-59K
Net Income£-150K
Interest Expense£71K
Cash Flow
Operating Cash Flow£-464K
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| XCE-Dec26 | Dec '25 – Dec '26 | 0% | 10.00 BTC | 10.00 BTC | — | 6.3x |
| Total | 547.12K GBP | |||||
Recent Changes
Tue, May 12, 2026
Shares Outstanding
415.6M→422.8M+7.1M(+1.7%)
£125,000 equity subscription: 7,142,857 new shares at 1.75p; proceeds for BTC treasury, recruiter hiring, and acquisitions
Equity Subscription to raise £125,000 (7,142,857 shares at 1.75p)Thu, Apr 30, 2026
Shares Outstanding
382.2M→415.6M+33.5M(+8.8%)
Adam Back subscription: 33,457,143 new shares at 1.75p; £585,500 gross proceeds funding 10 BTC purchase
Further Investment from Adam Back (£585,500 Subscription, 10 BTC Purchase)Thu, Apr 23, 2026
BTC Holdings
52.941→62.941+10 BTC(+18.9%)
10 BTC acquired at avg £58,500/BTC funded by £585,500 Adam Back subscription; total includes 10 BTC backing 2026 BTC convertible bond programme
Bitcoin Acquisition (10 BTC, £585,500)Tue, Apr 14, 2026
BTC Holdings
52.42→52.941+0.521 BTC(+1.0%)
0.516 BTC received as payment for recruitment services via Spencer Riley
Receipt of BTC as Payment for Recruitment Services (0.516 BTC)Mon, Feb 2, 2026
BTC Holdings
51.36→52.42+1.06 BTC(+2.1%)
Bitcoin Acquisition (1.065 BTC)
Wed, Jan 21, 2026
BTC Holdings
41.36→51.36+10 BTC(+24.2%)
Settlement of First XCE BTC Bond Issue
Mon, Jan 5, 2026
BTC Holdings
40.36→41.36+1 BTC(+2.5%)
Bitcoin Acquisition (16.58 BTC, £1,076,434.76)
Wed, Dec 31, 2025
BTC Holdings
24.777→40.36+15.583 BTC(+62.9%)
31.08 BTC acquired post-IPO + 9.28 BTC pre-IPO
Interim results for the period ended 31 Dec 2025Debt OutstandingIssuanceXCE-Dec26
10
Launch of BTC-Denominated Convertible Bond Programme
Mon, Dec 15, 2025
BTC Holdings
16.65→24.777+8.127 BTC(+48.8%)
Bitcoin Acquisition (8.13 BTC, £560,000)
Fri, Dec 12, 2025
BTC Holdings
9.27→16.65+7.38 BTC(+79.6%)
Bitcoin Acquisition (7.37 BTC, £500,000)
Thu, Dec 11, 2025
Shares Outstanding
249.0M→382.2M+133.1M(+53.5%)
Admission to Aquis and First Day of Dealings