Bitcoin-focused company Vinanz Limited has raised £3.58 million, more than triple its original target of £1 million, as it looks to boost its bitcoin holdings and expand across North America.
The fundraising, announced through the London Stock Exchange (LSE), shows growing interest in bitcoin from private and retail investors, particularly in the UK where there are limited regulated and exchange-listed options for bitcoin exposure.
Vinanz is listed on the LSE under the ticker BTC.L and said the funds will be used to buy bitcoin and support its ongoing bitcoin mining operations in the U.S. and Canada. The company is also planning to rebrand to become the London Bitcoin Company.
Hewie Rattray, Chief Executive Officer of Vinanz, said:
“This raise reflects growing interest in our LSE-listed Bitcoin strategy and helps accelerate our goal of becoming a leading UK main board-listed Bitcoin company.”
The majority of the funds — £3.03 million — came from retail investors through the WRAP platform, a structured offering that allows public participation in company fundraising. This is one of the largest raises on the LSE’s WRAP platform by a small-cap company.
A further £550,000 was raised from institutional subscribers.
Vinanz has a growing network of bitcoin mining facilities across Indiana, Iowa, Nebraska and Texas in the U.S. and Labrador in Canada. These are hosted by third-party facilities and supported by around 700 mining machines.
Related: Vinanz Bitcoin Mining | A UK Team’s North American Expansion
With bitcoin prices up over 75% since April 2024 and reaching $111,000 recently, the company is acting fast to build up its bitcoin reserves.
Vinanz previously used $2 million in bridge funding from a global investment manager to buy its first 16.9 BTC and will continue to buy directly with the new funds raised.
“We intend to immediately deploy the net proceeds into bitcoin purchases to strengthen our overall treasury position,” Rattray said.
While most UK-based digital asset firms are listed on alternative markets like Aquis, Vinanz is listed on the LSE and regulated by the FCA. This gives them a unique advantage in attracting retail and institutional investors looking for regulated bitcoin exposure.
Their ticker symbol BTC on LSE has also become a branding asset, making the company more visible and easier to associate with bitcoin investments.
The rebranding to the London Bitcoin Company will help clarify Vinanz’s purpose and ambitions to the wider market. They also want to list on NASDAQ which will allow them to reach U.S. investors directly and diversify their capital sources.
While investors are excited, some analysts believe there are risks associated with the bitcoin reserve strategy.
Matthew Sigel, head of digital asset research at VanEck recently warned that companies issuing too many new shares to buy bitcoin might end up harming shareholders through dilution.
He cited the example of Semler Scientific which entered the Bitcoin space in 2024 and saw its stock drop 45% after buying nearly 3,800 BTC.
But Vinanz’s fundraising success shows that appetite for bitcoin exposure via public companies is still strong, especially among UK investors who have fewer options than their U.S. counterparts.
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