Coinsilium raises £1.25m to fund its Bitcoin treasury strategy

Coinsilium Group Limited, a U.K.-based company focused on web3 investing and advisory services, has raised £1.25 million in an initiative aimed at funding its adoption of a Bitcoin treasury strategy.

The company announced the fundraising goal on May 15. Per the news update, Coinsilium has secured the £1.25 million ($1.66 million) in a bid to further develop Forza, the London-based company’s wholly-owned subsidiary.

Forza is focused on Bitcoin ( BTC ) treasury activities.

In addition to using the proceeds from the broker-led placing—which involved 41,666,657 new ordinary shares at a price of 3 pence per share—Coinsilium will allocate funds toward general working capital.

The fundraising efforts also include a retail offer via the Winterflood Retail Access Platform. The offer is open to both new and existing shareholders, with a target of £250,000 (about $332,116).

Malcolm Palle, executive chairman of Coinsilium, said in a statement:

“I am delighted to announce this Placing today.  We have been very pleased by the response to the Company’s Forza! Initiative and these funds will allow us to advance the implementation of our Bitcoin Treasury Strategy. I am also pleased to welcome Oak Securities as Joint Broker to the Company and would like to acknowledge their role as a cornerstone in this Placing.”

Coinsilium’s plans add to the overall scramble by corporate entities to add BTC to their treasury strategies. 

Bets on Bitcoin have also spread to other coins, with several institutions adopting crypto strategies. Ethereum ( ETH ) and Solana ( SOL ) have recently attracted notable attention, with SOL Strategies and BTCS Inc. taking big steps to accumulate SOL and ETH respectively.

Meanwhile, Strategy , led by Michael Saylor, continues to be the torchbearer in terms of the largest publicly-listed company with most BTC holdings. 

After acquiring an additional 13,390 BTC for approximately $1.34 billion , the company now holds a staggering 568,840 BTC. Saylor’s Bitcoin bet is worth $39.41 billion,with these acquired at the average purchase price of $69,287 per bitcoin.