UK Firm Bets Big on Bitcoin as a Corporate Treasury Asset
Scott Ellam’s company, Connecting Excellence (XCE), is building a bitcoin reserve as part of its long-term strategy. The firm currently holds 9.27 bitcoin, bought at an average price of £37,500 each. A new bond offering aims to expand this reserve while protecting existing investors.
XCE recently launched the XCE BTC Bond 2026 to grow its bitcoin holdings. The move aligns with Ellam’s view that bitcoin should be treated as a store of value, not a speculative asset. He avoids discussing price targets, focusing instead on its properties compared to gold—highlighting advantages in custody, transportability, and verifiability.
Ellam argues that keeping cash in traditional financial systems leads to gradual value erosion. He sees corporate bitcoin adoption as a way to preserve wealth over time. The company’s strategy ties bitcoin reserves to revenue and profit growth, with a goal of uplisting to the main market once holdings reach 500 bitcoin. Adam Back, a key figure in bitcoin’s development, holds a strategic stake in XCE. As co-founder of Blockstream and inventor of Hashcash—the technology behind bitcoin’s proof-of-work—his involvement adds credibility. Bitcoin’s fixed supply of 21 million coins, enforced by code, underpins XCE’s confidence in its long-term bitcoin price.
XCE’s bond offering and bitcoin strategy reflect a shift toward digital asset adoption in corporate treasuries. The company’s approach avoids short-term speculation, focusing instead on gradual accumulation. With Back’s backing and a clear target of 500 bitcoin, the plan sets a measurable path for growth.
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