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CEO Scott Ellam told Proactive the company has received payment in Bitcoin for executive recruitment services, describing the transaction as evidence that its dual business model is compounding value for shareholders without issuing new equity.
Ellam said the company was “paid directly in Bitcoin,” adding that the payment “increases the Bitcoin per share for our shareholders without any equity or share issuance.” He described the move as a first for a UK-listed recruitment company.
He said the arrangement shows both sides of the business are working together: the executive recruitment operations generate revenue, and that revenue is reflected in the company’s active Bitcoin balance sheet.
Ellam outlined the company’s “dual flywheel” approach to growth, combining organic expansion with acquisitions. He said headcount expansion is a key driver, noting that each recruitment consultant can generate around £200,000 in revenue, often with profit margins of around 50%.
In addition, Ellam said the company is pursuing acquisition opportunities. He said many privately owned recruitment firms are profitable but lack exit options, and that the group can bring them into its structure.
Looking ahead, Ellam said the business is aiming to become “materially bigger” over the next 24 months through significant headcount growth and further acquisitions.
He also set out ambitions for the Bitcoin treasury, targeting growth toward 100, 200, and eventually 1,000 Bitcoin over time.
Ellam said the involvement of strategic investor Adam Back reflects confidence in the company’s structure, which combines a traditional operating business with a Bitcoin treasury.
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