Bluebird gold mining company embraces Bitcoin in bold shift from tradition, shares soar 60%

Bluebird Mining Ventures Ltd., a London-listed gold exploration company with operations across Asia, has unveiled plans to adopt Bitcoin as part of its treasury management strategy.

The firm announced the move on June 5 in a post on X (formerly Twitter), signaling a significant departure from the traditional capital allocation models in the UK mining sector.

The company intends to channel revenue from its gold mining projects into BTC.

According to the company, pairing income from physical gold with a digital asset like Bitcoin offers a forward-thinking approach to capital preservation and growth. It also aims to maintain lean corporate overhead to enhance efficiency.

To support this transition, Bluebird confirmed it is searching for a new CEO with expertise in digital assets.

Meanwhile, Aidan Bishop, the firm’s interim CEO, said the strategy is a response to significant shifts in global finance. He described Bitcoin as a transformative force and emphasized the potential of combining traditional and digital stores of value.

According to Google Finance data, the company’s share price rose by approximately 60% to 0.39 after the announcement.

Why the gold miner is turning to Bitcoin

In a Share Talk report, Bluebird acknowledged gold’s longstanding role as a store of value, citing its industrial applications and global demand from central banks.

Yet, it noted that Bitcoin is increasingly seen as a superior alternative due to its digital nature and limited supply.

According to the firm:

“Golds’ position as a store of value has been under threat due to the rising global adoption of bitcoin, which some commentators have described as ‘digital gold’ and many have even cited its superiority over gold as a store of value.”

Bluebird also cited growing concerns over inflation, high debt levels, and geopolitical risk as key drivers behind Bitcoin’s rise. These factors have pushed several companies to hold the bellwether asset in their treasuries.

In return, many of these firms have enjoyed heightened investor attention and substantial premiums over traditional asset valuations.

Bluebird sees an opportunity to set itself apart by entering the digital asset space. The company believes its current market valuation offers early investors an attractive entry point compared to peers who have already adopted similar models.

Aidan stated:

“By adopting a ‘gold plus a digital gold’ strategy, it offers the Company an opportunity to turn the page and look to the future and seek to attract a new type of shareholder.”

The post Bluebird gold mining company embraces Bitcoin in bold shift from tradition, shares soar 60% appeared first on CryptoSlate.