Key Takeaways
- Bluebird Mining will allocate gold revenue into Bitcoin.
- The company's stock jumped 60% after the announcement.
- Bluebird is seeking a new CEO with digital asset expertise.
Bluebird Mining Ventures Ltd., a UK-listed gold exploration company, has announced a major pivot to Bitcoin as part of its treasury strategy—causing shares to spike 60% to 0.39 GBP, according to Google Finance.
Strategic allocation of gold revenue
The company, which operates across Asia, said in a June 5 statement that it plans to allocate revenues from its gold projects into Bitcoin.
The move marks a stark departure from traditional capital allocation in the mining industry.
Leadership & future vision
said interim CEO Aidan Bishop said:
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.
Bluebird is also searching for a new CEO with digital asset experience to lead the shift.
The company emphasized that it aims to maintain low corporate overhead while pursuing both capital preservation and growth.
Rationale behind the shift
In a statement via Share Talk, Bluebird acknowledged gold’s historic role as a store of value but cited Bitcoin’s growing market dominance and limited supply as compelling reasons for the shift.
The company added:
Gold’s 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.’
Macroeconomic influences
Bluebird also noted macroeconomic factors such as inflation, high debt levels, and geopolitical risks as key drivers for its Bitcoin-focused pivot—factors that have led other firms to enjoy investor premiums after adding Bitcoin to their treasuries.
