The idea itself isn’t new. Back in 2020, Michael Saylor’s MicroStrategy turned a sleepy US software company into the world’s biggest Bitcoin play. By moving its balance sheet into BTC, MicroStrategy proved that a listed business could act as a Bitcoin proxy for equity investors. Today, it owns more than 226,000 BTC, worth tens of billions of pounds.
Fast-forward to 2025, and the UK is now having its own wave of treasury companies — smaller, but still catching investor attention.
What Exactly is a Bitcoin Treasury Company?
At its simplest:
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The company raises money through placings.
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Instead of ploughing all that cash into operations, it buys Bitcoin and holds it on balance sheet.
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The shares then trade, at least in part, on the value of that Bitcoin stack.
For retail investors, it can be like buying a listed Bitcoin tracker — but with the quirks of small-cap funding and management strategy thrown in.
Why They Took Off in the UK in 2025
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Bitcoin price strength – BTC’s recovery in the first half of 2025 reignited retail interest.
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No UK ETFs – with the FCA blocking spot Bitcoin ETFs, treasuries became one of the few listed routes to exposure.
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Momentum effect – once a handful of companies pivoted, more followed, especially on AQSE where rules allow quicker pivots.
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Speculative appetite – AIM and AQSE investors like bold stories, and “we’re building a Bitcoin treasury” was easy to sell.
How Do You Value Them? (mNAV Explained)
The key measure investors use is Market Net Asset Value (mNAV):
What is the Bitcoin they hold worth today? vs. What’s the company’s current market cap?
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If market cap > BTC value, the stock trades at a premium — investors are paying extra for scale, liquidity, or future growth.
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If market cap < BTC value, it trades at a discount — this can signal opportunity, or market scepticism about funding.
For retail readers: mNAV is like checking if a fund trades above or below its assets. Always know what you’re paying for.
The Three UK Companies That Actually Hold Bitcoin
While several companies announced “policies,” only a few have disclosed real BTC holdings.
The Smarter Web Company (AQSE: SWC)
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Originally a web services business, now almost fully pivoted to Bitcoin.
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Holdings: ~2,470 BTC, worth around £130m–£135m.
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Market Cap: ~£370m.
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Premium: trades at nearly 3x its Bitcoin value. Scale and aggressive treasury building have made it one of the UK’s boldest Bitcoin plays.
London Bitcoin Company (LSE: BTC)
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Main Market listed — rare for a Bitcoin treasury. That listing status gives it credibility with institutions.
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Holdings: ~86 BTC, worth around £3.5m–£3.7m.
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Market Cap: ~£17m.
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Premium: trades at 4–5x its BTC value, partly because of its Main Market listing and expansion into North American Bitcoin mining.
Vaultz Capital (AQSE: V3TC)
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Smaller, but methodically building a BTC position.
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Holdings: ~135 BTC, worth around £5.5m–£6m.
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Market Cap: ~£12.5m.
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Premium: trades at roughly 2x its Bitcoin value.
Why Investors Care
For UK retail investors, these companies are one of the only listed routes to Bitcoin exposure. They carry risks — but also give an easy way to back BTC through your brokerage account or ISA.
Upside:
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Simple access to Bitcoin via the stock market.
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Potential for premiums to expand in bull markets.
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Some are adding operating businesses (e.g. mining, fintech), which could diversify revenue.
Risks:
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Premiums can collapse if Bitcoin weakens.
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Funding needs often lead to dilution.
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Regulation remains a wildcard.
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Shares don’t always track Bitcoin neatly.
Bottom Line
Bitcoin treasury companies are not going away. They had their breakout moment in the US with MicroStrategy, and now the UK is having its own surge in 2025.
For retail investors, the three names that matter right now are:
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Smarter Web (big stack, trades at a huge premium)
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London Bitcoin Company (smaller stack, but a Main Market listing and mining angle)
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Vaultz Capital (growing treasury, moderate premium)
The real trick is understanding the mNAV: how much Bitcoin they hold, what it’s worth today, and what premium or discount the market is asking you to pay.
If Bitcoin keeps rising into 2026, these companies could become hot stocks again. But if volatility returns, expect those premiums to get tested.
DISCLAIMER
This article is for information and educational purposes only. It is not investment advice and should not be taken as a recommendation to buy or sell any security.
Crypto-related equities are high risk. Share prices are volatile, regulation can change, and funding challenges are real. Information is believed accurate at the time of publication but may change. Always do your own research and seek advice from a qualified financial adviser before investing.
Author: JT
