Ever heard of Bitcoin treasuries? No? Yeah, same here. But they’re suddenly popping up all over AIM and Aquis, and investors are throwing some serious cash at them.
Take The Smarter Web Company, for example. It set out to raise around £8 million—but ended up pulling in £13.4 million from a mix of professional and private investors in a heavily oversubscribed round. A portion of that cash is allocated to what the company refers to as its Bitcoin treasury policy.
So, what’s that? While the term might sound unfamiliar, the idea is pretty straightforward: it’s a pot of digital assets—Bitcoin, in this case—acquired with the hope they’ll rise in value. And that might not be a terrible gamble. Since April last year, Bitcoin has surged more than 75%, peaking at around $111,000 before settling back to about $103,000.
On to the other news this week
Sundae Bar (SBAR) made its debut on the London Stock Exchange this week, having transitioned from Aquis on Tuesday. The company, formed through the merger of Kondor AI and Ora Technology, launched the live beta version of its AI agent marketplace—three AI agents are already onboard. With the global AI agent market estimated at $5.1 billion, Sundae Bar raised £2 million through a placing at 8p per share. The share price rose to 11.25p from the 8p IPO issue prices.
Another standout performer this week was Blue Star Capital (BLU), which surged 57%. The tech investor made the most of the momentum, securing a £250,000 cash injection following its rising share price.
Shuka Minerals climbed 43% as it moved closer to acquiring a zinc asset in Zambia, following approval from local authorities.
Empire Metals (EEE) advanced 37% after updating investors on progress at its Pitfield Project in Western Australia—home to what’s believed to be the world’s largest undeveloped titanium resource. A maiden mineral resource estimate is now in sight.
Tungsten West (TUN) shares jumped 15.4% to 7.5p after its Hemerdon tungsten and tin project in Devon was designated a strategic project by the European Commission. This recognition supports the EU’s push for secure access to critical materials and opens the door to potential EU funding.
Symphony Environmental Technologies (SYM) advanced 13% to 7.625p following an update on its funding round. The company announced a change in subscriber for the second tranche of its £2.25 million fundraise at 20p per share
Insig AI (INSG) saw its shares climb 12.5% to 36p after chief executive Richard Bernstein purchased an additional 125,000 shares at 28.5p each. The move increases his stake to 20.1%, reinforcing confidence in the company’s outlook.
Ariana Resources (AAU) gained 6.98% to 1.15p after reporting construction progress at the Tavsan gold project in Turkey, where it holds a 23.5% stake. Cold commissioning of the plant is now underway, with one year’s worth of ore stockpiled and further exploration drilling ongoing.
Now to the fallers
There was a familiar narrative behind the 48% drop in 4Global (4GBL) shares. The sports analytics firm is planning to delist from AIM, blaming poor liquidity, limited access to capital, and the high cost of maintaining a public listing.
Trellus Health (TRLS) also fell 48% after its preliminary results revealed a cash runway that extends only until October—a red flag that didn’t go unnoticed by the market.
Angle (AGL) shares dropped 15.6% to 6.75p after the company announced the departure of non-executive directors Brian Howlett and Juliet Thompson. The cancer diagnostics firm said it is undertaking a review of its board structure as part of broader governance considerations.
Tern (TERN), a technology investment firm, reported a fall in net asset value to £10.7 million for the year ending December 2024, down from £12.3 million. The decline was mainly due to a reduced valuation of its stake in Wyld Networks, a satellite-based IoT communications company. With just £400,000 in cash, Tern is expected to seek additional funding for follow-on investments. Shares slipped 15.2% to 1.675p.
ValiRx (VAL) ended 2024 with £1.56 million in cash, though operating activities consumed £1.58 million over the year. Since the year-end, the company has cut staffing costs by £200,000. The accounts have been prepared on a going concern basis, but continued operations depend on securing additional funding. Meanwhile, shareholder Stephen Wolstenhulme increased his stake from 5.84% to 6.17%. The share price slipped 10% to 0.45p.
Avacta (AVCT) reported a £29 million loss for 2024, with continuing revenues of just £110,000. Following the sale of its diagnostics division, the biotech company had £17.3 million in cash as of April 2025—expected to cover operations through to year-end. Shares fell 6.57% to 32p.
