Vaultz Capital plc (AQSE: V3TC) has reported a £6.06 million operating loss for the year ended 30 April 2026, as the company abandons its Bitcoin treasury strategy and shifts its focus towards acquisitions and investments in artificial intelligence, digital infrastructure and strategic minerals.
The company confirmed that operating losses rose to £6.06 million from £350,586 in 2025, reflecting significant strategic change and investment in digital assets.
Administrative expenses reached £2.01 million, although management expects costs to fall substantially during the current financial year following recent restructuring and operational efficiencies.
Vaultz ended April 2026 with 135.12 Bitcoin valued at £7.58 million, based on a price of £56,125.60 per Bitcoin.
However, cash reserves stood at just £3,524, compared with £27,000 a year earlier, highlighting the company’s limited liquid cash position at the reporting date.
Net asset value was reported at 3.38 pence per share, with no dividend proposed.
During 2025, Vaultz raised approximately £13.6 million across six fundraising tranches, enabling it to establish a Bitcoin treasury and secure approximately 20 petahashes per second of cloud mining capacity.
The strategy initially strengthened its balance sheet, transforming negative equity of £326,000 in April 2025 into positive equity of approximately £11.6 million by October 2025.
The company also expanded its international market presence through admissions to trading in Frankfurt and on the US OTCQB Venture Market.
However, Vaultz shares continued to trade at a persistent discount to net asset value, prompting management to question the long-term benefits of maintaining a dedicated Bitcoin treasury model.
The board concluded that investors seeking Bitcoin exposure could access the cryptocurrency directly at lower cost, reducing the attractiveness of holding shares in a listed treasury vehicle.
Shareholders approved the termination of the Bitcoin treasury policy in July 2026, giving directors greater flexibility to pursue investments across other sectors.
The strategic change followed a £1 million fundraising from Regent Resources Capital Corporation in June, which provided working capital and enabled the settlement of trade creditors.
Since the financial year-end, Vaultz has invested £3 million in a newly incorporated software company, acquiring approximately 2.3% of its enlarged share capital.
The investment was funded primarily through the sale of 47 Bitcoin, marking a significant redeployment of assets away from the company’s previous cryptocurrency-focused strategy.
The unnamed software business has developed a patented technology designed to optimise memory and computing resource utilisation, with applications potentially relevant to artificial intelligence infrastructure.
According to information provided by the investee company, the technology has undergone independent benchmarking on third-party computing systems, although Vaultz has not disclosed commercial revenue or profitability figures for the business.
Executive Chairman Charlie Wood said the company had undergone an ambitious strategic transformation followed by a reassessment of its investment approach.
He acknowledged that the Bitcoin treasury strategy had failed to close the gap between the company’s market valuation and its underlying assets, leading the board to pursue alternative opportunities.
Vaultz is now evaluating potential reverse takeover transactions across strategic minerals, artificial intelligence and digital infrastructure, with management seeking acquisitions capable of delivering greater shareholder value.
The company believes its remaining asset base, reduced operating costs and broader investment mandate provide a platform for pursuing significant transactions.
For investors, the move away from Bitcoin represents a fundamental change in Vaultz Capital’s strategy, with future performance increasingly dependent on investment selection, transaction execution and the commercial success of acquired businesses.
However, the substantial annual operating loss, limited year-end cash balance and early-stage nature of its new technology investment highlight the risks associated with the transition.
Attention will now turn to potential reverse takeover announcements, further asset disposals and progress within the company’s AI-related investment, as Vaultz seeks to narrow the discount between its market capitalisation and underlying net asset value.
