Connecting Excellence Group PLC
XCE🇬🇧Leveraged
UK-based international executive recruitment firm headquartered in Leeds. IPO'd on Aquis Stock Exchange in December 2025, raising £3.3M. Funds BTC purchases through IPO proceeds, operational cash flow, and a BTC-denominated convertible bond programme.
BTC Holdings
52.42 BTC
180d
Stock Price
0.02 GBP
180d
Total financing
528.16K GBP
180d
mNAV
2.76x
180d
Leverage
19.1%
180d
BTC Credit
0 bps5.2x
Sats/Share
14
180d
Mkt cap
7.64M GBP
Shares
382.17M
Total reserve
2.77M GBP
Dilution
0.0%
Analytics
BTC Coverage
Financials
IFRSSemi-AnnualAs of 2025-12-31
Balance Sheet
Total Assets£5.4M
Total Liabilities£1.3M
Stockholders' Equity£4.1M
Cash & Equivalents£1.4M
Total Debt—
Digital Assets£2.6M
Income Statement
Revenue£1.2M
Operating Income£-59K
Net Income£-150K
Interest Expense£71K
Cash Flow
Operating Cash Flow£-464K
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| XCE-Dec26 | Dec '25 – Dec '26 | 0% | 10.00 BTC | 10.00 BTC | — | 5.2x |
| Total | 528.16K GBP | |||||
Recent Changes
Mon, Feb 2, 2026
BTC Holdings
51.36→52.42+1.06 BTC(+2.1%)
BTC Holdings Tracker
Wed, Jan 21, 2026
BTC Holdings
41.36→51.36+10 BTC(+24.2%)
BTC Holdings Tracker
Mon, Jan 5, 2026
BTC Holdings
40.36→41.36+1 BTC(+2.5%)
BTC Holdings Tracker
Wed, Dec 31, 2025
BTC Holdings
24.777→40.36+15.583 BTC(+62.9%)
31.08 BTC acquired post-IPO + 9.28 BTC pre-IPO
Interim Results (H1 2026, period ended 31 Dec 2025)Debt OutstandingIssuanceXCE-Dec26
10
Launch of BTC-Denominated Convertible Bond Programme
Mon, Dec 15, 2025
BTC Holdings
16.65→24.777+8.127 BTC(+48.8%)
BTC Holdings Tracker
Fri, Dec 12, 2025
BTC Holdings
9.27→16.65+7.38 BTC(+79.6%)
BTC Holdings Tracker
Thu, Dec 11, 2025
Shares Outstanding
249.0M→382.2M+133.1M(+53.5%)
Admission to Aquis and First Day of Dealings
Wed, Nov 19, 2025
BTC Holdings
9.27 BTC
BTC Holdings Tracker
Shares Outstanding
249.0M
Pre-IPO shares
Admission to Aquis and First Day of Dealings