GSTechnologies Ltd (LSE:GST) has raised £1.75 million through a share placing as it looks to expand its Bitcoin holdings, part of a newly announced strategy to build a digital asset treasury.
The fintech group placed just under 146mn new shares at 1.2p each, with the proceeds earmarked primarily for purchasing more Bitcoin.
The company, which is listed on London’s main market, also plans to launch a separate retail offer of up to £250,000 for existing shareholders, giving them a chance to invest on the same terms.
GST’s move reflects a growing trend among smaller tech companies to hold digital assets as part of their treasury operations.
The firm adopted its Bitcoin-focused policy last month, joining a small group of listed businesses diversifying into cryptocurrencies as an alternative to traditional cash reserves.
The shares fell 12% to the 1.2p placing price.
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