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UK Gold Mining Company Bluebird to Convert Gold Revenues into Bitcoin
Bluebird Mining Ventures Ltd., a pan Asian gold project development company, recently announced a major strategic shift. It plans to convert future revenues from its gold mining projects into bitcoin and adopt bitcoin as a treasury reserve asset.
“By adopting a ‘gold plus a digital gold’ strategy, it offers the Company an opportunity to turn the page and look to the future and seek to attract a new type of shareholder,” said the Executive Director and CEO of Bluebird Aidan Bishop. “Under the leadership of a new CEO, once identified, it is my sincere hope that Bluebird will finally realise its ambitions for which it was initially established for.”
The announcement comes as Bluebird progresses towards a key agreement on its flagship Philippine project. The company expects to finalize a deal in the coming weeks that will grant it a net profit interest throughout the life of the mine, with no ongoing capital costs. The company said it believes bitcoin offers a modern alternative to traditional store of value assets like gold.
“I am very pleased with the progress of discussions in the Philippines which are looking very positive and will enable, if successfully completed, Bluebird to maintain an ongoing exposure with zero future cash commitments,” stated Bishop.
Bluebird plans to recycle revenues from its mining operations directly into bitcoin, aligning with what they describe as an innovative treasury approach. The company cited bitcoin’s fixed supply of 21 million, increasing global adoption, and role as a hedge against inflation and monetary instability as key reasons for its decision.
“Combining income streams from gold mining projects and recycling these revenues into a proactive ‘Bitcoin in Treasury’ management approach…” the company said. “Companies that have adopted bitcoin into their treasury strategy globally across public markets have been enjoying significant investor interest as well as substantial premiums to Net Asset Value (NAV) that have challenged traditional financial metrics as a basis of valuation.”
To lead this new phase, Bluebird is actively searching for a new CEO with experience in digital assets.
“On a personal level, I embarked some time ago on a journey to understand and learn about bitcoin,” added Bishop. “I am convinced that we are witnessing a tectonic shift in global markets and that bitcoin will reshape the landscape of financial markets on every level.”
This post UK Gold Mining Company Bluebird to Convert Gold Revenues into Bitcoin first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.
