Vaultz Capital (AQSE:V3TC) on Friday reported an operating loss of £6.06m for the year ended 30 April, moving from a loss of £350,586 the prior year, after a £4.01m fair-value writedown on its Bitcoin treasury.
The AQSE-listed investment company, which pivoted from an earlier natural gas and technology remit into a Bitcoin treasury and digital-asset strategy, said cash at year-end stood at just £3,524, down from £27,000 a year earlier.
Total equity reversed to £7.2m from negative equity of £326,457 in the prior year, with net asset value per share of 3.38p as at 30 April. No dividend is recommended, consistent with the prior year.
Administrative expenses rose to £2.01m from £182,876, reflecting higher employment costs, professional and legal fees, and marketing spend tied to the strategic build-out; the company said these costs have since been rationalised and expects them to be "significantly lower" in the next reporting period.
The Bitcoin treasury, built up with proceeds of approximately £13.6m raised across six tranches between May and August 2025, was carried at £7.58m at year-end, reflecting 135.12 BTC.
The board concluded that running a pure Bitcoin treasury vehicle is "not the best use of shareholders' capital", citing a persistent discount between the company's market capitalisation and its underlying net asset value.
Shareholders approved the termination of the Bitcoin treasury policy at a general meeting on 21 July, freeing the board to pursue transactions across a broader range of sectors rather than restricting activity to a single digital asset.
In June, Vaultz raised £1m through a subscription of 45.45m new shares at 2.2p per share, fully taken up by Regent Resources Capital Corporation, to settle trade creditors and fund working capital.
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After the year end, the company made its first investment under the new strategy, subscribing £3m for approximately 2.3% of a newly incorporated software company developing patented technology to extend GPU memory and compute performance, as part of a wider £5m funding round implying a £90m pre-money valuation.
The investment was funded primarily through the sale of 47 Bitcoin from treasury, at an average price of £62,914, realising proceeds of approximately £2.96m; Vaultz now holds 86 Bitcoin alongside roughly £0.4m in cash.
The board is now evaluating further significant transactions in strategic minerals, AI and digital infrastructure, each of which would require shareholder approval at a general meeting.