Quantum Blockchain Technologies (AIM:QBT) announced it has raised £350,000 before expenses through a placing of 140m new shares at 0.25p each.
The AIM-listed research and development company focuses on blockchain technology, particularly proprietary Bitcoin mining systems.
The placing shares represent roughly 8.7% of the company's enlarged issued share capital, which will total 1.75bn shares following admission.
Proceeds will fund continued development of the company's Method C AI Oracle and related software, alongside work to bring its newly granted US patent for ASIC Ultra Boost to market readiness, including fine-scale nanometre data collation ahead of any commercial talks with ASIC manufacturers.
Further funds are earmarked for porting and integration work with mining hardware and software environments, business development with prospective industry counterparties, and general working capital.
"The placing provides the company with additional working capital to support the development and testing activities required to bring our proprietary Bitcoin mining technologies to market," said Francesco Gardin, chief executive and executive chairman.
He added that the company is focused on progressing the AI Oracle and other software solutions "while further developing relationships with industry participants and potential future commercial partners in preparation for commercial deployment."
News Intelligence what this means for the company
QBT raised £350,000 at 0.25p per share through a placing of 140 million shares, diluting existing holders by 8.7%. The proceeds will fund development of its Method C AI Oracle software and commercialisation of its US-patented ASIC Ultra Boost mining technology, alongside hardware integration and business development work. The company remains pre-revenue and at an early technology stage, so this capital injection extends runway but does not signal revenue inflection.
The raise provides near-term funding for Method C AI Oracle reconfiguration on ASIC mining rigs and market-readiness work on the patented ASIC Ultra Boost, but the modest capital relative to development scope and the 8.7% dilution underscore the company's continued dependence on external funding to reach commercial deployment. No revenue or partnership announcements accompany the raise.
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