Tap Global Group (LSE:TAP) has made its first Bitcoin purchase under a newly activated Digital Asset Income Strategy (DAIS), a yield-earning reserve of digital assets.
The AIM-listed, regulated crypto-fintech bought 3 BTC at an average price of £63,132 (approximately $83,600) each, for a total of £189,395, around 34% below Bitcoin's all-time high of around $126,000.
Tap adopted the DAIS on 25 August, with the reserve funded from the group's existing cryptoassets, surplus operating cash and occasional equity issuances; any material expansion requires shareholder approval.
Unlike a passive treasury holding, the reserve will be deployed through Tap Earn, the group's proprietary yield programme that has grown to approximately $8.0 million in customer assets since its May launch.
Tap Earn has delivered annualised yields of up to 8.0% on supported stablecoins, 3.5% on Ethereum and 2.5% on Bitcoin.
"Most treasury companies can only hold," said Arsen Torosian, chief executive of Tap Global. "Ours is attached to an operating fintech with more than 400,000 customers and a yield product that has already generated $141,000 of revenue."
Tap reported revenue of approximately £3.0 million for the year ended 30 June, with cash of £402,000 and cryptoasset holdings of £1.75 million at year-end.
The DAIS reserve is held and reported separately from the group's operational digital assets, with monthly RNS updates on holdings, flows and yield generated expected to follow.