Hamak Strategy (LSE:HAMA) sold 8 Bitcoin on 18 September at £60,314.54 each, raising gross proceeds of £482,516.32.
The London-listed company, which pairs gold exploration in West Africa with a Bitcoin treasury strategy, timed the sale to capture recent price appreciation in the cryptocurrency.
Proceeds will fund the Preliminary Economic Assessment (PEA) at Hamak's Akoko gold project in Ghana, repay part of the company's existing debt and support general working capital.
Hamak retains 18 BTC, currently valued at approximately £1.07m, held under its existing custody arrangements.
The company described the sale as addressing short-term funding needs, with its longer-term commitment to both gold and Bitcoin unchanged.
At Akoko, a drone survey is scheduled to produce a centimetre-accurate topographic profile, helping consultancy Snowden determine infrastructure placement for the recommended open pit, including haul roads, waste dumps and processing facilities.
Snowden will also recommend further metallurgical testing on material from Hamak's recent drilling and from pit faces exposed by artisanal mining activity.
Previous fine bottle roll test work returned gold recovery rates of between 85% and 95%.
"Our Bitcoin treasury gives us financial flexibility, and we are using a measured portion of it to support advancing the Akoko PEA as well as reduce debt and provide short-term working capital", said Mike Murphy, Hamak's Chief Strategy Officer and Executive Director.
News Intelligence what this means for the company
Hamak Strategy sold 8 of its 26 Bitcoin holdings on 18 September, raising £482,516 to fund the Preliminary Economic Assessment at its Akoko gold project in Ghana, repay debt, and cover working capital. The sale captures recent Bitcoin price appreciation while the company advances toward a PEA that will define infrastructure and pit design for the oxide resource—a maiden 210,430 oz estimate reported in July—with metallurgical testing to follow.
The Bitcoin sale demonstrates the treasury strategy is functioning as a liquidity buffer for project advancement rather than a long-term hold, with 18 BTC retained (£1.07m). Funding the PEA is a material step toward development, but the company remains pre-revenue and dependent on Akoko's economics and permitting.
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