Key Takeaways
- Blockchain company Vinanz secured up to $4 million in institutional funding.
- The company used $1.7 million to expand Bitcoin assets before a potential NASDAQ dual listing.
- Vinanz also placed its first order of U.S.-made Auradine miners, installed in Indiana, with a breakeven of $53,000 per Bitcoin.
With Bitcoin’s growing mainstream appeal and a potential NASDAQ debut on the horizon, Vinanz is ramping up efforts to expand its mining footprint and boost its Bitcoin holdings.
The London-listed miner has secured a funding deal, giving it fresh power to accelerate growth in the U.S. and Canada.
New CEO Aims to Scale Vinanz’s Bitcoin Strategy
Vinanz has named Hewie Rattray as its new Chief Executive Officer (CEO), tapping the seasoned crypto entrepreneur to lead its next phase of growth.
While the role doesn’t include a board seat, it marks a key leadership shift for the London-listed Bitcoin mining firm.
Rattray brings years of experience in blockchain ventures, having played early roles in DeFi and advised projects spanning tokenized assets, Web3 infrastructure, and AI-driven crypto engagement.
The company’s board described the hire as a strategic move to accelerate both its mining capacity and long-term Bitcoin holdings.
“His leadership will focus on scaling Vinanz’s Bitcoin mining operations while growing the company’s strategic Bitcoin reserves,” the company said in a statement.
In his first remarks as CEO, Rattray laid out a clear vision:
“Bitcoin represents more than just a digital asset—it’s a monetary revolution. My vision for Vinanz is to build a company that not only mines Bitcoin efficiently but also holds it intelligently.”
He added that Vinanz will aim to give shareholders unique exposure to Bitcoin through a listed vehicle “rooted in London but scaling across North America.”
Vinanz Buys Its First Bitcoins
Vinanz announced the purchase of 17 Bitcoins as part of its ongoing strategy to grow its digital asset reserves.
The acquisition occurred at an average price of $103,341 per Bitcoin, including fees, bringing the total transaction value to approximately $1.7 million.
David Lenigas, Chairman of Vinanz, said ,
“We see Bitcoin as the future reserve asset for a digitally native financial system. Growing our Bitcoin holding is fundamental to our core business values, and we intend to continue adding Bitcoin to our balance sheet.”
“The growing adoption of Bitcoin as a corporate treasury asset for a lot of big companies represents a fundamental shift in global finance, with many companies leveraging it as a hedge against inflation and a store of value,” Lenigas added.
According to Vinanz Chairman, holding an ever-increasing amount of Bitcoin in our treasury “makes sense,” as a significant proportion of Vinanz’ operating and capital costs are transacted in Bitcoin, “hence Bitcoin is our preferred currency.”
Vinanz Raises $4 Million To Buy Bitcoin
Vinanz Ltd, a London-listed Bitcoin company with North American operations, announced it has secured a significant investment from a global investment manager through its U.S. bankers, Dominari Securities.
Under the investment agreement, Vinanz can access up to $4 million in two tranches. The first $2 million will support the expansion of its Bitcoin assets ahead of a potential NASDAQ dual listing, while the second tranche of US$2 million remains available subject to certain conditions.
Vinanz can repay each advance, plus 5% annual interest, within 12 months after drawdown. The investor may convert outstanding principal and interest into shares at 25 pence or 95% of the lowest VWAP over the 10 trading days before conversion.
David Lenigas, Chairman of Vinanz, commented, “The first $2m of this institutional bridge funding has been banked, and Vinanz is working to deploy these funds into Bitcoin assets in the near term. Further updates will be provided shortly on the deployment.”
“In this exciting era of Bitcoin’s growing credibility as a viable global financial instrument and store of wealth, time is money and time is short – so Vinanz is looking at all avenues to access growth capital, and this Bridge funding comes at just the right time for us,“ he added.
Potential NASDAQ Listing
In early April this year, the blockchain company appointed Dominari Securities LLC as its U.S. banker to work with Lucosky Brookman LLP on a planned NASDAQ dual listing.
NASDAQ has already reserved the ticker “BTCR“ for the company.
Lenigas said Dominari plays an active role in U.S. Bitcoin sectors, adding that Vinanz sees them as a strong partner to support its expansion plans.
“The NASDAQ is the home of many of the world’s leading Bitcoin companies and spot Bitcoin ETFs, providing those entities with exposure to institutional investors and significant pools of growth capital,“ Vinanz chair Lenigas said.
Vinanz Expands U.S. Operations With Bitcoin Miners Order
Vinanz previously expanded its U.S. operations by placing its first order for U.S.-made Bitcoin miners from California-based Auradine Inc.
Vinanz has installed the initial trial order of 20 Auradine AT2880 miners at its Indiana hosting site. With a contracted power rate of 7.5 cents per kWh, the company estimates a breakeven Bitcoin price of $53,000.
With mining operations in Nebraska, Iowa, Indiana, Texas, and Goose Bay in Canada, Vinanz is keen to support American-made miners, particularly amid the U.S. tariffs on Chinese imports. The U.S. fleet has relied on miners from Bitmain, Whatsminer, and Canaan until now.
Following a successful pilot with Megawatt in Indiana last year, Vinanz will add 20 more miners, alongside the Auradine units. It has also secured rights to add 41 additional miners, potentially bringing the Indiana fleet to 101 units and lowering power costs to $0.07 per kWh.
Furthermore, Vinanz said it will consider further purchases to support its U.S. growth plans. It also confirmed plans to expand operations in Iowa, Nebraska, and Texas later this year.
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