Connecting Excellence Group Plc (AQSE:XCE, OTCQB:XCELF) CEO, Scott Ellam, talked with Proactive about the company’s latest milestone of receiving payment in Bitcoin for executive recruitment services and what this signals for its broader strategy.

Ellam explained that the transaction demonstrates how the company’s dual business model is functioning in practice, combining executive recruitment operations with a Bitcoin treasury strategy.

He said: “We’ve been paid directly in Bitcoin… that increases the Bitcoin per share for our shareholders without any equity or share issuance.” This marks what he described as a first for a UK-listed recruitment company.

The discussion also focused on the company’s “dual flywheel” growth strategy. Ellam outlined key levers, including headcount expansion, which directly drives revenue and profit, alongside acquisitions of profitable recruitment firms. He noted that each new hire can contribute significant revenue, with strong margins across the business.

Looking ahead, Ellam highlighted ambitions to scale both the operating business and the Bitcoin treasury. The company is targeting substantial Bitcoin holdings over time while continuing to grow revenues through organic expansion and acquisitions.

He also անդրlined the strength of the company’s investor base and leadership team, pointing to involvement from prominent figures in the Bitcoin and financial sectors as validation of the model.

Proactive: Scott very good to speak with you. Your RNS this morning announced that you’ve been paid in Bitcoin directly for executive recruitment services. What does this transaction prove and why is it important?

Scott Ellam: It proves that both sides of the business, the executive recruitment operating company and the active Bitcoin balance sheet, are both compounding Bitcoin per share on behalf of our investors. We’ve performed recruitment services, sent the invoice, and we’ve been paid directly in Bitcoin. That increases the Bitcoin per share for our shareholders without any equity or share issuance.

Scott Ellam: We’ve not bought it, we have earned it. That proves the model in both directions—executive recruitment driving revenue and that revenue compounding on the balance sheet.

Proactive: You have discussed your dual flywheel strategy before, but what are the specific levers you’re pulling to drive growth?

Scott Ellam: We are an operating business with a Bitcoin treasury integrated into it. Growth comes from organic expansion, particularly headcount. Each recruitment consultant can generate around £200,000 in revenue, often at around a 50% profit margin.