The cryptographer and Bitcoin pioneer has increased his stake in the Aquis-listed recruitment group as it expands its cryptocurrency holdings

Adam Back, the cryptographer widely credited as one of the founding intellectual figures of Bitcoin, has deepened his investment in Connecting Excellence Group Plc (AQSE:XCE, OTCQB:XCELF), the Aquis-listed executive recruitment business pursuing an ambitious Bitcoin treasury strategy.

Back has committed to subscribe for 33.46 million new ordinary shares at 1.75p each, matching the closing mid-price on 22 April, to raise £585,500.

The proceeds will be used to expand XCE’s Bitcoin treasury, and the new shares are expected to be admitted to trading on the Aquis Growth Market on or around 30 April.

The fundraise coincides with a separate announcement that XCE has used £585,000 to purchase 10 Bitcoin at an average price of £58,500 per coin, equivalent to approximately $79,119.

That acquisition brings the company’s total Bitcoin holdings to 62.94 coins, acquired at an average price of £60,569.77 each.

XCE calculates its Bitcoin yield, a measure of how its Bitcoin holdings have grown relative to its share count since IPO, at 499.7%, with a quarter-to-date yield of 11.69%.

Scott Ellam, chief executive of Connecting Excellence Group, said it was “a privilege” to have Back as a strategic investor, describing him as “one of the leading figures in the history of Bitcoin.”

Back is the inventor of Hashcash, the proof-of-work system that underpins Bitcoin’s transaction verification mechanism, and is chief executive of Blockstream, a leading Bitcoin infrastructure company.

Ellam added that XCE had grown its recruitment operations alongside its Bitcoin balance sheet since making its first Bitcoin purchase as a private company in 2021, before becoming one of the first listed operational businesses with an integrated Bitcoin treasury at the end of 2025.

XCE’s flagship recruitment brand, Spencer Riley, places senior executives across engineering, logistics, life sciences, automation, technology, professional services and business-to-business sectors globally.

The group is also developing a dedicated Bitcoin executive recruitment division to connect talent with both Bitcoin-native businesses and traditional companies seeking cryptocurrency expertise.