Connecting Excellence Group Plc (AQSE:XCE, OTCQB:XCELF), the executive recruitment firm with a Bitcoin treasury strategy, has reported record monthly net fee income of £250,000 in January 2026, following its debut on London’s Aquis Stock Exchange in December.

The company has continued to build its Bitcoin holdings since its initial public offering, acquiring a further 2.06 BTC using IPO proceeds and free cash flow, bringing its total treasury position to 52.42 BTC, including 10 BTC held under its 2026 Bitcoin-denominated convertible bond programme.

XCE also began trading on the OTCQB market in the United States in February 2026 under the ticker XCELF, broadening access for international investors.

The group’s underlying recruitment business, Spencer Riley, continues to target high-growth sectors including engineering, logistics, life sciences, automation, and technology, with the board also exploring strategic acquisitions in the executive recruitment sector.

Chief executive Scott Ellam said the company’s dual model, combining recruitment growth with a disciplined Bitcoin accumulation strategy, creates a self-reinforcing flywheel designed to deliver sustainable long-term growth.

For the period from incorporation on 14 May 2025 to 31 December 2025, the group reported net fee income of £1.21 million, with fee income for the half year to December up 20.3% to £890,000, driven by a 12.7% rise in the average fee per placement.

The group held cash of £1.4 million and Bitcoin valued at £2.62 million at the period end.

The group reported an EBITDA loss of £54,000 and an operating loss of £59,000 for the period, both of which included an exceptional charge of £806,800 relating to IPO costs.