In a move that signals a new era for corporate treasury management, Connecting Excellence Group (AQSE:XCE) has launched its 2026 XCE BTC Bond programme, a first-of-its-kind Bitcoin-denominated convertible bond.
Recently appearing on The Watchlist, CEO Scott Ellam detailed how the company is blending a decade of executive recruitment expertise with a sophisticated Bitcoin treasury strategy to create what he calls a “talent attraction vehicle” for the digital age.
A Recruitment Powerhouse with a Bitcoin Engine
At its core, XCE – Connecting Excellence Group is the parent company of Spencer Riley, an international executive recruitment firm that has spent the last 10 years placing senior leaders around the world in traditional sectors like professional services, life sciences, logistics, and engineering.
While the recruitment business is “non-correlated” with the bitcoin market, Ellam explains that Bitcoin is the engine under the hood. Four years ago, the company began accumulating a private Bitcoin balance sheet; following its successful IPO on the Aquis Growth Market in December 2025, that strategy has now gone public.
“Our aim is to increase Bitcoin per share and increase operating revenues… using the Bitcoin balance sheet to allow the group to attract revenue generating recruiters using performance-based share options.” — Scott Ellam, CEO
The XCE BTC Bond: How It Works
Designed by a team of industry veterans—including Vijay Selvam (ex-Goldman Sachs) and Richard Byworth (ex-Nomura)—the bond is unique because it is truly denominated and settled in Bitcoin rather than fiat currency.
Key Features of the Bond:
- Zero-Coupon Structure: The bonds carry 0% interest, sold at a premium to benefit existing shareholders.
- Downside Protection: Bondholders can redeem in Bitcoin at maturity (minus a 2% fee), protecting their initial capital.
- Equity Upside: The bonds convert into XCE shares only when the company’s share price outperforms Bitcoin.
- Strategic Backing: The program has already attracted high-profile investors, including Adam Back, CEO of Blockstream and BSTR the ~35,000BTC US SPAC intending to float via the Nasdaq this year and a legendary figure in the Bitcoin space.
Protecting the Shareholder: The Anti-Dilution Guarantee
A common concern with convertible bonds is share dilution. However, Ellam emphasizes that the XCE BTC Bond is structured specifically to be accretive.
The conversion price is set at a premium (typically 130% of the share price at issuance) and includes a “BTC price differentiator” to ensure the conversion price fluctuates with the BTC price. This ensures that if conversion occurs, the amount of Bitcoin held per outstanding share actually increases.
“There are no circumstances in which they would convert and not increase Bitcoin per share for our shareholders,” Ellam noted during the interview.
Looking Ahead: A “Version 2.0” Treasury Company
By integrating Bitcoin into its professional services model, XCE isn’t just betting on a digital asset; it’s building a competitive moat. The company intends to disrupt international executive search and use its Bitcoin-backed equity to:
- Attract Top Talent: Offering high-performing recruiters share options backed by a hard asset.
- Strategic Acquisitions: Using its public status and Bitcoin reserves to acquire competing firms with minimal cash outlay.
- Global Expansion: Scaling its specialized recruitment divisions, including a new arm dedicated to the Bitcoin and Digital Assets sector.
As institutional interest in Bitcoin reaches new heights in 2026, Connecting Excellence Group is positioning itself as a pioneer—proving that even traditional industries can thrive by connecting human capital to digital capital.
Leave a Reply