Hamak Strategy Limited (LSE:HAMA) has sold 8 Bitcoin for gross proceeds of £482,516, with the funds allocated to advancing its Akoko Gold Project in Ghana, reducing short-term debt and supporting working capital.
The company said the sale followed recent Bitcoin price appreciation and represents a tactical use of its cryptocurrency reserves. Hamak intends to maintain its combined gold exploration and Bitcoin treasury strategy.
Proceeds from the transaction will support work on the Preliminary Economic Assessment (PEA) for Akoko, where the company is evaluating the potential development of an open-pit, heap-leach gold operation.
The assessment is progressing following a recent site visit by consultants Snowden Optiro. Current activities include open-pit designs focused on the project’s 124,000-ounce oxide gold resource, detailed drone topographical surveys and additional metallurgical testing.
Previous metallurgical work indicated gold recoveries of between 85% and 95%. Further testing will contribute to the ongoing economic assessment of the project.
Following the sale, Hamak retains 18 Bitcoin, valued at approximately £1.075 million. The remaining holdings form part of the company’s treasury strategy, which combines cryptocurrency assets with its gold exploration activities.
Hamak said it remains committed to using its Bitcoin treasury to support project development and balance-sheet management while acknowledging the risks associated with cryptocurrency holdings.
The company is focused on gold exploration in Africa, with Akoko serving as its principal mining project. Its strategy combines the evaluation of the Ghanaian gold resource with Bitcoin treasury management, providing exposure to both gold project development and cryptocurrency price movements.
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