UK Disruptor XCE Goes Live on OTC, Opens Trading for US Investors

Today’s issue is brought to you by XCE, a next-generation UK Bitcoin company.

XCE: Connecting Excellence Group Plc, the Bitcoin powered international executive recruitment company, is about to take a significant step in its capital‑markets journey – after listing in London, the company is now preparing to open a new line of access for US investors through an over‑the‑counter (OTC) quotation (XCELF).

XCE listed on the Aquis Growth Market in London in December, raising £3.3 million in an oversubscribed IPO to scale its international executive recruitment platform and Bitcoin balance sheet, and it has since launched its scalable 2026 ‘XCE BTC Bond’ program designed by members of the team Richard Byworth and Vijay Selvam.

On February 18, it will take the next step: securing a quotation on the US OTC market so dollar‑based investors can buy and hold XCE through existing brokerages.

Why this matters

XCE isn’t a passive BTC tracker; it is a profitable international recruitment business that has been on a Bitcoin standard since 2021 (via its Spencer Riley subsidiary) that is using a disciplined Bitcoin treasury strategy to positively disrupt their industry.

XCE combines a BTC strategy with a cashflow growth strategy designed to attract high performing revenue generating recruiters with long dated performance based share options.

This combination of Bitcoin discipline and business execution sets XCE apart in several key ways:

• Expert leadership team: Expert leadership team: CEO Scott Ellam; Chairman Sam Roberts (led the first UK pension fund BTC allocation); Board member Vijay Selvam (former Goldman Sachs); Board advisor Richard Byworth (Bitcoin strategy and capital markets specialist); CFO Angus Gladish (experience with main market listings).

• Strong Bitcoin performance: ~350% BTC yield since the December IPO; 437% yield on first XCE BTC Bond conversion.

• Significant Bitcoin reserves: 52.425 BTC held at an average acquisition price of £60,100 — including 10.335 BTC from cashflow, 32.09 BTC from capital raised, and 10 BTC via the first BTC Bond settlement.

• Innovative bond structure: BTC‑denominated XCE BTC Bond features a 130% premium conversion price, 0% coupon, and soft call at 120% of conversion price.

• Expanding verticals: Launched a Bitcoin executive recruitment division, securing clients including a BTC investment fund.

• Sustained operational growth: 35% CAGR in uncorrelated operating revenue since 2021, with 70% of revenues generated internationally and clients spanning globally recognized businesses.

A US OTC listing extends that story from London to Wall Street:

• Expanded investor access: US and global investors will be able to trade XCE in dollars during US market hours, alongside other listed Bitcoin‑treasury names.
  

• Improved price discovery: Additional liquidity and a broader shareholder base can help narrow spreads and deepen the order book over time.
  

• Clearer comparables: As more operating companies with Bitcoin treasuries obtain US symbols, investors can compare capital‑allocation strategies, treasury mixes, and growth trajectories on a like‑for‑like basis.

What’s happening this week

Subject to final processing, XCE expects to begin trading on the US OTC market under the symbol XCELF on February 18, 2026

At launch, the OTC line will represent the same ordinary shares already admitted to trading on Aquis (ISIN: GB00BVBHDF21), with the Aquis quote remaining the primary listing.

Advancing the “Bitcoin treasury 2.0” playbook

We’ve argued that the next wave of Bitcoin treasuries will come from operating companies that integrate BTC into their balance sheets and capital‑markets strategy from day one.

XCE is an early case study:

• A proven operating business in executive recruitment, with a track record of profitability, designed to drive wider BTC corporate adoption and 4 years of private Bitcoin stacking.

• A long‑term, high governance, Bitcoin accumulation strategy with an experienced team at the group level.

• A public‑markets roadmap for the future that now spans the UK (Aquis) and the US (OTC).

If you’re mapping out the emerging universe of publicly traded Bitcoin treasuries, XCE’s US OTC listing is a concrete datapoint: an example of how smaller, focused operating companies can tap both UK and US investor bases while building on a Bitcoin standard.

You can review XCE’s admission document and company materials here: https://xce.io.

Onwards,
The Bitcoin Treasuries Team

This email is provided for general information only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or in any jurisdiction where such offer or solicitation would be unlawful. Any decision to invest must be made on the basis of the information published by XCE and through your own regulated broker or wealth manager.

Investing in shares involves risk. The value of any investment and income from it can go down as well as up, and you may get back less than you invest. XCE intends to hold a material portion of its reserves in Bitcoin, which is considered high risk and can be volatile; this may significantly affect the company’s financial position and share price.