Founder and CEO Scott Ellam presents XCE, an executive recruitment group with an integrated Bitcoin treasury strategy.
XCE’s operating business, Spencer Riley, places senior and C-suite executives across professional services, advisory, engineering, life sciences, logistics and AI, with over 70% of revenue earned overseas. Revenue for the twelve months to 30 June 2026 rose 20.6% to £1.84m at a 58% gross margin (unaudited).
The group plans to grow along two tracks: acquiring profitable, owner-managed recruitment firms that lack a natural exit route, and hiring high-billing recruiters who earn equity in a listed vehicle. Surplus cash and target companies’ reserves are converted into Bitcoin, with the aim of growing both operating earnings and Bitcoin per share.
Highlights:
- Treasury of 72.94 BTC following September’s premium equity raises, backed by strategic investor Adam Back
- First proposed acquisition: a £1.79m-revenue engineering recruiter bringing 8.216 BTC onto the balance sheet
- Why the fragmented recruitment market suits a listed consolidator
- Medium-term ambitions for revenue, Bitcoin holdings and a future uplisting
Recorded at the UK Investor Magazine Investor Evening in association with Aquis Stock Exchange, 23 September 2026.
