Connecting Excellence introduces convertible bond

The zero-coupon convertible bonds have a 12-month maturity and feature what the company describes as a “BTC price differentiator” mechanism that adjusts the conversion price proportionately to Bitcoin price changes between issuance and conversion

Connecting Excellence Group PLC has introduced a Bitcoin-denominated convertible bond program with its first issuance of 10 BTC, according to a press release statement on Monday.

The first bond was issued on December 31, 2025, with settlement expected by mid-January 2026. Several institutional investors, including Adam Back, have participated in this initial offering and will have rights to participate in future tranches.

This financial instrument follows the company’s December 11 IPO on the Aquis Growth Market and is part of its post-IPO capital-raising strategy.

The bond allows investors to convert to ordinary shares at any time at a conversion price set at 130% of the closing share price on the issue date (2.25 pence), adjusted for Bitcoin price changes. The company may request compulsory conversion if the volume-weighted average price exceeds 120% of the conversion price for 10 consecutive trading days.

If not converted, the bonds will be automatically redeemed in Bitcoin at maturity, less 2% in fixed costs. Proceeds will be used for the company’s Bitcoin treasury strategy.

Connecting Excellence Group describes itself as an international executive recruitment group with a Bitcoin treasury strategy. Its flagship recruitment company, Spencer Riley, places senior executives globally across various growth markets.

The company stated that it believes this is the first convertible bond to incorporate a conversion price Bitcoin differentiator, designed to make the bonds attractive to investors who measure returns in Bitcoin denomination.