Greengage & Co, a London-based fintech specialising in the interface between traditional banking and digital assets, announced plans last year that it would seek admission of its share capital to the Access segment of the AQSE Growth Market.
The company, which will re-register as Greengage & Co Group Plc immediately prior to admission, is positioning the listing as a platform for both operational expansion and a novel Bitcoin-backed treasury strategy.
Founded in 2018, Greengage operates a relationship-led, business-to-business platform serving institutional and professional clients that struggle to access mainstream banking because of exposure to cryptocurrencies. Rather than providing banking services directly, the company introduces clients to payment service providers, e-money institutions and specialist lenders, enabling the movement of funds between fiat and digital currencies. Its clients include small and medium-sized enterprises, fiduciaries and family offices.
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The company says it has an established revenue model based on subscription income and arrangement fees from introductions to payment services and e-money accounts, as well as credit origination. To date, it has facilitated more than $350m of loans.
With more than 40 active clients and a pipeline of over 60 prospective accounts, the board believes the platform is positioned for scalable growth. Strategic partnerships, including with Equals Money, underpin what Greengage describes as its “digital-asset friendly” account capabilities.
Bitcoin yield reserve strategy
Alongside its core platform, the company plans to pursue what it calls a Bitcoin Yield Reserve Strategy. Through an accompanying fundraising, Greengage intends to acquire Bitcoin and use it as collateral for non-recourse borrowing. The proceeds would then be deployed into diversified, high-yield private credit portfolios, with the aim of generating income while retaining exposure to any appreciation in the underlying Bitcoin.
Management argues that the structure limits downside risk: if the value of Bitcoin falls sharply, lenders may liquidate the collateral, but Greengage would have no further liability beyond the loss of the pledged assets. If Bitcoin prices rise, the company would retain the residual value after loan repayment, effectively combining interest income from credit investments with potential capital upside. Over time, returns from the strategy are intended to be recycled into working capital and further Bitcoin purchases, expanding the reserve.
The fundraising will comprise a placing of ordinary shares to institutional and professional investors, with proceeds primarily earmarked for the Bitcoin strategy and the balance for general working capital. Retail investors are also expected to be offered participation via the BookBuild platform, subject to a separate announcement.
Greengage fills gap left by traditional lenders
Greengage’s longer-term ambitions extend beyond its own balance sheet. With more than £116bn of Bitcoin now held by listed treasury companies globally, and growing interest from family offices, particularly in the Middle East, the company sees a widening market for compliant, transparent treasury and yield solutions linked to digital assets. It hopes that by deploying its own capital first, it can demonstrate a model that could later be offered as a service, subject to regulatory approval.
The board at admission will comprise chief executive Sean Kiernan, non-executive chairman Prem Goyal CBE and non-executive director Jennifer Knott. Kiernan, who previously held senior roles at Clariden Leu and Falcon Private Bank in Zurich, said the admission marked “the next step of our journey”, adding that Greengage aims to fill a gap left by traditional lenders unable to serve businesses with crypto exposure.
By combining a conventional B2B fintech platform with an active Bitcoin-linked treasury strategy, Greengage is seeking to differentiate itself in a crowded digital finance landscape, betting that yield, rather than simple exposure, will be the next frontier for corporate crypto adoption.
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