Gold Miner BlueBird to Buy Bitcoin from Gold Revenues

London-based gold miner – BlueBird Mining Ventures(BMV) – has unveiled a strategic pivot by selling its gold holdings and eventually building its Bitcoin Treasury. Soon after the announcement, the BMV stock shot up 40% on the London Stock Exchange. The company said that strategic shift comes as gold’s position as a traditional store of value faces challenges from digital alternatives.

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BlueBird Says Gold Under Threat Amid Rising Bitcoin Adoption

Despite Gold’s 40% upside over the past year, Bluebird Mining believes that the yellow metal has been under threat due to the rising global adoption of Bitcoin, aka Digital Gold. It notes that BTC is gaining much prominence as a store-of-value over Gold. Last month, Bitcoin overtook Gold in ownership by US residents for the first time ever. Bluebird Executive Director and Interim CEO Aidan Bishop said:

“On a personal level, I embarked some time ago on a journey to understand and learn about Bitcoin. I am convinced that we are witnessing a tectonic shift in global markets and that Bitcoin will reshape the landscape of financial markets on every level.”

Bluebird announced plans to convert future revenues from its mining projects into Bitcoin, essentially transforming gold into “digital gold”. As a result, the British firm intends to adopt a policy of holding Bitcoin on its balance sheet as a reserve asset.

Bluebird Mining Ventures oversees three major gold mining projects in South Korea and the Philippines, collectively estimated to hold approximately 1.8 million ounces of gold resources. Besides, it also makes Bluebird the first public company to convert its gold earnings into BTC.

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Corporate Rush for Bitcoin Treasury

Following in the footsteps of Strategy’s Michael Saylor, the corporate rush to build a Bitcoin Treasury is real, especially among public-listed companies. Investors of these firms enjoy substantial premiums to Net Asset Value (NAV), following BTC adoption, thereby minting multifold returns in the stock. Soon after the announcement stock price of BlueBird Mining also shot up by 40%.

Recently, Trump Media Group revealed its plans to establish a Bitcoin Treasury Reserve, announcing the completion of a stock sale that raised nearly $2.5 billion. The company plans to allocate $2.3 billion of the funds toward purchasing Bitcoin.

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