Massive
Upside.
Just Not
For You.
Three UK-listed Bitcoin treasury companies. Eight metrics. Hundreds of data points. One thing none of the dashboards make clear: as an ordinary shareholder, your legal entitlement to the Bitcoin is zero. The report shows you what the metrics actually measure — and why the sophisticated investor looked, ran the arithmetic, and declined.
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Ladies and gentlemen, I hope you’re having a fantastic day. The reason for my call — and I’ll keep this brief because I know you’re busy — is that something has just crossed my desk that I genuinely believe is the most compelling investment opportunity I’ve seen in years. Do you have sixty seconds?
The company is a UK-listed Bitcoin treasury vehicle. Cutting-edge financial architecture. Fully regulated listing. Out of London, with a dedicated Bitcoin Reserve page, a real-time analytics dashboard, and a proprietary performance metric called Bitcoin Yield that our analysts have compared — favourably — to the price-to-earnings ratio used to value Apple, Microsoft, and NVIDIA.
Now, right now, the shares trade on Aquis at eight and a quarter pence. And by the way, our research indicates they could go considerably lower than that. The mNAV is currently 1.84x, which means for every pound of Bitcoin this company holds, the market is only charging you £1.84. Based on recent Bitcoin Yield delivery, our internal modelling suggests the premium pays back in under ninety days. Ninety days, John. That is your mortgage.
I never ask my clients to judge me on my winners. I ask them to judge me on my losers, because I have so few. And in the case of this company — we are looking at a grand slam home run.
Behind me, through the window, 87 million ordinary shares are trading on a lightly supervised exchange with no FCA protection, no FSCS cover, no earnings, no dividend, no redemption mechanism.
But the Bitcoin is real. Welcome to the Investor Centre.
They’re selling you the dream.
Not the Bitcoin. The board controls it. Your only exit is a secondary market sale at whatever price the market will bear on the day you choose to sell. The metrics describe the company’s Bitcoin. None of them describe yours.
Bitcoin per share requires a share count. The fully diluted figure — the real denominator, including warrants and convertibles — is not published in accessible form. One company’s own methodology note confirms it must be back-calculated. That is not an oversight.
The BTC Yield was real. The BTC/s grew exactly as the formula projected. The mNAV compressed from 5.58x to near par regardless. The report shows what P/BYD is actually calculating — and why it cannot calculate what the investor needed to know.
“The Bitcoin treasury company has a dashboard. It has metrics. It has a Bitcoin Reserve page. It can tell you the satoshis per share, the Bitcoin Yield Delivered, the P/BYD ratio. Your entitlement to the Bitcoin is identical to the Aerotyne investor’s entitlement to the technology. Massive upside. Just not for you.”
The one question that renders every metric meaningful or theatrical. Answered in full before a single dashboard is opened.
BTC/s, Bitcoin Yield, P/BYD, mNAV, NAV per share, Torque, Accretion/Dilution, Average Acquisition Cost. Each gets its own forensic treatment.
How the accretive dilution mechanism actually works — and who is funding the Bitcoin acquisition programme.
The implied cost of Bitcoin through each vehicle. The AQUIS liquidity data. The cap table. The arithmetic any analyst runs in under ten minutes.
Why technically sophisticated Bitcoin investors are the most effectively targeted audience. And what unrealised losses actually do to the equity base.
Seven sections. Dozens of bullet points. Zero mentions of the legal nature of the investment. And one dilution risk for a metric that does not exist at this company.
A former Chancellor. A sitting MP. A cypherpunk cited in the Bitcoin whitepaper. What the press releases said. What the RNS filings said.
No manufacturer of underwear publishes stitches per share. The report closes by explaining exactly why that analogy is not a joke.
The Bitcoin
is real.
You own
none of it.
Read the report. Understand the metrics. Know what you are actually buying — or what you are about to recommend that someone else buys.
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This page and the report it promotes are produced by Paul Faulkner trading as The Rogue Protocol. Paul Faulkner and The Rogue Protocol are not authorised or regulated by the Financial Conduct Authority. Nothing on this page or in the report constitutes investment advice, a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000, a recommendation to buy or sell any security, or regulated financial analysis. The content is forensic commentary and analysis produced for information and educational purposes only.
The companies referenced in this report are publicly listed and their disclosures are in the public domain. No unpublished, inside, or confidential information has been used. The analysis is based solely on publicly available data, company filings, exchange disclosures, and company-published analytics. Paul Faulkner holds Bitcoin personally. Paul Faulkner and The Rogue Protocol hold no position, long or short, in any security named in this report and have no commercial relationship with any company named herein. Past performance of any security is not indicative of future results. The value of investments can go down as well as up. Independent professional advice should be sought before making any investment decision. Governing law: England and Wales.
