Earlier today, UK fintech firm Mode Global Holdings PLC announced plans to hold 10% of its cash reserves in bitcoin to avoid fiat debasement - making it the first publicly traded UK firm to take a punt on Bitcoin.

Mode's move follows in the footsteps of other publicly traded companies, including business intelligence firm MicroStrategy and payments firm Square, who recently put respective bets of $425 million and $50 million on Bitcoin. Akin to the others, Mode's new strategy comes in the wake of coronavirus-ushered economic strife, which has allowed free rein to unconventional monetary policy worldwide.

“Faced with the challenges of COVID and with UK interest rates at the lowest level in the Bank of England's 326-year history, our confidence in the long-term value of Bitcoin has only increased,” said Jonathan Rowland, Executive Chairman at Mode, in a company statement. 

“We truly believe that Bitcoin is a vehicle for financial empowerment and, through Mode, investors can gain exposure to this highly attractive asset class through a listed and fully compliant company," he added. 

How Much Is at Stake? 

Earlier this month, Mode, which operates a Bitcoin banking app, was listed on the London Stock exchange - managing to raise £7.5 million ($9.8 million) in its IPO. It's unclear whether the firm’s Bitcoin venture derives from this initial investment, but if so, a 10% allocation would represent around 76 bitcoin.

Regardless of the size of its stake, Mode continuing the corporate trend of Bitcoin investors is no small deal and stands in line with heightened institutional awareness of Bitcoin.

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