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WRAP funds are available tomorrow and the subscription on Tuesday next week. They need to buy more bitcoin very quickly and then set off the next bookbuild/WRAP at a higher share price. Momentum is everything.

At least the Lenigas bashers have disappeared for now!!!

Why did they not do a bookbuild placing as well as the WRAP offer? They could have raised more than twice as much, which is sensible as they already have a higher m/cap than most of these Bitcoin Strategy companies at nearly £50M.

Maybe the difference is that Bitcoin is currently worth $104,000 per coin while ETH is worth $2526 per coin. And BTC was itself worth $2500 per coin a few years ago.

By the way, I will be quite happy to be proved wrong if this does go up, but it needs to go up an awful lot from here.

Also I will keep you all informed if I hear back from the company and they say that they are going to change to a Bitcoin Reserve Strategy or even combine both.

Too many fancy ideas about how to raise the funds to buy bitcoin. They should keep it simple and follow SWC and COIN and just do a combination of bookbuild placings and WRAP offers, buy the bitcoin and then do the next placing. That works. Why change it.

That's just dreaming. I prefer to look at the real world. If I had got lucky and bought into HEV yesterday - a standard BTC Treasury set up - I would be 100% up and very happy. Instead, I bought into VULT, what appeared to be the undervalued one of the two, with their ETH Treasury set up - and I am now 10% down. BTC rules and there is very little interest in ETH.

Well I have emailed the company to suggest that they revert to purchasing BTC, or at least adopt an equal ETH and BTC purchase policy. Otherwise, I'm afraid that this is dead in the water.

This is completely dead compared to the BTC treasury companies. There is talk of BTC replacing the dollar to become the world's reserve currency. Unfortunately, there is no talk of ETH doing so.

I think the management here need to use their heads and adopt an equal BTC and ETH purchase policy. So far ETH doesn't appear to be doing it. Compare this to HEV, which did a 2p placing and today the SP is 30p. VULT did a 0.18p placing and now the SP is 0.5p. HEV are intending to purchase BTC . They both raised roughly the same amount at the same time but HEV share price has increased by 15 times while VULT has only increased by 3 times.

HEV is up 48% today while VULT is down 7.5%. I was looking at both yesterday but chose to buy VULT as it was undervalued which has so far proved to be a poor decision. BTC rules. Let's hope that Stockbridge works that out before VULT are left behind. There is no point in being clever for the sake of it but end up looking stupid.

It's all getting a bit greedy really. They raised £29M and then quickly bought Bitcoin to the value of £8M - so they have at least £20M from the last raise leftover - but now they are immediatley off on the next 'con' raise which will probably raise about £100M and take half a day to complete rather than the proposed I month for 7 million shares and 3 months for the full 21 million.

Some comparison figures based on BTC held:

SWC on 20th May held 35.62 BTC at a purchase price of £2,690,000. The share price closed at 32.5p and there were 173 million shares in issue giving a m/cap of £56.225M.

COIN today hold 32.89 BTC at a purchase price of £2,560,644. The share price closed at 39p and there are 360 million shares in issue giving a m/cap of £140.4 million.

I see buys were going through at 0.07p yesterday early so that is an obvious immediate target

So they have raised £1.25M gross through the placing and WRAP offer, albeit at a low starter price of 0.018p. However, the management are already talking about getting the placings and WRAP's at a higher price "to avoid too much dilution at these low share price levels" which rather sets the stage for this to start rising rapidly. M/cap is about £5M/£6M which is a good place to start.

Brian Stockbridge, Non-Executive Chairman, commented:

"We appreciate the strong interest and support from both existing and new investors in this WRAP Retail Offer in the significantly oversubscribed round. We decided to scale back the WRAP Offer considerably to avoid too much dilution at these low share price levels. This raise reflects growing market confidence in our strategy."

I like Brian Stockbridge and he is quite ambitious. Okay so the next raise will be considerably higher and also for a lot more. Maybe a placing to accompany the WRAP offer, seeing as IG doesn't seem to let their shareholders participate in the WRAP's.

One question: can this company buy Bitcoin as well as ETH?

The difference between Silverking and Bushranger is the copper grade. Bushranger was low grade and as it turns out too low grade to be immediately commercial whereas Silverking, like Kitumba and many other mines in Zambia, is high grade. There doesn't have to be 2 million tons of contained copper or whatever. If the grade is high enough even 500,000 tons of contained copper is huge.

The way it tends to work is that Mr Bird will show lots of enthusiasm if he has to get some more funding and that forces the share price up.

Actually the share price will only rise if they have to do a placing. However it appears that they are adequately financed for now due to the proceeds from the sale of Manica. (The big rise during the Racecourse drilling from 1.5p to 8p/9p was forced up by 2 placings at 4.5p and 5.5p).

Just some early-stage thoughts here.

In yesterday's update, Birdie said: "The success of recent exploration and the innovative addition of the ground VTEM survey capability has shown that Silverking may be more than a small-scale mining opportunity". According to the farm-in documentation, the cut-off for the small-scale mining is below 300,000 tons of contained copper. I think that 500,000 tons of contained copper has been mentioned as a possible target for larger mine potential. We know that the copper is high-grade. Kitumba is also mentioned frequently and the asset there is 27.9Mt @ 2.2% Cu which equates to just over 600,000 tons of contained copper. I think we might be on to something similar here.

A podcast would be good and maybe more frequent updates and then the share price may start to rise.

Still missing those few words "we are setting up a Bitcoin Treasury Reserve Strategy". Maybe TIR haven't noticed what has happened at TAO.

With a previous 3 to 1 placing to WRAP ratio they could have raised an additional £10m to £12M with a placing. Bit odd.

Not sure why they haven't done a broker-led placing this time round. The placing is usually considerably bigger than the WRAP part of the fundraise - £2.5M to £750K last time - so they could have raised considerably more with a placing as well. Bit odd.