TAO Alpha shares surge amid new record high for bitcoin; appoints CEO

Tao Alpha PLC on Monday enjoyed a share boost as ‘Crypto Week’ in the US kicked off and as the firm announced it bought bitcoin.

The London-based artificial intelligence-focused company said it appointed Henry Elder as chief executive office. Elder was a principal at UTXO Management, where he advised on and invested in public and private companies implementing bitcoin strategies in the US, Canada, Japan and Europe.

UTXO are investors with expertise in the bitcoin ecosystem.

Elder has stepped down from his role at UTXO to join TAO Alpha, which is to be renamed Satsuma Technology PLC.

Tao Alpha Chair Matt Lodge said: ‘We are delighted that Henry Elder has agreed to join the company as full-time CEO. He has a proven track record of leadership in the bitcoin and decentralised finance industries, and his work has positioned him as one of the foremost thinkers globally when it comes to corporate Bitcoin treasury strategy.’

The appointment of Elder is subject to customary due diligence checks by TAO Alpha’s advisers.

Further, Tao Alpha said it bought 28.56 bitcoin for £2.5 million on Sunday into its newly incorporated Singapore subsidiary. The bitcoin will be retained within a treasury.

Bitcoin hit a new record high above the $122,000 mark on Monday.

The rise coincides with a ’Crypto Week’ in the US, which aims to make ‘America the crypto capital of the world’. French Hill, chair of the US House Committee on Financial Services, announced the week earlier in July, with ‘three landmark pieces of legislation’ in the crypto space to be mulled over.

Tao Alpha shares jumped 36% to 9.90 pence each on Monday morning in London, giving it a market capitalisation of £46.6 million. Its shares are up sharply from 1.05p a month ago.

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