Pri01rty adopts Bitcoin treasury policy

(Sharecast News) - Pri0r1ty Intelligence Group (PR1) announced on Friday that it has formally adopted a Bitcoin-focused treasury management policy as part of its broader integration of cryptocurrency payment options. The AIM-traded firm said the move reflected growing customer demand for digital currency transactions, and would position it at the forefront of crypto adoption among UK SMEs.

Under the new policy, Bitcoin was now the only approved non-cash asset on the company's balance sheet.

Payments received in other cryptocurrencies would be converted into Bitcoin or cash within three days.

The company said it was also planning to invest up to 50% of its surplus cash in Bitcoin, adding that it would appoint an independent treasury agent should its BTC holdings exceed £1m.

PR1 said the shift followed its recent integration of cryptocurrency payments via Coinbase Commerce, which allowed customers to pay in Bitcoin and stablecoins.

Several clients - including some that offered BTC treasury services themselves - had already used the new feature.

"With a forecast increase in BTC settlements, it was important to establish a treasury policy to govern how we manage the various risks and opportunities around this asset class," said chief executive officer James Sheehan.

"We expect our exposure to BTC to grow, as we continue to drive our revenues and expand our customer base."

He added that the company believed that cryptocurrencies could play a "critical role" in the future of business transactions.

"We are pleased to be at the forefront of this change that we believe will enhance our business model."

The company said the new framework included governance measures and internal controls to manage risk and ensure transparency as it built its Bitcoin exposure alongside its traditional operations.

At 1515 BST, shares in Pri0r1ty Intelligence Group were up 84.81% at 7.3p.

Reporting by Josh White for Sharecast.com.