Panther Metals (PALM) no longer plans to proceed with a traditional £4 million capital raise via the public markets.
Instead, the company's bitcoin treasury funding model is to be built around a bitcoin-backed equity issuance strategy, designed to preserve shareholder value and drive strategic asset growth.
New Panther shares will be issued in exchange for bitcoin, giving individuals or entities the opportunity to exit their bitcoin positions, and gaining access to critical mineral asset-backed listed equity on London’s main market.
For regulatory compliance this involves the conversion of bitcoin into pounds sterling (GBP), immediately prior to the share transaction.
Upon receipt of the GBP Panther then immediately reinvests the funds into bitcoin, adding to the company's long-term bitcoin treasury reserves.
As part of this strategy, Panther is currently assessing the optimal route to establish a presence in Dubai, United Arab Emirates, which is one of the most progressive global jurisdictions for digital finance.
The two primary options under review are either establishing an operational base in Dubai to build a direct presence, or partnering with a regulated digital currency brokerage already licensed and operating in the UAE.
The UAE offers an attractive tax environment supportive of digital asset businesses and has the world's highest per-capita digital currency ownership, indicating a mature and engaged market.
View from Vox
The idea here is to bridge the worlds of regulated capital markets and digital assets and to create a hedge between digital currency and commodity-backed assets while minimising dilution. The move has already had some impact on the share price, which has doubled over the past few months, albeit that there is still much ground to be made up from the lean years when the sector as whole suffered. There’s no doubt that Panther has got onto the front foot during 2025, and investors should watch for further announcement as this new strategy matures.