The recent surge in UK small-cap stocks adopting Bitcoin treasury strategies has sparked debate across financial markets—and the newly appointed CEO of Aquis’ parent company believes it’s not only logical but “fair business” for listed firms to hold cryptocurrency.
Bjorn Sibbern, CEO of SIX Group—the financial infrastructure giant that recently completed its £225 million acquisition of Aquis Exchange—shared his perspective on the growing trend during an interview with City AM. With over a dozen Aquis-listed companies either embracing or considering Bitcoin holdings, Sibbern emphasized transparency as the key factor in legitimizing crypto exposure for public firms.
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Transparency Over Regulation: A Market-Driven Approach
Sibbern stated:
“If we have listed companies that are exposed to crypto one way or another, as long as they are open and transparent about what they do, I think that’s a fair business.”
His comments reflect a broader shift in how traditional financial institutions are responding to digital asset adoption. Rather than imposing immediate restrictions, SIX is taking a hands-off, disclosure-based approach—trusting investors to make informed decisions based on clear corporate communication.
Notably, Sibbern declined to set limits or guidelines on how much crypto any individual Aquis-listed company should hold. This neutrality signals confidence in market self-regulation and aligns with SIX’s existing engagement with digital assets through its own financial products.
SIX’s Prior Exposure to Crypto: ETPs and Digital Infrastructure
SIX already has deep roots in the crypto ecosystem. The group offers Exchange-Traded Products (ETPs) backed by cryptocurrencies, allowing investors to gain exposure without directly holding digital assets. These ETPs function as collateralized bearer debt securities and are structured differently from traditional ETFs from a regulatory standpoint.
A spokesperson clarified that when Sibbern referenced crypto-linked ETFs, he was specifically referring to these ETP structures, which SIX has been issuing via its Swiss exchange platform.
This prior experience gives SIX a unique vantage point as it integrates Aquis into its growing European exchange network, which includes the Swiss Stock Exchange, BME in Spain, and the innovative Six Digital Exchange (SDX)—a blockchain-based trading and settlement platform.
Aquis: A Launchpad for SMEs in the Digital Age
One of the most compelling aspects of the Aquis acquisition is its alignment with the evolving needs of small and medium-sized enterprises (SMEs). Sibbern praised Aquis as a “fantastic venue” designed specifically to support the flotation and growth of SMEs.
He added:
“It’s built to tailor the flotations of small and medium-sized enterprises.”
With the London Stock Exchange facing increasing scrutiny over its relevance to smaller firms—particularly amid declining IPO volumes and rising operational costs—Aquis presents a nimble, cost-effective alternative for growth-stage businesses.
Sibbern didn’t stop there. He revealed that SIX is actively exploring ways to expand Aquis into a pan-European listing hub for small-cap companies, potentially positioning it as a unified gateway for tech startups and innovation-driven SMEs across the continent.
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Bitcoin Treasury Boom Fuels Volatility—and Valuations
The conversation around crypto adoption gained momentum in early 2025, when more than a dozen UK-listed small caps began allocating corporate cash reserves to Bitcoin. This trend mirrored the earlier “Bitcoin treasury” movement led by U.S.-based firms like MicroStrategy and Tesla.
For some Aquis-listed companies, the results were dramatic. Share prices surged far beyond what fundamentals alone could explain—driven largely by retail investor enthusiasm and speculative trading.
One standout example is Smarter Web Company, a modest web design firm that saw its stock skyrocket sixfold within two weeks of announcing its Bitcoin purchases. At its peak, the company briefly achieved a market capitalization exceeding £1 billion, earning it unicorn status despite limited revenue growth.
This phenomenon highlights both the opportunities and risks of integrating volatile digital assets into corporate balance sheets. While transparency remains critical, the disconnect between asset value and market cap raises questions about investor rationality and long-term sustainability.
Core Keywords Driving Market Interest
As this trend evolves, several core keywords are shaping search and investment behavior:
- Bitcoin treasury
- Aquis Exchange
- SME listings
- Crypto ETPs
- Small-cap stocks
- Blockchain finance
- Digital asset investment
- SIX Group
These terms reflect growing interest in how emerging technologies intersect with traditional capital markets—a space where Aquis and SIX are now positioned at the forefront.
Frequently Asked Questions (FAQ)
Q: Why are Aquis-listed companies buying Bitcoin?
A: Many small-cap firms see Bitcoin as a hedge against inflation and a way to attract investor attention. By allocating corporate reserves to Bitcoin, they aim to enhance shareholder value and signal innovation.
Q: Is holding Bitcoin risky for publicly traded companies?
A: Yes. Bitcoin’s price volatility can lead to significant swings in reported asset values. However, if disclosed transparently, such holdings can be part of a strategic treasury policy.
Q: Will SIX impose rules on crypto holdings for Aquis companies?
A: Not currently. Bjorn Sibbern has stated that SIX will not set limits but expects full transparency from listed firms regarding their crypto exposure.
Q: What are crypto ETPs and how do they work?
A: Crypto-backed Exchange-Traded Products (ETPs) are securities collateralized by digital assets like Bitcoin. They allow investors to gain exposure without managing private keys or wallets, offering regulated access to crypto markets.
Q: Can Aquis become a major European SME exchange?
A: With SIX’s backing and infrastructure, there’s strong potential. The vision is to scale Aquis into a pan-European venue tailored for tech-driven small businesses seeking efficient public listing options.
Q: How does SIX’s blockchain experience influence Aquis’ future?
A: SIX operates the Six Digital Exchange (SDX), a fully regulated blockchain-based platform for tokenized assets. This expertise could eventually integrate with Aquis, enabling hybrid trading models combining traditional equities and digital securities.
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The Road Ahead: Innovation Meets Tradition
As SIX integrates Aquis into its broader European exchange ecosystem, the focus will likely remain on fostering innovation while maintaining regulatory integrity. The rise of Bitcoin treasuries among small caps may prove fleeting—or it could mark the beginning of a structural shift in corporate finance.
Either way, with supportive leadership, existing digital asset capabilities, and a clear vision for SME growth, Aquis stands at the intersection of two powerful trends: decentralized finance and democratized capital access.
Whether other exchanges follow suit—or double down on caution—the message from Zurich is clear: in today’s market, embracing change transparently isn’t just acceptable—it’s good business.