Mode Global Holdings PLC Mode Bitcoin trading volumes increase 316% in Q1 (2172V)
April 13 2021 - 1:00AM
UK Regulatory
TIDMMODE
RNS Number : 2172V
Mode Global Holdings PLC
13 April 2021
Mode Bitcoin trading volumes increase 316% in Q1
Highlights
-- Bitcoin trading volumes up 316% vs Q4 2020
-- New customers increased 200% over same period
-- Bullish sentiment continues with majority of investors buying and holding Bitcoin
London, 13 April - Mode Global Holdings, the LSE-listed fintech
group, reports another quarter of strong growth with trading
volumes and new customer numbers jumping 316% and 200% respectively
compared to Q4 2020, as the price of Bitcoin hit a new record.
Bitcoin continued to climb over the quarter and surged past
$60,000 for the first time in March. Mode's trading levels tracked
the record highs almost exclusively driven by 'buys' and spiked
around specific market news events, including an 81% jump in
trading after Tesla announced it had invested $1.5bn in Bitcoin in
early February, and a 62% surge after Bitcoin dropped $10K from
$57,000 to $48,000. In line with Bitcoin's strong performance,
Mode's customers remain bullish on the currency with over 66% of
traded volumes allocated to 'buys' across the quarter.
In October last year, and in keeping with its fundamental belief
in Bitcoin, Mode became the first publicly listed company in the UK
to adopt Bitcoin as a treasury reserve asset as it decided to
invest up to 10% of its cash reserves into Bitcoin. Since then,
Mode has raised an additional GBP6M in a recent oversubscribed
placing and has been continuously adding Bitcoin to its balance
sheet.
Janis Legler, Chief Product Officer, Mode: "Following a
record-breaking December, it's fantastic to see continued
triple-digit growth in Bitcoin trading volumes and new user
onboardings over Q1. We continue to see strong uptake from our new
customers who enjoy how seamless it is to open their accounts in
minutes and start buying Bitcoin 24/7 - any day of the week. We've
had a particularly successful launch on Android, the app has been
very well received by the community and continues to rise through
the ranks of the Google Play store. Retail customers continue to
remain bullish. Even in short term corrections, our customers love
to buy the dip."
Jonathan Rowland, Executive Chairman, Mode, said: "Bitcoin
continues to outperform all major asset classes this year and is
attracting a growing number of institutions, funds, banks and
corporates. Investors are seeking credible ways to get exposure and
Mode remains to be one of only a handful options in UK public
markets."
"Since listing on the LSE main market in October 2020, we've
seen consistent strong growth. But this is only the start and we
are focused on building on this momentum with the launch of our new
Open Banking powered payments and loyalty features, which will see
higher volumes of customers and businesses sign up to Mode."
+++
Media contact:
Maitland/AMO
James Isola/Kate Pledger
Tel: +44 (0)207 379 5151
Mode@maitland.co.uk
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END
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