Bluebird Mining, a UK-listed gold explorer with a focus on high-grade projects across Asia, has expanded its Bitcoin ambitions by acquiring 756 ASIC mining rigs. This acquisition is part of a new streaming arrangement aimed at generating over 30 BTC. The company, traded under the ticker BMV on the London Stock Exchange, announced on July 14 that it had completed a deal for a mix of Bitmain and Canaan machines, totaling a combined hashrate of 63.7 PH/s.
The units are now part of an advanced plan to be re-sold under a streaming model. This model will give Bluebird a share of future Bitcoin production without the need for direct operation of the equipment. This marks Bluebird’s first foray into “streaming Bitcoin” deals, a model commonly used in the gold sector but rarely applied to digital assets. According to the company, this structure allows it to gain Bitcoin exposure without adding operational risk or bloating its balance sheet.
Over a three-year period, the transaction could yield more than 30 BTC, depending on network conditions and the final terms of the streaming contracts. Bluebird also confirmed it would not incur further costs once the streaming deal is executed. This move mirrors the firm’s recently announced Philippine gold project, where it secured a 10% profit share over the mine’s life, plus milestone bonuses of $250,000 for every 5,000 ounces of gold sold above $3,000 per ounce. Both deals are part of what the company describes as a broader shift in its treasury strategy.
Bluebird is now actively building long-term asymmetric exposure to gold and Bitcoin, using structured streams alongside direct holdings. A more detailed update is expected in the coming weeks. “This is a small but symbolic step in our roadmap,” said non-executive chairman Sath Ganesarajah. “We’re building a portfolio of long-dated, asymmetric exposures across gold and Bitcoin.” Ganesarajah added that the structure aligns with Bluebird’s goal to deliver strong capital returns through intelligent asset positioning. He also confirmed that £1m ($1.3m) from an earlier £2m ($2.7m) loan facility would be used for further Bitcoin purchases, alongside the appointment of a new CEO.
In June, Bluebird announced plans to convert future mining revenues into Bitcoin. At the same time, the company aims to keep operating costs lean. Bluebird also plans to hold Bitcoin as a long-term reserve asset on its balance sheet. It views this move as both a hedge and a strategic financial pivot. As a result, management believes the shift will attract a new class of shareholders. It also signals growing confidence in the future of decentralized finance.
The firm currently develops gold and silver assets through joint ventures in South Korea and the Philippines, reviving legacy projects like the Gubong, Kochang and Batangas mines. Its estimated total gold resource stands at 1.8m ounces. With the crypto market valued at over $3.8t and Bitcoin topping $122,000, Bluebird’s timing may prove prescient. As traditional miners diversify into digital assets, Bluebird appears intent on leading that shift from the front.
