Cartwright’s ‘Corporate Treasury’ has been appointed by Connecting Excellence Group PLC (XCE) to advise on the growth and management of its Bitcoin treasury.
XCE has held Bitcoin as its primary corporate reserve asset since 2021 and is now moving to a more institutional treasury structure to support its listed status, future growth plans and the launch of a Bitcoin-focused executive recruitment division, including chief Bitcoin officer roles.
The mandate marks Cartwright’s first digital asset appointment within its Corporate Treasury division and reflects growing UK interest in Bitcoin as a strategic balance-sheet asset. Cartwright is advising on custody and liquidity providers, Bitcoin purchasing and ongoing treasury implementation.
The division was established following Cartwright’s rebrand in November 2024, when it launched five divisions: Pension Trusts, Charitable Trusts, Funeral Trusts, Employee Rewards and Corporate Treasury, as part of a wider push to deepen specialisation and drive innovation.
Last year, Cartwright expanded its digital asset activity, advising a UK defined benefit scheme on a Bitcoin allocation understood to be among the first by a UK pension scheme, and launching a Bitcoin workplace savings benefit through its employee rewards division.
Cartwright head of Corporate Treasury Arash Nasri says: “More and more companies are realising that traditional treasury assets are no longer delivering positive real returns and are not protecting the value of company reserves. We are seeing those companies exploring alternative approaches to managing their reserves, diversifying their balance sheets and future-proofing their business models. Bitcoin is one of the many options available and for companies with long time frames, it ticks many boxes. XCE is a pioneering business, and Scott is an insightful CEO with a strong and clear vision for where he sees the firm in the future. We see this as an important step in modernising corporate finance for the digital era, and we’re delighted to be working with XCE on this innovative strategy.”
Connecting Excellence Group PLC (XCE) CEO Scott Ellam says: “As we build and grow our business, we want our treasury strategy to be as forward-thinking as our recruitment strategy. We believe Bitcoin is the best long-term treasury asset for delivering real value to our shareholders and strengthening our financial position.
“Working with Cartwright has given us the confidence and expertise to do this safely and strategically. Their knowledge of the Bitcoin world is second to none, and we see them as an invaluable part of our strategy.”
