Recruitment Firm XCE Uses M&A to Acquire Earnings and Bitcoin

M&A to acquire Bitcoin — Connecting Excellence Group (XCE), a listed executive recruitment firm, has signed binding terms to acquire a specialist UK and U.S. recruitment business, a deal structured to expand its operating earnings and add Bitcoin to its corporate treasury.

The target company generated £1.79 million in revenue over the last 12 months and holds 8.216 Bitcoin. Under the proposed terms, XCE would purchase the Bitcoin at market value, moving the assets onto its own balance sheet while separately acquiring the underlying business and its earnings stream.

XCE’s strategy involves acquiring profitable, owner-managed recruitment firms, allowing them to retain their brands and operational independence while joining a publicly listed group backed by Bitcoin. The company aims to retain 75% to 85% of the acquired business’s cumulative EBITDA, using those earnings as capital for reinvestment, further acquisitions, and Bitcoin accumulation.

The deal remains subject to due diligence, funding, and a definitive purchase agreement. XCE reported holding 72.94 Bitcoin as of September 1, a significant increase from the 9.27 BTC it held at its initial public offering in December 2025.