Mode Global Holdings (MODE ), which was the first publicly listed company in the UK to officially announce a significant purchase of Bitcoin as part of its treasury investment strategy, has reported a new record-breaking month with trading volumes and new user numbers surging over 1,500% and 500% respectively since August, as the Bitcoin market continues to surge. 

The fintech group said its strong performance reflects ‘the historical, record-breaking rally in Bitcoin’, which hit $20,000 on December 16, surpassing its previous 2017 peak. In under three weeks, Bitcoin has gained another 70% to reach $34,000, a new record.  

In October 2020, Mode used up to 10% of its IPO proceeds to invest in Bitcoin to diversify its treasury portfolio. As of today, Mode is over 100% up on its original position. In the first few days of January, it has seen a 40% increase in user growth numbers compared to December. 

Janis Legler, Chief Product Officer of Mode described the last few months as “exceptional”, citing particular popularity with first-time Bitcoin investors which he said caused Mode’s Bitcoin app to make it to the top 2 in the UK's App Store finance category in December. 

He said, “Even during the holidays, over 90% of our eligible customers were able to open and verify their accounts in less than five minutes, instantly top up their wallet via Open Banking and buy Bitcoin right away. Unlike traditional stock markets, Bitcoin trades 24/7 providing a truly innovative and revolutionary experience for new customers - they love it." 

Shares in Mode Global Holdings have increased by over 20% in the past two weeks to open 3.06% higher this morning at 50.5p following the announcement. 

Jonathan Rowland, Mode’s Executive Chairman, said Google Trends data suggests that retail investors' appetite for Bitcoin has reached “nowhere near the levels” people saw in 2017. 

“We believe that public markets provide sound credibility and legitimacy to Bitcoin as an asset class and we are extremely proud to be leading the way to further support Bitcoin in 2021." 

Looking ahead, Rowland said, “Mode is still a new entrant to the market causing trading income to be modest at present, however, we believe that, in common with other tech companies, it is vital to focus on building growth and we are proud of the progress achieved.” 

He added, “In the first few days of January alone, Mode has already seen a 40% increase in user growth numbers compared to its weekly average during its record-breaking December, signaling another strong month ahead." 

Mode was founded by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank, the UK's first 100% 'born in the cloud' business bank using Microsoft Azure Platform. 

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