Mode Bitcoin trading volumes increase 316% in Q1
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 £6M 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.”