Will the UK listed oil and gas company Union Union Jack lead it a bitcoin treasury?
Summary
- Union Jack
- Union Jack Saeed Executive Chairman Firm Bitcoin can start Treasury
For a press release, the plan is still in its early stages, the UK firm has signed a non-bilter or a non-bilter of LOI with a non-based firm, a natural gas offtake and magnetization. Under the conditions of Loi, both firms will work towards converting natural gas produced in West Newton to power into a site-site data center.
West Newton estimates that according to an independent assessment cited by the document by the Document by the renewable portfolio standard in 2022, about 200 billion cubic feet Gross Recrease 2C gas resources have been included.
Through the joint venture, both firms are expected to generate revenue from bitcoin (BTC) production operated by natural gas-sord data centers.
The initiative is part of a feasibility study conducted by Pedl183 license operator Rathlin Energy Limited, including West Newton Gas Discovery. Union Jack has an interest of working 16.665% in the project, operated by Rathlin Energy by joint venture partners.
The strategy that is currently being considered includes generating electricity on the site directly from the extracts of natural gas.
The proposed plan will be interested in focusing the WNA-2 wells at one location in West Newton, which is likely to expand to other parts of the region. In the joint venture, this strategy is seen as a way to generate initial wishes before any decision on the development of full gas sector.
Is there a bitcoin treasury on the horizon?
Union Jack Executive Chairman, David Bramhil said that if the West Newton Venture proves to be successful, the Board of Union Jack Oil Bitcoin is a position to establish a strategy.
“The Board of Union Jack believes that this proposed concept to produce bitcoins through mining operations is innovative, provides strong scope for a permanent return and can instruct the company a new bitcoin treasury strategy on success,” Brahmal said.
However, consider that the plan is still in its early stages, the strategy is not clear. Bramhil said that the board will continue to update shareholders on the development of joint venture initiative in future.
How much bitcoin is left?
Casibil for data from Bitbo, about 1.09 million BTCs are yet to be mined. So far, about 94.7% of the total BTC has been released, with 450 BTC mining per day.
As of August 7, 2025, there are 19.9 million BTCs in total. Most of the BTC is widely helped for bitcoin manufacturer Satoshi Nakamoto, which ranges between 0.97 million to 1.1 million BTCs.