Bitcoin Cashback Plan Sends Shares in U.K. Fintech Firm Soaring

(Bloomberg) --

Shares in U.K. fintech firm Mode Global Holdings Plc jumped after it expanded an offer that allows consumers to earn Bitcoin as they shop. 

The cashback offer will apply at more than 40 retailers next year, including Ocado Group Plc, Walgreens Boots Alliance Inc.’s Boots and Hilco Capital LP’s Homebase, London-based Mode said in a statement Thursday. The stock soared as much as 15%, the most in more than five months.

Once the increased network is activated in the second quarter of 2022, customers will have the option of being credited with Bitcoin in their Mode account, the firm said.

Thursday’s gains boosted Mode’s market value to about 39 million pounds ($53 million). The stock is down 14% since going public in October 2020. 

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