Potentially AI plc
Tiger Alpha Plc (company no. 02882601; formerly Tiger Royalties and Investments Plc, renamed 5 September 2025) is an AIM-listed investment company that during FY2025 transitioned from a natural-resources-focused investment vehicle into a technology-focused incubator. It acquired Bixby Technology Inc in January 2025 and built exposure to the Bittensor/TAO decentralised AI network via subnet ownership and digital-asset staking/yield generation, alongside minority stakes in several listed and unlisted technology and digital-asset companies. The Group has no trading revenue; income derives from digital-asset yield and fair-value movements on its investment and digital-asset portfolio, with legacy natural-resource shareholdings retained under review for disposal.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 26 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Tiger Alpha Plc, renamed from Tiger Royalties and Investments Plc in September 2025, is an AIM-listed company that moved during the year from investing in natural resources to backing technology ventures, mainly linked to a decentralised AI network called Bittensor. It has no sales. Its loss for the year widened to £1.7m, from £391k the year before. Income from lending out its digital tokens rose to £454,416, from £14,980, but running costs rose sharply as it paid consultants and advisers to build the new business. Write-downs deepened the loss: it wrote off the full £324,999 value of Bixby Technology, bought in January 2025, and its investments and tokens fell in value. It raised £3.5m from shareholders and ended the year with £752k in cash, up from £23k, and no borrowings. No dividend was paid. The directors expect to keep going for at least 12 months, and the auditor gave a clean opinion. The report warns that digital assets are volatile and their rules uncertain. The company is in talks to buy Potentially Limited, an AI infrastructure group, in a deal that would replace most current management.
From the reportevery line sits on the page it namesWhat drove revenueNo revenue generated; Group income is 'Other income' from delegating digital assets to earn a yield
Other income £454,416 (2025) vs £14,980 (2024), relating to digital-asset yield income
page 35What moved the marginheadwindAdministrative expenses increased to £971,583 (2024: £305,302), driven by consultancy fees (£202,804), corporate finance fees (£160,173) and marketing (£51,763) as the Group built out its technology-focused structure
Note 5 Administrative expenses breakdown
page 35AndheadwindImpairment of goodwill (£324,999) and fair valuation losses on investments (£612,019) and digital assets (£166,952) materially widened the operating loss
Consolidated Statement of Comprehensive Income
page 23What management saidFY2025 was pivotal, marking the Company's transition to Tiger Alpha Plc and a technology-focused incubator model while retaining selected natural-resource exposure; legacy natural resource holdings remain under review while capital is increasingly directed to scalable technology/blockchain opportunities
page 4After the year end27 January 2026: conditional placing raised gross proceeds of £1.55m at 0.375p/share (413,333,333 new shares), conditional on a share sub-division (approved 16 Feb 2026) splitting each £0.01 ordinary share into one £0.001 ordinary share and one £0.009 deferred share; broker Fortified Securities received 23,200,000 warrants
page 45Going concern and the auditGroup had £751,994 cash plus TAO digital tokens at 31 Dec 2025; post year-end equity fundraise of £1.55m gross and £500,000 convertible loan note subscription; Directors conclude going concern basis appropriate for at least 12 months from approval. Audit opinion from Kreston Reeves Audit LLP (unqualified/unmodified) with two Key Audit Matters: (1) accuracy/existence/valuation of cryptocurrencies (£337,742 2025, £Nil 2024) and (2) valuation of share-based payments (£110,000 2025, £Nil 2024); auditor reported no concerns on either matter
page 12The risks it names first- Digital assets risk - significant holdings in a new, volatile and evolving asset class with no assurance of maintained valuep.9
- Delegating activities risk - income generated from delegating digital assets does not transfer ownership, assets remain under Group control at all timesp.9
- Regulatory risk - rapidly evolving and uncertain laws/regulations governing digital assets and decentralised networksp.9
- Wallets and private keys risk - loss, destruction, compromise, hacking or fraud affecting digital wallets/private keys could cause irreversible financial lossp.9
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