Why this exists
Built for operating businesses.
Montblanc Capital was built by founders who recognised the structural problem in their own businesses. Bitcoin production is real capex — operating infrastructure that delivers a portable, durable asset. Every position we operate is one we have committed to ourselves.
Founders’ Letter
A note from the founders.
“We built Montblanc because we saw a problem worth solving.”
European business owners face the same structural reality: profit generated by their businesses is heavily taxed when extracted to personal wealth. The legitimate paths to deploy business capital productively — pension contributions, real estate investments, capex into business infrastructure — are limited and slow.
Bitcoin production is real industrial activity. Specialised hardware, electricity at industrial scale, on-site engineering, twenty-four-hour operations. The output is Bitcoin — portable, durable, settled on-chain to a wallet the client controls. From the client’s side, the mandate is a service contract: a prepaid business expense deductible against business income, producing a BTC-denominated asset that accumulates on the corporate balance sheet at production cost basis.
What sets Montblanc apart from the broader mining industry is structural. Our economic model aligns our outcome with our clients’. We mine alongside them on the same hardware. When clients benefit from Bitcoin appreciation, we benefit proportionally. When clients suffer from low Bitcoin prices, we suffer too. There is no performance fee that pays us regardless of how clients do.
Every position we operate is one we have committed to ourselves. Our public ledger publishes every distribution. Our methodology is documented openly. We don't custody Bitcoin against your will. Mandates terminate at each halving — never run through one.
Montblanc is small by design. We won’t be everyone’s largest mining provider. We’ll be the most aligned.
Principals
Two people. Both accountable.
Terence Turchi
Founder & Managing Principal
Investor relations and partner relationships. Covers the firm's France and Ireland markets. The point of contact for clients across the term. Based in France.
France
Richard Ruhl
Co-Founder & Operating Principal
Operations, infrastructure, and production economics. Runs the fleet, the facilities, and the technical conversations when clients need depth. Based in Dubai.
Dubai
Operating Principles
What we do.
What we don't.
We do
- ✓Own the infrastructure that produces your distributions
- ✓Publish every position to a public, verifiable record
- ✓Disclose the exact economics in every proposal, before any capital moves
- ✓Report daily, not quarterly
- ✓Answer client questions directly — founder level
- ✓Allocate our own capital alongside yours
We don't
- ✕Resell capacity from third-party hosting providers
- ✕Run an opaque pooled fund wrapper
- ✕Produce performance figures you can't audit
- ✕Issue tokens or structured products
- ✕Charge a management fee on top of the production share
- ✕Accept mandates into strategies not yet live
Where We Operate
Two jurisdictions. One firm.
We operate where it makes economic sense. Our facilities are in jurisdictions where electricity and infrastructure are reliable. The firm is registered in Ireland. Our team is in Dubai. Your business operates where it operates — your accountant determines how Montblanc's structure fits your business's structure.
Registered Seat
Dublin, Ireland
Montblanc Capital Ltd is incorporated in Ireland. EU jurisdiction. Data protection governed by GDPR. Annual accounts filed with the Companies Registration Office.
Montblanc Capital Ltd · Incorporated 2025
Operating Hub
Dubai, UAE
Our operational and research base. Strategy development, production operations, and trading systems all run from here. Dubai Silicon Oasis.
Operations · Production · Research
Mining Facilities
Undisclosed locations.
Bitcoin mining operations are conducted at undisclosed locations in the United Arab Emirates and Northern Europe. Specific facility locations are not disclosed publicly for operational security reasons. This is standard practice for mining infrastructure operators handling material asset value.
More on the strategy itself.
The full thesis lives on the strategy page. A twenty-minute briefing covers the same ground anchored on your numbers and your jurisdiction.
Additional systematic strategies are in development. Write if you want early access or a conversation with the research team.