# Alchemy Exchange Ltd (13237946)

> Why UK company 13237946 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/13237946

- **Status:** In administration
- **Administration began:** 2026-07-02
- **Administrators:** Marco Piacquadio, Rachel Ennis
- **Administrators' firm:** FTS Recovery
- **Incorporated:** 2021-03-02
- **Location:** Milton Keynes
- **Industry:** 63110 Data processing, hosting and related activities

## Why it went into administration

- HMRC / tax arrears
- Cash flow / liquidity pressure
- Parent or group failure
- Rising interest rates

## From the administrators' statement

Alchemy Exchange Limited (“the Company” or “AEL”) was incorporated on 2 March 2021 as a subsidiary of Alchemy VC (“AVC”) alongside XSM (a British Virgin Islands registered company), with AVC being the parent/holding company, the three companies operated a group structure.

XSM was established to mint and manage the Alkimi Group's native crypto assets, namely the $ADS and ALKIMI tokens. At the beginning of January 2026, XSM's treasury was understood to have an approximate value of US$9.6 million. However, during 2026 there was a significant deterioration in cryptocurrency markets, resulting in a substantial reduction in the value of the treasury to less than US$1 million. This materially reduced the group's ability to generate liquidity through token sales.

AEL was the Group's UK trading company and owns the intellectual property behind its digital advertising exchange. The platform is used by a number of commercial customers to purchase digital advertising inventory, from which AEL earns a margin on transactions. During the first quarter of 2026, approximately US$1.7 million of advertising spend was processed through the exchange, which was expected to generate around $680,000 of net revenue. The Company also received income from token sales undertaken by XSM. Under an arrangement previously disclosed to HM Revenue & Customs (“HMRC”), 70% of token sale proceeds were attributed to AEL, with the remaining 30% retained by XSM to meet its operating costs.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/13237946/filing-history/MzUzMTUxMzc5N2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/13237946

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.