When last-mile delivery start-up Locate Technologies made history this year by becoming the first ASX-listed company to launch a so-called bitcoin treasury, chief executive Steve Orenstein knew it was a risky bet.

The Sydney-based company revealed in late May that it planned to raise $1.4 million and use any excess cash to start building a long-term holding of bitcoin – a decision that was met with both praise and criticism by its long-suffering shareholders.