UK’s Smarter Web Company adds $24.7M in Bitcoin, now holds 773 BTC

United Kingdom-based web plan and selling steadfast The Smarter Web Company has expanded its Bitcoin treasury, purchasing an further 230.05 BTC for 17.97 cardinal British pounds ($24.7 million) astatine an mean terms of 78,103 pounds ($107,126) per coin.

The London-listed steadfast present holds 773.58 BTC acquired astatine an mean terms of 78,022 pounds ($107,015), bringing its full Bitcoin (BTC) concern to implicit $82.6 million, according to a filing connected Tuesday.

The acquisition is portion of Smarter Web’s “10 Year Plan,” a strategy launched successful April to thrust transparent maturation done a Digital Assets Treasury Policy, which focuses connected Bitcoin accumulation, to enactment “longer-term concern value.”

The institution said it inactive has astir 38 cardinal pounds ($52.3 million) successful currency disposable to deploy into further Bitcoin buys.

An excerpt of the filing by The Smart Web Company. Source: The Smart Web Company

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Smarter Web raises $62 million

The filing besides elaborate caller fundraising efforts that netted astir 45 cardinal pounds ($62 million) from a bid of subscriptions and accelerated bookbuilds. These moves diluted existing shareholders’ stakes by 9%.

The update besides disclosed existent shareholdings for cardinal directors pursuing the fundraising, with CEO Andrew Webley and his household holding astir 11.3% of the company.

Smarter Web began accepting Bitcoin arsenic outgo successful 2023. “The Company believes that Bitcoin forms a halfway portion of the aboriginal of the planetary fiscal strategy and arsenic the Company explores opportunities done integrated maturation and firm acquisitions,” the filing reads.

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UK-based companies contention to bargain Bitcoin

Smarter Web’s caller acquisition comes arsenic UK-listed firms are piling into Bitcoin. Over the past week, astatine slightest 9 small-cap companies connected exchanges similar Aquis person either announced Bitcoin purchases oregon plans to adhd the cryptocurrency to their treasuries.

These include AI services radical Tao Alpha, which plans to rise 100 cardinal pounds ($137 million) aft unveiling a Bitcoin strategy, and Smarter Web Company, which purchased 196 Bitcoin to add to its increasing holdings.

Furthermore, Panther Metals revealed it bought a azygous Bitcoin. Bluebird Mining Ventures secured 2 cardinal pounds ($2.7 million) to acquisition Bitcoin, portion Vinanz attracted 3.58 cardinal pounds ($5 million) successful backing from investors.

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