The Smarter Web Company, a UK-based web design and marketing firm, has raised £41.2 million ($56.59 million) through institutional investors, just days after purchasing 196.8 Bitcoins to expand its cryptocurrency holdings.
The company has announced this purchase on its X post and has stated that its initiative of purchasing bitcoins is a part of its 10-year plan. The firm has raised the amount to fund its operations, with most of the money, like £36.27 million ($49.8 million), raised from a fast process called an accelerated bookbuild.
It’s a process where big investors quickly buy shares in a day or two without much advertising.
Another amount of £4.97 million ($6.82 million) was raised through a subscription, where investors agreed to buy shares directly. Each share was sold for £2.9 ($3.98), and these new shares will officially start trading on 1st July. The raise follows the company’s aggressive Bitcoin acquisition strategy.
On Tuesday, the firm spent over $20 million to acquire 196.8 BTC at an average price of $103,290 per Bitcoin. Now the firm has total holdings of 543.52 BTC. The firm has made five Bitcoin purchases in June, increasing its stash from 83.24 BTC at May’s end to 543.52 BTC, a rise of 460.28 BTC in under a month.
The Smarter Web Company began its Bitcoin treasury strategy in April and has accepted Bitcoin payments since 2023. Despite the firm’s growth in crypto assets, its stock price faced pressure.
Trading on the US OTCQB market, the Smarter Web Company PLC (TSWCF) saw shares drop by 15% on Thursday, closing at $3.56 after hitting an intraday low of $3.19.
Also Read: Coinbase CEO Says “We’re Buying More Bitcoin Every Week”
