The Smarter Web Company Acquires Additional Bitcoin

The Smarter Web Company, a UK-based web design and bitcoin treasury firm, announced the acquisition of an additional 295 BTC for £26.3 million ($35.2 million), with an average purchase price of £89,000 ($119,412) per bitcoin. This move follows a recent £7.6 million capital raise from issuing 3,452,086 ordinary shares at approximately £2.21 each, as part of their ongoing subscription for 14 million shares. With 4,490,000 shares still available, a new subscription agreement is anticipated upon completion of the current tranche, according to the firm. The company now holds a total of 2,395 BTC, purchased at an average price of £82,399 ($110,555) per bitcoin, amounting to a total investment of £197.3 million ($264.8 million). It notably ranks among the top 25 public companies with significant bitcoin treasuries and is the leading corporate bitcoin holder in the UK, as reported by Bitcoin Treasuries. Currently, with bitcoin trading at $118,917, the firm’s holdings are valued at approximately $284.8 million, indicating a paper profit of around 7.6% or $20 million on their investment. Additionally, they maintain £700,000 ($942,000) in cash available for future bitcoin investments. The Smarter Web Company is rapidly moving up in the ranks of public bitcoin treasury holders, recently buying over 1,500 BTC in July, now sitting at the 23rd position among 152 companies, up from 36th just a month ago. CEO Andrew Webley aims to break into the top 20 soon. The top 10 public bitcoin treasury firms include Strategy, MARA, Tether-backed Twenty One, and others with varying BTC holdings ranging from 628,946 BTC to smaller amounts. On the same day, Strategy announced purchasing another 155 BTC, nearing 3% of bitcoin's total 21 million supply. The Smarter Web Company employs a key performance indicator called 'BTC Yield' to measure the effectiveness of its acquisition strategy. In 2023, they reported a BTC Yield of 55,069% year-to-date and 76% over the past month. The Smarter Web Company specializes in web design, development, and online marketing, generating revenue through setup and hosting fees. They began accepting bitcoin in 2023 and adopted a bitcoin treasury policy in April as part of their vision for the financial future. Advised by David Bailey and UTXO Management, the company’s 10-Year Plan focuses on organic growth and selective bitcoin acquisitions to provide long-term value to shareholders. The Smarter Web Company trades on the Aquis Stock Exchange under the ticker SWC, currently priced down 0.3% at £224.50 after a remarkable increase of nearly 20,000% from its initial announcement of a bitcoin treasury strategy before experiencing a 70% decline. Disclaimer: The Block provides independent news and data, and as of November 2023, Foresight Ventures is a major investor. This article is informational and not financial advice.