United Kingdom-based web design and marketing firm The Smarter Web Company expanded its Bitcoin treasury, purchasing an additional 230.05 BTC for 17.97 million British pounds ($24.7 million) at an average price of $107,126 per coin.
The London-listed firm now holds 773.58 BTC acquired at an average price of $107,015, bringing its total Bitcoin (BTC) investment to over $82.6 million, according to a filing on Tuesday.
The purchase is part of Smarter Web’s “10 Year Plan,” a strategy launched in April to drive transparent growth through a Digital Assets Treasury Policy that focuses on Bitcoin accumulation to support “longer-term business value.”
The company said it still has about $52.3 million in cash to deploy for Bitcoin buys.
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Smarter Web raises $62 million
The filing also detailed recent fundraising efforts that netted about $62 million from subscriptions and accelerated bookbuilds. These moves diluted existing shareholders’ stakes by 9%.
The update also disclosed current shareholdings for key directors following the fundraising, with CEO Andrew Webley and his family holding around 11.3% of the company.
Smarter Web began accepting Bitcoin as payments in 2023. “The Company believes that Bitcoin forms a core part of the future of the global financial system and as the Company explores opportunities through organic growth and corporate acquisitions,” the filing reads.
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UK-based companies race to buy Bitcoin
Smarter Web’s recent purchase comes as UK-listed firms are piling into Bitcoin. Over the past week, at least nine small-cap companies on exchanges like Aquis have either announced Bitcoin purchases or plans to add the cryptocurrency to their treasuries.
These include AI services group Tao Alpha, which plans to raise $137 million after unveiling a Bitcoin strategy, and Smarter Web Company, which purchased 196 Bitcoin to add to its growing holdings.
Furthermore, Panther Metals revealed it bought a single Bitcoin. Bluebird Mining Ventures secured $2.7 million to purchase Bitcoin, while Vinanz attracted $5 million in funding from investors.
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