- Smarter Web buys 230 more BTC, total treasury now 773 coins strong.
- Firm’s Bitcoin holdings worth over $82 million, biggest among UK-listed firms.
- Board says Bitcoin key to growth, but warns of high investment risk.
The Smarter Web Company, a web design and marketing firm based in the United Kingdom, is doubling down on its Bitcoin strategy. This week, the London-traded stock announced it has acquired another 230.05 bitcoin (BTC) valued at 17.97m (approximately 24.7m USD). The average price paid by the company for every Bitcoin was 107,126.
Smarter Web Now Holds 773 Bitcoin Worth Over $82 Million Total
This new buy brings the total number of BTC Smarter Web now owns to 773.58. This was disclosed in a Tuesday filing by the company. The company has a total investment of more than $82.6 million in Bitcoin, and it possesses one of the biggest Bitcoin treasuries of a listed firm in the United Kingdom.
The deposit made by the company was not the first one that was only speaking about Bitcoin. It also made known the account of how the gallery has raised funds recently. Smarter Web managed to obtain approximately $62 million in the form of subscriptions and accelerated bookbuilds. Increasing the capital base served the purpose of reinforcing the balance sheet of the company, but the capital increase diluted the existing shareholders to a larger extent by approximately 9%.
Following the fundraising, CEO Andrew Webley and his family have ended up with approximately 11.3% of the shares in the company. This indicates that even under the new shares, the CEO and his family are big stakeholders.
Smarter Web has clarified the reason why it believes in Bitcoin. The company began accepting Bitcoin payments from clients in 2023. In it, the Board of Directors explained that they perceive Bitcoin as entrenched in the future of the global financial system. The Board is certain that the possession of Bitcoin will allow it to expand and develop organically, and with the help of acquisitions.
Smarter Web Aims Long-Term Bitcoin-Backed Growth
The company is also aware of that Bitcoin investments are risky. In the filing, it was mentioned that the Financial Conduct Authority (FCA) of the UK regards Bitcoin as high-risk. It is perhaps important to note that the company indicated that the investment on Smarter Web shares cannot be considered as an investment in Bitcoin directly or indirectly.
To guide its Bitcoin plan, the company has a 10-year strategy. David Bailey and UTXO Management recommend it as a specialist in the Bitcoin arena. This objective is to ensure that it obtains more clients, grows steadily, and creates more long-term value for shareholders.
The Bitcoin policy of the company has already caused a stir on the market. The value of Smarter Web shares increased by almost 20,000% when it announced its Bitcoin treasury plan to cost £605. But the share value subsequently lost an estimated 70% of its value to drop to 192.66 last week. As of now, it trades at approximately +244.50. This demonstrates what an unstable business the market will be when the businesses involve themselves in attaching their futures to Bitcoin.
The Smarter Web is not the sole company that makes use of this strategy. As an illustration, Metaplanet, which is a Japanese-based company, also turned to Bitcoin. Metaplanet even issued bonds as a source of funding to purchase more Bitcoin.
With an increased number of companies experimenting with the use of Bitcoin in treasury management, investors are taking particular notice. In the case of Smarter Web, the message is loud and clear: Bitcoin is its future.
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