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Smarter Web Boosts BTC Holdings to 773 With $25M Buy
Key Notes
A United Kingdom-based website design company, The Smarter Web Company (SWC), has changed its operations to act as a Bitcoin
BTC $106 652
24h volatility: 1.0%
Market cap: $2.12 T
Vol. 24h: $22.78 B
treasury firm.
The company made this known through an announcement on July 1st, stating that it had purchased an extra 230.05 Bitcoin for $24.6 million (£17.97 million).
SWC disclosed that it currently holds 773.58 BTC, acquired at an average price of $107,015 (£78,022) per Bitcoin, bringing the total acquisition cost to approximately $82.7 million (£60.4 million).
Originally, The Smarter Web Company designed websites, provided online market services and earned its revenue from setting up, hosting and maintaining websites for clients.
It began accepting BTC as a means of payment from 2023. In April, it decided to create a treasury policy and believes that Bitcoin is the “future of the global financial system.”
SWC and its Bitcoin Strategy
In their announcement, the UK-based company noted that the company’s Board of Directors view holding Bitcoin as being “in the best interests of the Company,” but added that they are aware that the Financial Conduct Authority (FCA) “considers investment in Bitcoin to be high risk.” It further stated that investing in The Smarter Web Company is not to be seen as “an investment in Bitcoin, either directly or by proxy. ”
The firm, advised by David Bailey and UTXO Management, has a 10-year strategy. It aims to grow its client base organically and through targeted Bitcoin acquisitions. The goal is to create long-term shareholder value and support future growth.
Following the announcement of its Bitcoin treasury policy, the UK-based company’s stock climbed nearly 20,000% to reach £605. It then fell by about 70% last week to £192.66 and is currently trading at £244.50.
This is not the first company to add Bitcoin treasury strategy into their operation. Metaplanet, a Japan-based company, transitioned into a Bitcoin treasury firm and has issued bonds in the past to raise funds to purchase BTC.
Recently, Metaplanet surpassed Tesla in terms of their Bitcoin holdings, as they currently hold 12,345 Bitcoin. MicroStrategy, another major holder, owns 597,325 BTC and recently bought 4,980 more.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.