As part of its 10-year strategy, Smarter Web increased its Bitcoin treasury by purchasing an additional $24.7 million BTC.
The Smarter Web Company, a web design and marketing firm headquartered in the United Kingdom, has increased its Bitcoin treasury by purchasing an additional 230.05 BTC for 17.97 million British pounds ($24.7 million) at an average price of $107,126 per coin.
According to a filing on Tuesday, the London-listed firm has now acquired 773.58 BTC at an average price of $107,015, increasing its total Bitcoin investment to over $82.6 million.
The acquisition is a component of Smarter Web’s “10 Year Plan,” a strategy implemented in April to promote transparent development through a Digital Assets Treasury Policy emphasizing Bitcoin accumulation to bolster “longer-term, business value.”
The Company stated that it has an additional $52.3 million in cash for Bitcoin acquisitions.
More innovative Web secures $62 million in funding.
Additionally, the filing provided an account of recent fundraising initiatives that resulted in approximately $62 million in revenue from subscriptions and expedited bookbuilding. The existing shareholders’ interests were reduced by 9% due to these actions.
The update also disclosed the current shareholdings of key directors in the wake of the financing. CEO Andrew Webley and his family own approximately 11.3% of the Company.
In 2023, Smarter Web commenced accepting Bitcoin as a form of payment. “The Company thinks that Bitcoin is a fundamental component of the future of the global financial system. As the Company investigates opportunities through organic growth and corporate acquisitions,” the filing states.
Companies located in the United Kingdom are competing to acquire Bitcoin.
More innovative Web’s most recent acquisition coincides with UK-listed companies’ increasing investment in Bitcoin. In the past week, at least nine small-cap companies listed on exchanges such as Aquis have announced their cryptocurrency purchases or plans to incorporate it into their treasuries.
These include Tao Alpha, an AI services group that intends to raise $137 million following the disclosure of a Bitcoin strategy, and Smarter Web Company, which acquired 196 Bitcoin to augment its expanding portfolio.
Additionally, Panther Metals disclosed that it acquired a single Bitcoin. Vinanz secured $5 million in funding from investors, while Bluebird Mining Ventures acquired Bitcoin for $2.7 million.
