UK’s The Smarter Web Company Raises $56M Following Major Bitcoin Investment
In a significant move within the cryptocurrency and corporate finance sectors, UK-based The Smarter Web Company has secured $56.59 million in funding. This development follows closely on the company’s recent acquisition of $20 million worth of Bitcoin, increasing its total holdings to over 540 BTC.
Funding Round Details
The capital was raised through an accelerated bookbuild process, attracting institutional investors without extensive marketing efforts. The company generated approximately $49.8 million from the bookbuild and an additional $6.82 million through subscription, with shares priced at $3.98 each. These new shares are scheduled to become active starting July 1.
Expanding Bitcoin Reserves
The Smarter Web Company has aggressively expanded its Bitcoin portfolio, executing five separate purchases in June alone. This strategy boosted its holdings from 83.24 BTC at May’s end to 543.52 BTC within 30 days. While the company launched its Bitcoin treasury initiative in April, it began accepting Bitcoin payments in 2023.
Market Response
Despite these positive developments, the company’s stock price dropped 15% during Thursday’s trading session, closing at $3.56. However, year-to-date performance remains strong with a 274% increase, demonstrating resilience despite short-term volatility.
UK Corporate Bitcoin Adoption
The Smarter Web Company joins other UK firms like Vinanz and Abraxas Capital in embracing Bitcoin. This trend continues despite the UK’s evolving regulatory landscape for digital assets, showing growing corporate confidence in cryptocurrency.
