The Smarter Web Company, listed on the Aquis Stock Exchange, announced its purchase of Bitcoin, significantly increasing its market value.
Bitcoin Purchase and Asset Growth
On Tuesday, Smarter Web announced it bought 196.9 BTC for £15.2 million, equivalent to $20.3 million. As a result, the company now holds 543.52 BTC, paying an average price of £77,988 per coin, about $104,450.
So far, Smarter Web has invested £42.4 million, or $56.8 million, in Bitcoin.
Company's Long-Term Strategy
Smarter Web shared a 10-year growth plan to expand its customer base through web services and buy more Bitcoin in the future. The goal is to increase the company's value and deliver long-term returns to shareholders.
Since starting this plan, Smarter Web has become the UK's largest holder of Bitcoin. After a reverse takeover, it began trading on Aquis on April 25 with an initial value of around £3.7 million ($5 million). After announcing its Bitcoin strategy, the company's stock price soared nearly 20,000%.
Collaboration with Bitcoin Experts
Smarter Web is not making these moves alone. It is working with UTXO Management, a Bitcoin-focused investment firm led by David Bailey. Bailey also runs Bitcoin Magazine and founded Nakamoto, which recently secured $51.5 million through a private deal.
Bailey and UTXO's Chief Investment Officer, Tyler Evans, are on the company's board. UTXO invested in Smarter Web before it went public and is involved in other Bitcoin firms.
Despite Smarter Web's success, regulatory bodies like the UK's Financial Conduct Authority (FCA) express doubts about the stability of such investments, citing high risks associated with Bitcoin price fluctuations.