The Smarter Web Company, a UK-based web design and marketing firm, announced it has secured £41.2 million through an accelerated capital raising process after significant investments in Bitcoin.
Funding Through Accelerated Capital Raising
The company announced on June 26 that it raised funds through institutional investors via an accelerated bookbuild process. Of the total amount, £36.27 million was raised through the bookbuild, while an additional £4.97 million was raised through a subscription offer. The shares were priced at £2.90 ($3.98) each, with the new stock expected to take effect from July 1.
Bitcoin Acquisition and Reserve Increase
Earlier this month, The Smarter Web Company spent over $20 million to acquire 196.8 Bitcoin at an average price of $103,290 per BTC. As a result, the firm now holds 543.52 Bitcoin, valued at approximately $58.19 million. The company's Bitcoin reserves have significantly increased in June, with an increase of 460.28 BTC.
Market and Other Companies with Bitcoin Reserves
Despite the uncertain regulatory landscape in the UK for digital assets, other firms are also bolstering their Bitcoin reserves. For instance, Vinanz has acquired 37.72 BTC, raising its total to 58.68 BTC, and investment firm Abraxas Capital made headlines with a Bitcoin purchase exceeding $250 million.
The Smarter Web Company continues to actively enhance its Bitcoin accumulation strategy, reflecting the growing interest in crypto assets among companies even amidst uncertainty.
