UK-based web design and marketing firm The Smarter Web Company announced it has raised £41.2 million through an accelerated funding process, shortly after a significant purchase of Bitcoin.
Funding via Accelerated Bookbuild
The Smarter Web Company reported raising £41.2 million ($56.59 million) from institutional investors through an accelerated bookbuild process that allows rapid capital raising. Of this amount, £36.27 million was raised through share sales and another £4.97 million through subscription. The offer price was £2.9 ($3.98) per share, and new stocks are expected to start trading from July 1.
Bitcoin Acquisition and its Impact
Two days prior to the fundraising announcement, the company disclosed it spent over $20 million to acquire 196.8 Bitcoin at an average price of $103,290 each. As of now, the company's total Bitcoin holdings amount to 543.52 BTC, valued at approximately $58.19 million. The Smarter Web Company has significantly increased its Bitcoin reserves from 83.24 BTC at the end of May to 543.52 BTC in less than thirty days.
Stock Performance of the Company
Shares of The Smarter Web Company, listed on the OTCQB, dropped by 15% on Thursday, closing at $3.56. The stock reached an intraday low of $3.19. After-hours trading saw a further decline of 1.8%, ending the session at $3.49. Despite this drop, the company's stock remains up 274% year-to-date.
In conclusion, despite the recent dip in The Smarter Web Company's stock, its Bitcoin assets have substantially increased. Interest in cryptocurrencies among UK firms continues to grow despite uncertainties in regulation.
