UK-based web design and marketing company The Smarter Web has expanded its Bitcoin Treasury to buy 230.05 BTC for £17.97 million ($24.7 million) with an average price of 78,103 pounds ($107,126).
The listed company now acquires 773.58 BTC at an average price of 773.58 BTC ($107,015), bringing total Bitcoin (BTC) Investment of more than 82.6 million US dollars, according to Submit Tuesday.
Purchasing is part of Smarter Web’s 10-year plan, a strategy emission In April, transparent growth was driven through fiscal policy for digital assets, which focused on Bitcoin accumulation to support “long-term business value.”
The company said it still has about £38 million ($52.3 million) in cash to deploy it to more bitcoin purchases.
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Smart network raises $62 million
The document also details recent fundraising efforts, earning about £45 million ($62 million) from a series of subscription and accelerated books. These moves reduced the existing shareholders’ shares by 9%.
The update also disclosed a major director’s equity following the fundraising, with CEO Andrew Webley and his family owning approximately 11.3% of the company.
Smarter Web begins accepting Bitcoin as payment in 2023. “The company believes that Bitcoin forms a core part of the future of the global financial system and as companies explore opportunities through organic growth and corporate acquisitions,” the document reads.
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UK companies compete to buy Bitcoin
Smarter Web’s recent purchase is because UK-listed companies are stacking Bitcoin. Over the past week, at least nine small companies in exchanges like Aquis have announced Bitcoin purchases or plans to add cryptocurrencies to their treasury.
These include AI services group Tao Alpha plans to raise £100 million (US$137 million) after unveiling the Bitcoin strategy, while Smarter Web Company is 196 bitcoins purchased to add Its holdings continue to grow.
In addition, Leopard Metal Revealed it bought a bitcoin. Bluebird Mining Ventures receives £2 million ($2.7 million) to buy bitcoin, while Vinanz Attracted Investors provided £3.58 million ($5 million) in funding.
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