Quick Raise from Institutional Investors

On Thursday, The Smarter Web Company announced that it raised £41.2 million ($56.59 million) from institutional investors via an accelerated bookbuild process. This included £36.27M from the bookbuild and £4.97M from additional subscription, priced at £2.9 ($3.98) per share.

The shares are expected to go live starting July 1.

Bitcoin Holdings Surge to Over 543 BTC

Two days before the raise, The Smarter Web Company revealed that it bought 196.8 BTC at an average price of $103,290 per coin, totaling over $20 million. As of Tuesday, the company held 543.52 BTC, now worth approximately $58.19 million.

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The company began its Bitcoin treasury strategy in April but has accepted Bitcoin as a payment method since 2023. In June alone, the firm purchased BTC five times, increasing its holdings by over 460 BTC.

Stock Drops Despite BTC Accumulation

The Smarter Web Company PLC (TSWCF) trades on the OTCQB market in the U.S. Its shares fell 15% Thursday, closing at $3.56, with an additional 1.8% drop in after-hours trading. However, the stock is still up 274% year-to-date.

More UK Firms Embrace Bitcoin

Vinanz, another UK firm, added 37.72 BTC this week, while Abraxas Capital acquired over $250M in Bitcoin in April. Despite unclear crypto regulation in the UK, companies continue accumulating BTC.

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Based on Lookonchain data, the company acquired 46,295 ETH on May 20, with the total value of this purchase reaching approximately $115.3 million. This move is seen as part of the firm’s ongoing strategic accumulation over the past few weeks.

Total $ETH Holdings Reach $837 Million

Since May 7, Abraxas Capital has purchased a total of 350,703 ETH, significantly expanding its digital asset portfolio. The average acquisition cost of these purchases is reported to be $2,386 per ETH, bringing the total value of its current holdings to around $837 million.

At current market prices, Abraxas Capital holds an unrealized profit of approximately $50 million from these transactions — a strong indicator of the firm’s confidence in the crypto market.

Growing Institutional Interest in Crypto

Such large-scale acquisitions highlight the sustained interest from institutional investors in the crypto space. Despite Ethereum’s price volatility, the increase in holdings by major investors sends positive signals to the broader market.

Abraxas Capital’s aggressive accumulation strategy reflects strong long-term expectations for Ethereum’s future. This bold move could serve as an example for other investors keeping an eye on institutional activity in the crypto space.

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Daily trading volume rose 19% to $36.75 billion. Coinglass data shows open interest in ETH futures increased 14% to $32.61 billion, confirming growing investor confidence and market liquidity. 

BlackRock’s ETF Move 

BlackRock proposed an in-kind creation and redemption process for its spot Ethereum ETF. This follows discussions with the SEC’s Crypto Task Force. If approved, ETF shares could be directly exchanged for ETH. Analysts suggest this could push Ethereum’s price to $3,200 or even $4,000. 

Crypto analyst Rekt Capital notes Ethereum closed the CME gaps between $2,530-$2,630. This range may now act as a strong support level. If ETF inflows continue, ETH could target the next gap at $2,900-$3,033, followed by $3,200. 

Abraxas Capital’s Major Investment 

Institutional investor Abraxas Capital purchased 242,652 ETH last week, investing $561 million. Arkham Intelligence data reveals the firm borrowed USDT to increase positions when ETH was at $2,460. This move drove ETH’s price up 10% to $2,700. Analysts predict such institutional buys could lift Ethereum 20% to $3,600 in the short term. 

Ethereum’s technical indicators show positive signals. According to Rekt Capital, the $2,530-$2,630 range turning into support sets the stage for higher prices. Breaking $3,200 could lead to the psychological $4,000 level. Rising ETF inflows, trading volume, and futures open interest indicate sustained investor interest. 

***NOT INVESTMENT ADVICE*** 

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Abraxas Capital Adds Nearly 3,000 BTC to Its Portfolio

London-based investment firm Abraxas Capital made headlines after purchasing 2,949 Bitcoin—worth over $250 million—in the four days leading up to April 19. On April 18 alone, the company reportedly acquired over $45 million in BTC through Binance.

This move follows a recent acquisition by Michael Saylor’s firm, which bought $285 million worth of Bitcoin at an average price of $82,618 per coin. These back-to-back investments underscore growing institutional confidence in Bitcoin, particularly during times of heightened global trade tension.

Whales Outpacing Bitcoin Issuance

Data shows that large Bitcoin holders are absorbing more than 300% of the cryptocurrency’s annual issuance, contributing to reduced supply across exchanges. The ongoing withdrawal of BTC from centralized platforms suggests that accumulation continues at a historic pace, with whales holding on for long-term gains.

Quiet Weekend Anticipated Amid Mixed On-Chain Signals

Despite heavy buying from institutions, market analysts are keeping a close eye on potential short-term volatility. Over 170,000 BTC has been reintroduced into circulation by holders who typically keep their coins for 3 to 6 months. This behavior sometimes precedes price swings.

However, experts argue that such on-chain movements don’t typically affect prices over the weekend, especially when coins are not entering highly liquid markets. With U.S. markets closed for the Easter holiday and funding rates holding steady, some believe that price fluctuations may remain limited barring unexpected geopolitical headlines.

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