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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The post The Smarter Web Company Raises $56M Days After $20M Bitcoin Purchase appeared first on Coin Engineer.