UK FIRM RAISES 41.2M POUNDS, BUYs RECORD BITCOIN HEAP
UK-based digital firm The Smarter Web Company secured a substantial £41.2m ($56.6m) investment raise less than three days after adding 197 Bitcoin to its portfolio, bringing its holdings to nearly 544 BTC, according to reports.
Accelerated Capital Inflow
According to a statement released Thursday, the company successfully completed two funding schemes: an accelerated bookbuild process raising £36.27m and a subscription raising £4.97m, totalling £41.24m ($56.7m). Both were priced at £2.90 per share, and the new shares scheduled to settle on July 1st.
Accelerated bookbuild represents a rapid, market-driven share issuance mechanism, typically bypassing broad promotional campaigns and concluding within short timeframes.
Bitcoin Acquisition Days Earlier
The funds secured Thursday followed a significant Bitcoin purchase revealed two days prior, involving an expenditure exceeding $20m for acquiring 197 BTC at an average cost of approximately $103,300 apiece.
As of Tuesday, the company’s cumulative holdings stood at 543.52 BTC, acquired primarily through executive selling initiatives implemented since April. Market value of the entire Bitcoin portfolio, based Tuesday’s prices, was estimated at approximately $58 million.
Substantial Bitcoin Expansion
Since initiating purpose-built “Bitcoin treasury” selling programs in April, The Smarter Web’s holdings have witnessed an approximately 530 BTC increase within the past month, propelling its cryptocurrency stake from an initial ~83 BTC baseline. This pace was reinforced by five June transactions.
Though The Smarter Web formally structured its treasury program in April, the company has handled Bitcoin payments since at least 2023.
Share Value Slump Post-Market Activity
The Thursday financial activity correlated with significant trading action for the company’s OTCQB-listed American depositary receipts (ADRs), known as Smarter Web Company PLC (TSWCF). Trading initiated a sharp intraday drop, reaching a low of $3.19 from an opening price around $3.56.
According to market data provider Google Finance, the stock dipped 15% during regular trading hours Thursday before further declining 1.8% during the after-hours session, hovering around $3.49.
Despite this recent downturn, year-to-date stock performance registered a 274% increase.
UK Corporate Interest in Digital Assets Persists Amid Regulatory Uncertainty
In a broader sign of institutional adoption, London-based Vinanz (also identifying itself as a Bitcoin treasury managing firm) announced on Tuesday its acquisition of an additional 37.72 Bitcoin, bringing its total treasury holdings to 58.68 BTC, as the UK continues developing comprehensive cryptocurrency regulations.
More substantively, in April 2024, influential London investment provider Abraxas Capital acquired Bitcoin valued over $250 million.
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