In brief
- Shares in The Smarter Web Company surged 254% following its April IPO, driven by Bitcoin purchases totalling 543.52 BTC.
- CEO Andrew Webley called this “the most successful IPO in the UK ever,” noting it has inspired numerous copycat companies adopting Bitcoin reserves.
- Based in Bristol, the company targets a 1,000 BTC reserve (valued at approximately $350 million) within four months.
The Smarter Web Company, a British web design and online marketing firm based in Bristol, has seen remarkable stock performance since its April 25 IPO. Founding shares rose from £4.50 to an intraday high of £292.50, representing a 6,400% increase from listing day and a 254% increase month-to-date – performance largely attributed to the company’s rapid accumulation of cryptocurrency assets.
The company’s Bitcoin reserves officially began following its listing on the Aquis Stock Exchange Growth Market. Since then, it raised a total exceeding £55 million ($74.9 million). These funds have been allocated primarily towards purchasing Bitcoin, currently holding 543.52 BTC.
CEO Andrew Webley told Decrypt that this rate of return makes the company’s listing “the most successful IPO in the UK ever” and comments that the stock surge has precipitated a “wave” of copycat firms adopting similar Bitcoin reserve announcements.
“Ironically, since we started… there’s over 21 [companies] that have come out claiming to do what we do,” Webley stated, noting at least two other UK-listed firms publicly adopted Bitcoin reserves around the same time he spoke.
Webley expressed concern about companies promoting the strategy without actually holding the assets: “The UK’s potentially getting into a bit of a dangerous place with, you know, people who are claiming to do it rather than doing it,” he noted, adding he reported the issue to the exchange.
The company’s Bitcoin policy targets acquisitions of 1,000 BTC within 3-4 months, aiming to significantly expand its portfolio. Webley believes the company may reach this target sooner. While acknowledging Bitcoin’s volatility as a risk factor, he maintains the asset class has stabilized and is preferable to cash reserves.
