UK-based web design and marketing firm The Smarter Web Company has raised 41.2 million British pounds ($56.59 million), days after it purchased 196 Bitcoin to add to its growing holdings.<\/p>\n
The firm said<\/a> on Thursday that the raise came from institutional investors via accelerated bookbuild, a process where a company raises capital quickly, usually within one or two days, without any marketing push.<\/p>\n The Smarter Web Company raised 36.27 million British pounds ($49.8 million) with the bookbuild and a further 4.97 million British pounds ($6.82 million) by subscription. The offer price was 2.9 British pounds ($3.98) per share.<\/p>\n The company expects the stocks issued across both offerings will go into effect from July 1.<\/p>\n The raise came two days after The Smarter Web Company said<\/a> it spent over $20 million to buy 196.8 Bitcoin (BTC<\/a>) at an average price of $103,290 each.<\/p>\n The company held 543.52 BTC as of Tuesday, bought at an average price of $104,450, a stash that\u2019s currently worth around $58.19 million.<\/p>\n The Smarter Web Company has purchased BTC five times in June so far, and its Bitcoin stack has increased from<\/a> 83.24 BTC at the end of May to 543.52 BTC, an increase of 460.28 BTC in less than 30 days.<\/p>\n The firm launched its Bitcoin treasury strategy in April, but has accepted Bitcoin as payment since 2023.<\/p>\n In the US, The Smarter Web Company trades on the OTCQB, an over-the-counter market comprising early-stage or developing companies.<\/p>\n Shares in Smarter Web Company PLC (TSWCF) fell by 15% and closed Thursday at $3.56 after hitting an intraday low of $3.19, according<\/a> to Google Finance.<\/p>\n Related: <\/strong><\/em>UK FCA proposes lifting ban on crypto ETNs for retail investors<\/strong><\/em><\/a><\/p>\n Its shares fell another 1.8% after the bell and ended the after-hours session at $3.49. Despite the recent drop, the company\u2019s stock is still up 274% year-to-date.<\/p>\n Other UK companies have been buying up Bitcoin despite the country\u2019s lack of clear laws<\/a> around digital assets.\u00a0<\/p>\n On Tuesday, Vinanz, a London Stock Exchange-listed firm that markets itself as a Bitcoin treasury company, said it acquired<\/a> 37.72 BTC to bring its total holdings to 58.68 BTC.<\/p>\n In April, London-based investment firm Abraxas Capital purchased Bitcoin worth more than $250 million<\/a>.<\/p>\n Magazine: <\/strong><\/em>North Korea crypto hackers tap ChatGPT, Malaysia road money siphoned<\/strong><\/em><\/a><\/p>\nBitcoins Raise comes days after holdings pass 540 Bitcoin\u00a0<\/h2>\n
Bitcoins Stock price dwindles amid recent Bitcoin buys<\/h2>\n
Bitcoins UK firms buy up Bitcoin<\/h2>\n