London-based web design firm The Smarter Web Company has achieved remarkable success by surpassing the 2,000 BTC threshold following its transition to a Bitcoin-focused treasury strategy.
British Web Design Company The Smarter Web Company Surpasses 2,000 BTC Treasury
The company announced today that it has purchased an additional 225 BTC. The purchase was made for a total of £19.91 million (approximately $26.57 million) at an average price of £88,482 ($118,080) per unit.
This new acquisition follows the company's announced £19.7 million fundraising, which involved the issuance of 6,057,914 new shares at a price of approximately £3.25 per share.
The Smarter Web Company currently holds a total of 2,050 BTC. These Bitcoins were purchased at an average cost of £81,346 ($108,556), bringing the total spend to £166.76 million ($222.54 million).
With this size, the company became the largest institutional Bitcoin holder in the UK and among the top 25 public Bitcoin treasuries globally.
The company's CEO, Andrew Webley, stated that they purchased more than 1,500 BTC in July alone and aim to quickly become one of the top 20 treasury holders. Currently trading at $118,085, the company is reportedly making a profit of $19.53 million, a gain of approximately 8.8% on paper.
The company, which has been accepting payments with Bitcoin since 2023, announced in April that it would shape future growth in this direction by adopting a Bitcoin treasury policy.
After the company began trading on the Aquis Exchange on April 25 under the symbol SWC, its shares quickly surged 20,000% to £605 after the announcement of its treasury strategy, before falling 70% to £192.66. The stock is currently trading flat at £208.45.
*This is not investment advice.
