The Smarter Web Company, a web design and marketing firm based in the UK, raised £41.2 million ($56.59 million) just days after purchasing 196 bitcoins to increase its holdings.
The company announced on Thursday (June 26) that the funds were raised from institutional investors through an accelerated book-building process, a method that allows companies to quickly raise funds, typically within one to two days, without any marketing.
The Smarter Web Company raised £36.27 million ($49.8 million) through the book-building process and an additional £4.97 million ($6.82 million) through subscriptions. The issue price was set at £2.9 ($3.98) per share.
The company expects the shares from both issuances to take effect on July 1.
The fundraising occurred two days after The Smarter Web Company announced it spent over $20 million to purchase 196.8 bitcoins at an average price of $103,290 each.
As of Tuesday (June 24), the company held 543.52 bitcoins, with an average purchase price of $104,450, currently valued at approximately $58.19 million.
The Smarter Web Company has purchased BTC five times in June alone, increasing its bitcoin holdings from 83.24 at the end of May to 543.52, an increase of 460.28 in less than 30 days.
The company launched its bitcoin reserve strategy in April but has been accepting bitcoin as a payment method since 2023.
In the US, The Smarter Web Company trades on the OTCQB market, which is an over-the-counter market composed of startup or developing companies.
According to Google Finance, shares of Smarter Web Company PLC (TSWCF) fell 15% on Thursday, closing at $3.56, with an intraday low of $3.19.
Its stock dropped another 1.8% in after-hours trading, ultimately closing at $3.49. Despite the recent decline, the company's stock is still up 274% year-to-date.
Although the UK lacks clear laws regarding digital assets, other UK companies continue to purchase bitcoin.
On June 24, Vinanz, a company listed on the London Stock Exchange that claims to be a bitcoin reserve company, announced it acquired 37.72 bitcoins, bringing its total holdings to 58.68.
In April, London-based investment firm Abraxas Capital purchased over $250 million worth of bitcoin.
Related: Analyst: Michael Saylor's strategy has a 91% probability of qualifying for the S&P 500 in Q2
Original article: “UK Company (The Smarter Web Company) Successfully Raises $56 Million Days After Spending Big on Bitcoin (BTC)”
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