Smarter Web Buys More Bitcoin, Pushes Its Market Value To £1B

The Smarter Web Company, listed on the Aquis Stock Exchange, recently announced it bought more Bitcoin (BTC) to add to its growing coin stash. This news has caused the company’s value, once a small UK-based web design business, to jump from £3.7 million to over £1 billion. This dramatic rise followed its decision to buy large amounts of Bitcoin (BTC) as part of a new business strategy. Smarter Web Makes A Big Move into Bitcoin Treasury On Tuesday, Smarter Web announced it bought 196.9 more BTC for £15.2 million, equivalent to $20.3 million. The company now owns 543.52 Bitcoins. They paid an average price of £77,988 for each coin, about $104,450. So far, Smarter Web has invested £42.4 million, or $56.8 million, in Bitcoin. At the same time, the company continues to provide web design, development, and online marketing services. It also earns money through setup fees, yearly hosting charges, and optional monthly plans. However, since April, the company, like many others, has also focused on building a Bitcoin treasury . In 2023, Smarter Web started accepting Bitcoin payments, believing it would be necessary for the future financial system. Confidence Fueled By Long-Term Gains with BTC The Smarter Web Company shared a 10-year growth plan to expand its customer base through web services and buy more Bitcoin when the time is right. The goal is to increase the company’s value and deliver long-term returns to shareholders. Since starting this plan, the company has become the UK’s largest Bitcoin holder. After a reverse takeover, it began trading on the Aquis Stock Exchange on April 25 with a value of about £3.7 million ($5 million). After announcing its Bitcoin strategy, its stock price soared nearly 20,000%, pushing its company value above £1 billion, equivalent to $1.4 billion. Even after a recent drop, Smarter Web remains the top company listed on Aquis. Smarter Web Backed By Bitcoin Heavyweights The Smarter Web Company is not making these moves alone. It is working with UTXO Management, a Bitcoin-focused investment firm led by David Bailey. David Bailey also runs Bitcoin Magazine and founded Nakamoto, a company that recently secured $51.5 million through a private deal. Bailey and UTXO’s Chief Investment Officer, Tyler Evans, are on the company’s board. UTXO also invested in Smarter Web before it went public and is involved in other Bitcoin firms like Metaplanet and The Blockchain Group. While Smarter Web believes in Bitcoin’s long-term value, the UK’s Financial Conduct Authority (FCA) is unconvinced. The agency has warned that this kind of investment is high risk due to Bitcoin’s price swings. Coinbase’s David Duong also warned that companies using borrowed money to buy crypto could pose financial risks. However, he noted that the danger is still relatively limited. The post Smarter Web Buys More Bitcoin, Pushes Its Market Value To £1B appeared first on TheCoinrise.com .

Source: The Coin Rise