The Smarter Web Company boosts Bitcoin holdings to 346 BTC after doubling fundraising target

The Smarter Web Company has expanded its BTC treasury to over 346 coins, following a a highly successful fundraise that brought in nearly double its initial target. On June 19, London-listed technology firm The Smarter Web Company announced that it had expanded its Bitcoin ( BTC ) treasury with the acquisition of 104.28 BTC at an average price of £77,751 ($104,451) per coin. The purchase, totaling £8,108,114, brings the company’s total BTC holdings to 346.63 BTC. Altogether, the company has spent £27.2 million on Bitcoin so far, with an average purchase price of £78,480 ($105,430) per BTC. The acquisition follows a recently completed fundraise, announced on June 16, which was done through a mix of institutional bookbuilding and qualified investor subscriptions. The fundraising target was at least £15 million, but due to strong demand, they raised approximately £29.3 ($37.1) million — nearly double that amount. However, the capital raise resulted in a 7.39% dilution for existing shareholders, including directors, who maintained their share counts but saw slight decreases in ownership percentages. You might also like: U.K.’s Smarter Web Company adds $2.7m worth of Bitcoin to its holdings The Smarter Web Company regularly adds to its Bitcoin stash as part of its long-term “10 Year Plan,” which centers on keeping an active Bitcoin treasury as a key part of its financial strategy. Just a few days before the latest fundraising, on June 13, they bought 74.27 BTC for £5.98 million, bringing their total to 242.34 BTC at that point. With the latest purchase of 104.28 BTC, their Bitcoin holdings have jumped by 43% since that last buy. Other UK companies are also expanding their BTC holdings. Most notably, London-based investment firm Abraxas Capital recently acquired approximately 2,949 BTC, worth over $250 million, taking advantage of a market dip. Meanwhile, more UK firms are embracing a Bitcoin treasury strategy inspired by Michael Saylor’s Strategy . For example, Bluebird Mining Ventures Ltd., a London-listed gold miner, recently announced plans to convert revenue from its gold operations directly into BTC, making it the first UK mining company to formally adopt a “gold-to-digital-gold” treasury approach. You might also like: H100 ramps up Bitcoin accumulation strategy with $15.8M convertible loan from Adam Back

Source: crypto.news