The Smarter Web Company Acquires 104 BTC Worth $10M

The Smarter Web Company, a London-based publicly listed technology firm, has announced a significant increase in its Bitcoin holdings. According to a recent disclosure, the firm purchased an additional 104.28 BTC for approximately $10 million. The coins were bought at an average price of $104,451 per bitcoin. 

Following this announcement, the company’s stock experienced a significant surge of over 15% and a more than 1,000% rally in the month. 

The Smarter Web Holds 346 BTC 

The latest acquisition brings the company’s total BTC stash to 346.63 bitcoins. These holdings were purchased at an aggregate cost of $36.5 million, averaging approximately $105,430 per coin. The firm funded its recent purchase with a mix of cash reserves and a $37.1 million equity offering, which received support from institutional investors.

This move is part of the company’s broader strategy to integrate cryptocurrency into its financial operations. It also aligns with its “The 10 Year Plan” which aims to acquire as much Bitcoin as possible using its reserve cash. Notably, the Smarter Web Company has been accepting it as a form of payment since 2023. 

BTC as a Core Reserve Asset

The company views Bitcoin as a core part of the future global financial system. It believes that holding the asset will provide a stable store of value and growth for its reserve. Moreover, the firm acknowledges the risks associated with Bitcoin, including volatility, regulatory uncertainty, and potential operational failings. Therefore, it encourages prospective investors to conduct their own research before investing.

“At the outset, it is important to note that an investment in the Company is not an investment in Bitcoin, either directly or by proxy. However, the Board of Directors of the Company considers Bitcoin to be an appropriate store of value and growth for the Company’s reserves and, accordingly, the Company is materially exposed to Bitcoin,” the firm added. 

Mirroring Strategy, the world’s largest corporate BTC holder, other firms are embracing a Bitcoin treasury strategy. Earlier this week, Japanese investment firm Metaplanet purchased 1,112 BTC for approximately $17 million. Similarly, DDC Enterprise raised $528 million to expand its Bitcoin reserves through three securities purchase agreements on the New York Stock Exchange. 

The post The Smarter Web Company Acquires 104 BTC Worth $10M appeared first on Cointab.