bitcoin
Bitcoin (BITCOIN)
$119,864 -0.59%
ethereum
Ethereum (ETHEREUM)
$4,472 2.99%
binancecoin
BNB (BINANCECOIN)
$824.06 1.87%
solana
Solana (SOLANA)
$181.44 0.32%
ripple
XRP (RIPPLE)
$3.21 -0.09%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 0.17%
pepe
Pepe (PEPE)
$0.000012 0.95%
bonk
Bonk (BONK)
$0.000025 -5.20%
bitcoin
Bitcoin (BITCOIN)
$119,864 -0.59%
ethereum
Ethereum (ETHEREUM)
$4,472 2.99%
binancecoin
BNB (BINANCECOIN)
$824.06 1.87%
solana
Solana (SOLANA)
$181.44 0.32%
ripple
XRP (RIPPLE)
$3.21 -0.09%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 0.17%
pepe
Pepe (PEPE)
$0.000012 0.95%
bonk
Bonk (BONK)
$0.000025 -5.20%
bitcoin
Bitcoin (BITCOIN)
$119,864 -0.59%
ethereum
Ethereum (ETHEREUM)
$4,472 2.99%
binancecoin
BNB (BINANCECOIN)
$824.06 1.87%
solana
Solana (SOLANA)
$181.44 0.32%
ripple
XRP (RIPPLE)
$3.21 -0.09%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 0.17%
pepe
Pepe (PEPE)
$0.000012 0.95%
bonk
Bonk (BONK)
$0.000025 -5.20%
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
The Smarter Web Acquires 295 Bitcoin, Lifting Total Holdings to 2,395 BTC

Highlights:

  • The Smarter Web acquires 295 Bitcoin for $35.2 million at $119,412 each.
  • The firm now holds 2,395 BTC worth $284.8 million.
  • Smarter Web now ranks 23rd among public Bitcoin treasury companies worldwide.

The Smarter Web Company has reinforced itself in the corporate Bitcoin treasury market with a new purchase worth $35.2 million. The London-listed company bought 295 BTC at an average cost of $119,412 per coin. This brings its total holdings to 2,395 BTC. As Bitcoin now trades at $118,917, the treasury holding of the company amounts to around $284.8 million. The move remains part of its long-term “10 Year Plan” to accumulate a large Bitcoin reserve in its treasury strategy, according to the statement.

Advertisement

Banner

The management of the company sees Bitcoin as one of the cornerstones of the new global financial system. It started accepting Bitcoin as payment in 2023. Its acquisition approach shows the commitment to not only increasing the shareholder value but also strengthening its position in the market among publicly traded companies with significant Bitcoin reserves. The recent gains have already put the company holdings approximately $20 million above cost on paper.

Smarter Web Acquires 295 Bitcoin, Boosting Holdings

On a cumulative basis, the company has accumulated its reserves at an average of 82,399 (810,555) per BTC. This makes up a total investment of £197.3 million ($264.8 million). The rate of purchase has been particularly notable, with over 1,500 BTC purchased in July alone. This rapid growth made the firm jump to the 23rd position in the global ranking of publicly traded corporate Bitcoin holders within a month.

The firm has also been busy raising capital parallel to its acquisitions. Recently, the company raised £7.6 million through a share placement to issue more than 3.4 million new shares priced at around £2.21 each. There are another 4,490 million shares left in the present Tranche, and this call will be followed by another subscription agreement after this stage ends. At the moment, £700,000 ($942,000) in cash is left to spend on additional Bitcoin purchases.

Treasury Growth and Industry Context

A week prior to this new acquisition, Smarter Web had already acquired the first Bitcoin-denominated convertible bond in the UK. It was able to raise £21 million with the asset manager based in Paris, TOBAM. The 12-month bond consists of conversion rights and protection for either party. Once completely converted, it would issue 7.7 million new shares.

Furthermore, the company employs a performance measure known as BTC Yield that calculates the change in Bitcoin per assumed diluted share. The BTC Yield stands at 55,069% as of the year to date. It has increased by 76% within the past 30 days alone. The metric highlights the rate at which the company is adding Bitcoin value as compared to the number of shares.

Industry-wide corporate Bitcoin purchases are still heating up. Recently, Japanese company Metaplanet purchased 518 BTC worth $61.4 million at an average price of $118,519 per coin. The firm currently owns 18113 BTC. Meanwhile, an American-based strategy acquired 155 BTC, bringing its holdings to within 3% of the total 21 million in circulation.

eToro Platform

Best Crypto Exchange

  • Over 90 top cryptos to trade
  • Regulated by top-tier entities
  • User-friendly trading app
  • 30+ million users
9.9

5 Stars

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Advertisement

Banner

Advertisement

Banner

Advertisement

Banner