The Smarter Web Company, a UK web design and marketing firm, has successfully raised £41.2 million ($56.59 million) shortly after purchasing $20 million worth of Bitcoin, increasing its total holdings to over 540 BTC. The capital raise, completed via an accelerated bookbuild process, amounted to £36.27 million ($49.8 million) from institutional investors and £4.97 million ($6.82 million) through subscriptions. The offer price was set at £2.90 ($3.98) per share, with expectations for the issuance to take effect on July 1. Just two days prior, the company acquired 196.8 Bitcoin at an average price of $103,290 each, bringing its total Bitcoin holdings to 543.52 BTC, worth approximately $58.19 million. Despite the recent investment in Bitcoin, the company’s stock saw a decline of 15% following the announcement, reflecting volatility in the cryptocurrency market. Other UK firms like Vinanz and Abraxas Capital are also increasing their Bitcoin holdings, indicative of a growing trend among companies to embrace digital assets.

Source 🔗