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Smarter Web Company has raised £17.5 million in fresh equity to accelerate its aggressive Bitcoin accumulation strategy.
Smarter Web Company, a London-listed Bitcoin treasury company, has raised £17.5 million through an equity offering to institutional investors, continuing its aggressive Bitcoin ($BTC) treasury strategy. The company sold 5.9 million new shares at £2.95 each in an accelerated bookbuild managed by Tennyson Securities and Peterhouse Capital Ltd.
The raise follows the company’s latest $BTC purchase on July 16, where it acquired 325 $BTC for £27.15 million ($36.45 million) at an average price of £83,525 ($112,157) per coin. This comes just days after a previous buy of 275 $BTC at an average of $108,182.
Smarter Web Company has been aggressively raising funds through institutional bookbuilding and qualified investor subscriptions. As investor @henrybomby pointed out, the company has raised £2,435,422 per day since its IPO, with much of the capital allocated to Bitcoin purchases as part of its “10-Year Plan,” which centers on keeping an active $BTC treasury as a key part of its financial strategy.
Smarter Web Company adopted a Bitcoin treasury strategy just in April this year, yet it has already accumulated 1,600 $BTC, enough to rank among the top 25 institutional holders globally.