The Smarter Web Company, a London-listed technology firm, has announced the acquisition of an additional 104.28 Bitcoin worth £8.1 million as part of its long-term cryptocurrency investment strategy.
The purchase, made at an average price of £77,751 per Bitcoin (equivalent to $104,451), represents the latest move in the company’s “10 Year Plan,” which includes an ongoing treasury policy focused on Bitcoin accumulation.
With this recent acquisition, Smarter Web Company’s total Bitcoin holdings have reached 346.63 Bitcoin, representing a cumulative investment of £27.2 million. The company’s overall average purchase price across all Bitcoin acquisitions stands at £78,480 per Bitcoin ($105,430).
Smarter Web Company shares were trading at 382.5p at the time of writing, valuing the company at over £800m.
The technology company, which trades on the AQUIS exchange under the ticker SWC and on the OTCQB market as TSWCF, has taken the market by storm after listing with a market cap of under £5m.
The Smarter Web Company has Bitcoin holdings of around £27m and cash of around £20m. The sharp disconnect between the company’s assets may persist for a while longer, but such disparities rarely last forever.
In addition to the latest Bitcoin purchase, the company announced the signing of a subscription agreement for 21 million newly issued shares. Of the 21 million, 7 million have been made available in an initial tranche, which can’t be placed at a price lower than the previous day’s closing price.
The Smarter Web Company sparked a wave of companies in London adopting a Bitcoin treasury that emulates US counterparts such as MicroStrategy.
It’s going to be interesting to see what happens with these recent adopters if Bitcoin falls and these companies need cash to fund ongoing operations.