Bitcoin treasury shares fell on Thursday after The Smarter Web Company completed an accelerated bookbuild raising approximately £41.2 million, significantly exceeding its £30 million target.

The firm issued 14.2 million new shares at 290p each through institutional investors via Tennyson Securities and Peterhouse.

The company plans to use the funds for organic growth around existing services and an acquisition strategy to accelerate scale. It will also use the cash to fund further bitcoin purchases.

Today’s placing follows a series of fundraising efforts by the company, including a recent issue of shares at 495p that raised £3.8 million.

The Smarter Web Company shares were trading at 255p at the time of writing, below the accelerated bookbuild price of 290p and around 50% below recent highs of 500p.

The decline in The Smarter Web Company shares sparked a wave of selling across companies that have raced to adopt Bitcoin treasuries after Smarter Web blazed a trail following their recent IPO.

Vinanz, Pri0r1ty Intelligence, Sundae Bar, TAO Alpha, GSTechnologies, Cel AI, and Cykel AI were all down heavily on Thursday.

When helium and metals exploration companies such as Mendell Helium and Panther Metals announce they are adopting Bitcoin treasury policies, you have to question the motivations behind the decisions to diversify their balance sheets into cryptocurrency and whether some of the sharp share price gains recorded after announcing BTC treasuries are justified. Time will tell.

Incidentally, Mendell Helium was a cannabis company up until last year and has made the remarkable pivot from a company focused on cannabis and hemp to a helium explorer with a Bitcoin treasury. The company hasn’t announced meaningful revenues from either the cannabis or helium businesses.

With Bitcoin prices remaining steady at around $100,000, the companies that have adopted a Bitcoin treasury in recent weeks have yet to make any material gains from their Bitcoin purchases.

Many of the companies adopting Bitcoin treasuries are still working towards achieving steady revenue streams and will require cash to fund operations. They will be quids in if the Bitcoin price rallies, but their growth plans could be curtailed if the price falls.

Made Tech, the provider of digital and technology services to UK government departments and local councils, has delivered growth that exceeded market expectations for the year ending May 2025.

Shares were 17% higher after the group announced revenue of approximately £46.4 million, up 20% from £38.6 million the previous year. Adjusted EBITDA jumped to £3.4 million compared to £2.4 million in 2024 – a 42% increase that lifted margins from 6.2% to 7.3%.

Made Tech’s results have surpassed analyst forecasts that had already been upgraded earlier this year.

The group is benefiting from the government’s approach to digital transformation and the drive to improve internal systems with the help of companies such as Made Tech.

Sales Bookings Surge 128%

The standout metric was new sales bookings, which soared 128% to £82.1 million from £36.0 million. Made Tech secured major contracts, including an £8.4 million three-year deal with the Ministry of Justice’s Legal Aid Agency, alongside multiple smaller agreements with the Department of Health and Social Care.

The new contract win has built a substantial contracted backlog of £92.0 million, up from £60.6 million previously, providing strong revenue visibility for future periods.

The company’s balance sheet remained robust with net cash of £10.4 million – a 37% increase from £7.6 million. Made Tech continues to operate debt-free.

“I’m pleased with the progress we’ve made this year, delivering strong revenue growth, improved profitability and continued free cash flow generation. Investment in our sales and bid capability is starting to deliver, with a step change in bookings and a significantly larger Contracted Backlog,” said Rory MacDonald, Chief Executive Officer.

“The UK Government’s renewed focus on digital transformation and data as a growth asset through the recently announced Spending Review, the State of Digital Government report, the UK’s Modern Industrial Strategy and the Strategic Defence Review has reinforced a growing long term market opportunity with clear demand for modern digital technology and the potential for sustained returns.”

Shell has addressed recent reports suggesting they were lining up an offer for BP with a statement issued on Thursday squashing speculation of a mega deal.

Shell said in a statement:

‘In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer.’

The oil major continued to say it ‘confirms it has no intention of making an offer for BP’.

There has been little market reaction to the media reports or Shell’s subsequent statement. BP shares were flat at the time of writing on Thursday.

The deal, should it hypothetically go ahead in the future, would be one of the biggest M&A transactions between London-listed companies in history. It would also further reduce the number of major global companies listed in London by combining two of them at a time when London is struggling to maintain its appeal to multinational companies.

“Shell has denied media speculation of early talks to buy rival BP. Structurally lower oil prices are causing the majors to look at their options, but given Shell’s superior asset quality and balance sheet, any combination may be difficult for its shareholders to stomach,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“Cherry picking some flagship assets could be another option, but that’s unlikely to satisfy BP investors. For now, the focus for Shell is likely to remain on buying back its own shares.”

GSTechnologies is the latest company to adopt a Bitcoin Treasury Policy as London-listed firms race to emulate the strategies of US groups such as MicroStrategy, which have long held bitcoins on their balance sheet.

The company’s directors believe Bitcoin offers liquidity comparable to cash whilst serving as a reliable store of value. They say the policy will reduce counterparty and exchange rate risks while potentially boosting shareholder returns.

GSTechnologies’ decision to adopt a Bitcoin Treasury Policy makes more sense than most as the move aligns with GST’s GS Money strategy and its operation of the Bake Cryptocurrency Platform, which it acquired earlier this year.

As a digital asset services specialist, the company says it is well-positioned to integrate Bitcoin into its corporate treasury and strengthen its position in the blockchain economy.

GST clearly has operational exposure to cryptocurrency. Some would question whether a Bitcoin treasury suits the business models of some of the other companies that have adopted them in recent weeks.

GSTechnologies shares rose 25% on Wednesday as the bitcoin treasury trade rotated into the stock.

“We continue to make significant progress with the Group’s GS Money strategy, including the advancement of the Bake Cryptocurrency Platform acquired at the beginning of the year,” said Tone Goh, Chairman of GST.

“Holding a significant proportion of the Company’s cash resources in Bitcoin makes perfect sense given the Group’s operations and the services it is providing to its clients.  We are excited about the potential for Bitcoin to enhance shareholder value while reinforcing our leadership in the digital asset space.”

Halfords issued a very respectable set of preliminary results on Wednesday, reflecting delivery on their strategy and success in fighting off the impact of inflation.

Underlying profit before tax rose 6.4% to £38.4m—beating analyst guidance as group sales rose 2.5% on a like-for-like basis.

Halfords shares were marginally higher at the time of writing. The stock is up 30% year-to-date.

The Autocentres division showed particular strength, with underlying EBIT up 21.2% to £18.3m reflecting successful “Better Buying” initiatives, robust growth in Service, Maintenance and Repair activities, and productivity improvements. Autocentre revenue actually fell during the year, underscoring the impact of the efficiency drive.

The company ended the year with net cash on its balance sheet and increased its total dividend by 10% to 8.8p.

The company said they had started the year in line with expectations and were planning further measures to deal with inflation.

“Halfords has become the latest retailer to issue a cautious update on the outlook for consumer spending, which comes despite its steady expansion into the higher-margin car servicing business,” said Chris Beauchamp, Chief Market Analyst at IG.

“The rise in earnings for the autocentre division suggests the new CEO appointment is bearing fruit. Overall today’s numbers seem to provide the justification for the recent share price bounce to the current eighteen-month highs.”