The Smarter Web Company Raises $56.59 Million, Buys 196 Bitcoin

The Smarter Web Company, a UK-based web design and marketing firm, has successfully raised 41.2 million British pounds, equivalent to approximately $56.59 million. This significant funding round comes just days after the company made a substantial investment by purchasing 196 Bitcoin. The raise came from institutional investors via accelerated bookbuild, a process where a company raises capital quickly, usually within one or two days, without any marketing push. The company raised 36.27 million British pounds with the bookbuild and a further 4.97 million British pounds by subscription. The offer price was 2.9 British pounds per share. The company expects the stocks issued across both offerings will go into effect from July 1.

The raise came two days after The Smarter Web Company said it spent over $20 million to buy 196.8 Bitcoin at an average price of $103,290 each. The company held 543.52 BTC as of Tuesday, bought at an average price of $104,450, a stash that’s currently worth around $58.19 million. The Smarter Web Company has purchased BTC five times in June so far, and its Bitcoin stack has increased from 83.24 BTC at the end of May to 543.52 BTC, an increase of 460.28 BTC in less than 30 days. The firm launched its Bitcoin treasury strategy in April, but has accepted Bitcoin as payment since 2023.

Other UK companies have been buying up Bitcoin despite the country’s lack of clear laws around digital assets. On Tuesday, Vinanz, a London Stock Exchange-listed firm that markets itself as a Bitcoin treasury company, said it acquired 37.72 BTC to bring its total holdings to 58.68 BTC. In April, London-based investment firm Abraxas Capital purchased Bitcoin worth more than $250 million.

This strategic move by The Smarter Web Company to invest in Bitcoin and raise significant capital highlights the company's proactive approach to leveraging digital assets and securing financial resources. The decision to invest in Bitcoin is indicative of The Smarter Web Company's forward-thinking approach to digital assets. By acquiring 196 Bitcoin, the company has positioned itself at the forefront of the growing trend of businesses integrating cryptocurrencies into their financial strategies. This move not only diversifies the company's asset portfolio but also aligns with the increasing acceptance and adoption of digital currencies in the global market.

The $56.59 million raised will likely be used to fuel the company's expansion plans, enhance its technological capabilities, and further solidify its position in the competitive web design and marketing industry. With this influx of capital, The Smarter Web Company is well-positioned to innovate and adapt to the ever-evolving digital landscape, ensuring sustained growth and success in the years to come. The company's proactive approach to both traditional funding and cryptocurrency investment underscores its commitment to staying ahead of industry trends and leveraging new opportunities for growth.