The Smarter Web Company, a web design and digital marketing business based in the UK, has secured £41.2 million ($56.6 million) in new funding after buying a large amount of Bitcoin
The company announced on June 26 that the funds came from institutional investors through a fast fundraising process called an accelerated bookbuild.
This method allows companies to raise money in a short time without promoting the offer in advance.
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The money was collected in two parts. The first raised £36.27 million ($49.8 million) through the main offer. The second part brought in another £4.97 million ($6.82 million) through a separate subscription offer.
Shares were sold at £2.90 ($3.98) each, and the company expects the new shares to begin trading on July 1.
On June 24, Smarter Web revealed it had spent over $20 million to purchase 196.8 Bitcoin at an average price of $103,290 per coin. This brought its total Bitcoin holdings to 543.52 BTC, with an average purchase price of $104,450.
The company has been actively adding to its Bitcoin position in June. Its holdings have grown from 83.24 BTC to 543.52 BTC since May 29, with five separate purchases in June alone. That represents a total increase of 460.28 BTC in less than a month.
Recently, ECD Automotive Design, known for rebuilding classic Land Rovers and Jaguars, signed a $500 million equity deal with ECDA Bitcoin Treasury LLC. What is the funding for? Read the full story.
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