INSUBCONTINENT EXCLUSIVE:
UK-based web design and marketing firm The Smarter Web Company has raised 41.2 million British pounds ($56.59 million), days after it
purchased 196 Bitcoin to add to its growing holdings.The firm said on Thursday that 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
Smarter Web Company raised 36.27 million British pounds ($49.8 million) with the bookbuild and a further 4.97 million British pounds ($6.82
The offer price was 2.9 British pounds ($3.98) per share.The company expects the stocks issued across both offerings will go into effect
million to buy 196.8 Bitcoin (BTC) at an average price of $103,290 each.The company held 543.52 BTC as of Tuesday, bought at an average
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.Stock price
dwindles amid recent Bitcoin buysIn the US, The Smarter Web Company trades on the OTCQB, an over-the-counter market comprising early-stage
or developing companies.Shares in Smarter Web Company PLC (TSWCF) fell by 15% and closed Thursday at $3.56 after hitting an intraday low of
Source: Google FinanceRelated: UK FCA proposes lifting ban on crypto ETNs for retail investorsIts shares fell another 1.8% after the bell
and ended the after-hours session at $3.49
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.Magazine: North Korea crypto hackers tap ChatGPT, Malaysia road money
