UK-based web design and marketing company The Smarter Web Company has raised £41.2 million ($56.59 million) since purchasing 196 Bitcoin and adding it to its growing holdings.
The company said Thursday that the pay raises came through accelerated BookBuild from institutional investors. He said this is a process in which companies raise capital quickly, typically within a day or two, without a push in marketing.
The Smarter web company raised £3312.7 million ($49.8 million) from the bookbuild and an additional £4.97 million ($6.82 million) from the subscription. The offer price was 2.9 British pounds ($3.98) per share.
The company expects that the shares issued in both products will come into effect from July 1st.
Rays comes a few days after Holdings has passed 540 Bitcoin
The pay raise comes two days after the smarter web companies said they spent more than $20 million to buy 196.8 Bitcoin (BTC) on an average of $103,290 each.
The company had 543.52 BTC as of Tuesday, and was purchased at an average price of $104,450.
Smarter Web Company has previously purchased BTC five times in June, 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 under 30 days.
The company launched its Bitcoin financial strategy in April, but since 2023 it has accepted Bitcoin as a payment.
Stock prices drop during recent Bitcoin purchases
In the US, smarter web companies trade on OTCQB. This is a commercial market consisting of early or developing companies.
According to Google Finance, Smarter Web Company Plc (TSWCF) shares fell 15%, closing at $3.56 after hitting a low of $3.19 on Thursday.
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The shares fell another 1.8% after the bell, closing off the after-hours session at $3.49. Despite the recent decline, the company’s shares are still up 274% since the start of the year.
UK companies buy bitcoin
Other UK companies have acquired Bitcoin despite the lack of clear laws on digital assets.
On Tuesday, Vinanz, a London Stock Exchange-listed company sold as a Bitcoin treasury company, said it would acquire 37.72 BTC to bring its total holdings of 58.68 BTC.
In April, London-based investment company Abraxas Capital purchased more than $250 million in Bitcoin.
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