- The Smarter Web Company has added 104.28 BTC to its treasury, bringing its total holdings to 346.63 BTC.
- Following the Bitcoin purchase, Smarter Web Co.’s stock jumped over 8%.
- Inspired by U.S. firms like Strategy, the British firm is part of a growing trend of companies integrating Bitcoin into treasury management.
The Smarter Web Co., one of Britain’s most aggressive corporate Bitcoin holders, has just added a further 104.28 Bitcoin to its treasury.
This move follows the company’s recent ascent to becoming one of the country’s most valuable listed firms, thanks to a dramatic rise in its stock price.
Smarter Web Co. Adds More Bitcoin
On Thursday, June 19, Smarter Web Co. completed the purchase of 104.28 Bitcoin at an average price of £77,751.
The company now holds a total of 346.63 Bitcoin, with a combined value of approximately £27.72 million at the time of reporting.
Following the purchase, shares in the company rose over 8% , pushing its stock price to more than four times what it was at the beginning of June.
This brings its market capitalisation to £880 million, making it one of the wealthiest constituents of the Financial Times Stock Exchange 250 (FTSE 250).
Bitcoin Focused
Taking the lead from U.S.-based Strategy, Smarter Web Co. believes that Bitcoin forms a core part of the future of the “global financial system.”
The web development and marketing firm has adopted a crypto-forward approach, implementing a “Bitcoin Treasury Policy” under which it is actively accumulating the digital asset.
This latest acquisition supports the firm’s “10 Year Plan,” in which it aims to acquire as much Bitcoin as possible using its reserve cash.
“The company believes that Bitcoin forms a core part of the future of the global financial system and as the company explores opportunities through organic growth and corporate acquisitions is pioneering the adoption of a Bitcoin Treasury Policy into its strategy,” Smarter Web Company said in a letter to investors.
In addition to organic growth, the company noted it will advance an “acquisition strategy targeting other businesses” to expand its client base and increase recurring revenue.
“By taking a pioneering approach to treasury management using digital assets, including Bitcoin, we believe we offer investors an excellent opportunity,” founder Andrew Webley said in a company memo.
Corporate Bitcoin Strategies
Corporate Bitcoin strategies have evolved significantly from what was once considered a controversial move, pioneered by firms like Strategy.
Allocating portions of corporate treasury reserves into Bitcoin has steadily gained traction as a viable financial approach.
GameStop’s recent pivot into Bitcoin, purchasing $513 million worth of the asset in May, has further pushed the movement into the mainstream.
Supporters of crypto argue the rationale is compelling. Bitcoin provides a hedge against inflation, a decentralized alternative to traditional banking systems, and an opportunity to attract a new generation of investors.
Michael Saylor, executive chairman and co-founder of Strategy, has long asserted that Bitcoin is “digital gold” with better long-term value than dollars.
However, holding substantial Bitcoin reserves comes with both high rewards and considerable risks.
The inherent volatility of Bitcoin means a significant drop in price could sharply reduce a company’s assets.
Despite these risks, Saylor and Strategy have remained committed to their approach, and it’s likely that others will continue to follow their lead.
