Top British Corporate BTC Holder Determined to Buy
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Top British Corporate BTC Holder Determined to Buy More
The head of Britain’s largest corporate Bitcoin holder remains defiant in the face of a brutal market correction. He has pledged to continue his aggressive accumulation strategy despite seeing nearly $100 million wiped off the value of his firm's holdings in just three months.
Andrew Webley, CEO of the Smarter Web Company, told reporters on Monday that the web-design-turned-Bitcoin-treasury firm has no intention of altering its course. Even as Bitcoin tumbled to $74,574, Webley insisted that the volatility is irrelevant to his long-term thesis.
$98 million underwater
The conviction is being tested by harsh arithmetic. The Smarter Web Company currently holds 2,674 $BTC, acquired for a total of roughly £220 million ($276 million).
However, the company’s average entry price sits at a lofty $111,232 per coin. With Bitcoin trading near $74,500 following the market's negative reaction to Kevin Warsh’s nomination as Federal Reserve Chair, the firm is sitting on an unrealized loss of approximately $98 million, a 33% drawdown.
The pain has been felt acutely by shareholders. After positioning itself as a UK-based proxy for Bitcoin investment, the company saw its valuation briefly top £1 billion on the junior Aquis Stock Exchange. Since then, shares have cratered by 95%, significantly shrinking the value of Webley’s own 9% stake.
Despite the grim price action, Webley is doubling down on expansion. On Tuesday, the Smarter Web Company is scheduled to transfer its listing to the London Stock Exchange’s (LSE) main market.
Webley views the move as a critical step to "unlock more funding from large investors," which would presumably be used to acquire more Bitcoin to lower the company's average cost basis. He noted that the firm has already doubled its $BTC ownership since the July
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