According to Cointelegraph, the UK’s The Smarter Web Company raised £41.2 million and purchased 196 Bitcoin a few days ago. This funding was obtained from institutional investors through an accelerated book-building process.
The company raised £36.27 million through book-building and £4.97 million through subscriptions, with an issue price of £2.90 per share. The stock is expected to become effective on July 1.
Two days before the financing, the company purchased 196.8 Bitcoin for over $20 million at an average price of $103,290. The company currently holds 543.52 Bitcoin, worth approximately $58.19 million.
The Smarter Web Company launched its Bitcoin strategy in April, and by June, it had purchased Bitcoin five times, increasing its holdings from 83.24 at the end of May to 543.52.
In the United States, the company trades on the OTCQB market, with its stock price dropping 15% on Thursday to close at $3.56, followed by a further drop of 1.8% in after-hours trading. Despite this, the stock price has still risen 274% year-to-date.
Other UK companies are also increasing their Bitcoin holdings, despite unclear legal regulations regarding digital assets in the country.
