According to Cointelegraph, UK-based The Smarter Web Company raised £41.2 million and a few days ago purchased 196 Bitcoin. This funding was obtained from institutional investors through an accelerated book building method.
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 shares are 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, valued at approximately $58.19 million.
The Smarter Web Company launched its Bitcoin strategy in April and has purchased Bitcoin five times in June, 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, and falling another 1.8% in after-hours trading. Nevertheless, the stock price has still increased by 274% year-to-date.
Other UK companies are also increasing their holdings of Bitcoin, despite the country's unclear legal stance on digital assets.