The Smarter Web Company Acquires $24.6 Million in Bitcoin to Hold 773 BTC
The Smarter Web Company (SWC), a UK-based website design firm, has shifted to operate as a Bitcoin treasury firm. Key details include:
- SWC announced on July 1 that it purchased an additional 230.05 BTC for $24.6 million (£17.97 million).
- It now holds 773.58 BTC, with an average acquisition price of $107,015 (£78,022) per Bitcoin, totaling approximately $82.7 million (£60.4 million).
- The company began accepting BTC as payment in 2023 and established a treasury policy in April, viewing Bitcoin as crucial for the future financial system.
- SWC's Board of Directors believes holding Bitcoin benefits the company, but acknowledges FCA views Bitcoin investment as high risk.
- SWC aims to grow its client base through targeted Bitcoin acquisitions as part of a 10-year strategy advised by David Bailey and UTXO Management.
- After announcing its Bitcoin strategy, SWC’s stock surged nearly 20,000% to £605, then dropped around 70% to £192.66 before stabilizing at £244.50.
This move aligns SWC with other firms like Metaplanet, which has also adopted a Bitcoin treasury strategy.