The Smarter Web Company PLC has bought an additional 295 Bitcoin, spending about £26.3 million ($35 million) as part of its ongoing 10-year treasury plan. The purchase brings the company’s total Bitcoin holdings to 2,395 coins. These were bought at an average price of £82,399 ($110,555) each, with a total investment so far of around £197.3 million ($263 million).
The company’s latest purchase was confirmed in an official statement, which explained that its 10-year plan includes regularly adding Bitcoin to its treasury. It also said that the firm has about £700,000 available in cash to buy more Bitcoin in the future.
Adding Bitcoin Into Core Strategy
The London-listed company, which provides web design, development, and online marketing services, began accepting Bitcoin as payment last year. It has since made Bitcoin a key part of its corporate strategy, believing the cryptocurrency will play an important role in the future global financial system.
According to the company’s data, its Bitcoin holdings have gained 55,069% year-to-date and a 76% return in the past 30 days. This reflects the sharp rise in Bitcoin’s price and the company’s long-term confidence in the asset.
The Smarter Web Company shares are traded on several exchanges, including the AQUIS Exchange in London, OTCQB in the US, and the Frankfurt Stock Exchange. This makes it one of the few technology companies listed in multiple markets that hold Bitcoin on their balance sheet.
The company’s board also noted the UK Financial Conduct Authority’s (FCA) view that Bitcoin investments carry high risks due to price volatility and market uncertainties. Despite this, the firm believes holding Bitcoin is in its best interest.
Also Read: MetaPlanet Acquires 518 BTC, Holdings Reach 18,113 BTC
