The Smarter Web Company’s Bitcoin Acquisition
The Smarter Web Company, a Bitcoin treasury firm listed in the U.K., has made headlines with its latest acquisition of Bitcoin, amounting to an investment of $12.1 million. This strategic move, which took place on October 13, increased the company’s total Bitcoin reserves to an impressive 2,650 BTC, a value of approximately $219.5 million based on current market rates. The London-based firm announced an addition of 100 BTC to enhance its cryptocurrency portfolio as part of its ambitious “10-year plan.”
Company Ranking and Performance
Ranking 30th among the top 100 public companies holding Bitcoin, the Smarter Web Company has managed to surpass competitors like HIVE Digital and Exodus Movement, according to data from Bitcoin Treasuries. The company is not just accumulating Bitcoin; it has also reported a yield of up to 57,718% year-to-date, with a quarterly yield standing at 0.58% based on its current holdings.
Stock Performance and Market Trends
Following the recent purchase, the Smarter Web Company experienced a modest rise of about 0.63% in its stock price, a slight bounce back from its recent downward trend. Nevertheless, the firm’s shares have seen a nearly 30% decline over the past month, previously peaking at £1.59. Significant recent trading activity includes a prior purchase of 25 BTC on October 7. As of the latest data, shares are trading below £1, and the company’s stated Net Asset Value is 1.21, indicating investors are paying £1.21 in stock value for each £1 of treasury value, which consists of BTC and cash.
Shifting Corporate Attitudes Towards Bitcoin
The growing enthusiasm for Bitcoin as a treasury hold appears to be waning, with the number of corporate entities now tallying at 346 globally, all of which stockpile 3.91 million BTC. This shift suggests that the notion of accumulating Bitcoin is transitioning from a unique strategy to a standard practice among various businesses. Share prices for Smarter Web Company reflect this change, having peaked at £5 in June, they have now plummeted to below £1, despite ongoing investments in Bitcoin.
