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The Smarter Web Company has expanded its BTC treasury to over 346 coins, following a a\u00a0highly successful fundraise that brought in nearly double its initial target.<\/p>\n
On June 19, London-listed technology firm The Smarter Web Company announced<\/a> that it had expanded its Bitcoin (BTC) treasury with the acquisition of 104.28 BTC at an average price of \u00a377,751 ($104,451) per coin. The purchase, totaling \u00a38,108,114, brings the company\u2019s total BTC holdings to 346.63 BTC. <\/p>\n Altogether, the company has spent \u00a327.2 million on Bitcoin so far, with an average purchase price of \u00a378,480 ($105,430) per BTC.<\/p>\n The acquisition follows a recently completed fundraise, announced<\/a> on June 16, which was done through a mix of\u00a0institutional bookbuilding and qualified investor subscriptions. The fundraising target was\u00a0at least \u00a315 million, but due to strong demand, they raised\u00a0approximately \u00a329.3 ($37.1) million \u2014 nearly double\u00a0that amount. <\/p>\n However, the capital raise resulted in a 7.39% dilution for existing shareholders, including directors, who maintained their share counts but saw slight decreases in ownership percentages.<\/p>\n <\/p>\n The Smarter Web Company regularly adds to its Bitcoin stash as part of its long-term \u201c10 Year Plan,\u201d which centers on keeping an active Bitcoin treasury as a key part of its financial strategy. <\/p>\n Just a few days before the latest fundraising, on June 13, they bought<\/a> 74.27 BTC for \u00a35.98 million, bringing their total to 242.34 BTC at that point. With the latest purchase of 104.28 BTC, their Bitcoin holdings have jumped by 43% since that last buy.<\/p>\n Other UK companies are also expanding their BTC holdings. Most notably, London-based investment firm Abraxas Capital recently acquired approximately 2,949 BTC, worth over $250 million, taking advantage of a market dip. <\/p>\n