The Smarter Web Company ramps up bitcoin treasury with another $25 million buy, taking total holdings past 773 BTC

The Smarter Web Company, a UK web design firm that has transitioned into a bitcoin treasury-focused company, announced on Tuesday that it has acquired an additional 230.05 BTC for £17.97 million ($24.6 million) at an average purchase price of £78,103 ($107,126) per bitcoin.

The Aquis-listed firm now holds a total of 773.58 BTC — bought at an average price of £78,022 ($107,015) per bitcoin for a total cost of £60.4 million ($82.7 million). Bitcoin is currently trading for $106,963, meaning the firm is slightly down on its investment.

Nevertheless, the fast pace of The Smarter Web Company's bitcoin acquisitions already ranks it 36th of 135 public company holders, per Bitcoin Treasuries data, placing it between Bitcoin Treasury Corp, and KULR, closing in on the top 30 and 1,000+ BTC club.

The Smarter Web Company offers web design, development, and online marketing services, generating revenue from setup fees, annual hosting fees, and optional monthly charges. It has accepted bitcoin payments since 2023 and began integrating a bitcoin treasury policy in April as part of its belief in Bitcoin's role in the future financial system.

The David Bailey and UTXO Management-advised firm's 10-Year Plan focuses on expanding its client base organically and through selective acquisitions of bitcoin to deliver long-term value to shareholders and fund future growth.

Growing number of UK bitcoin treasury companies

While U.S. firms, led by Michael Saylor's Strategy, continue to dominate corporate bitcoin acquisitions, the number of BTC treasury companies in the UK is also on the rise.

The Smarter Web Company is the largest of more than a dozen UK firms that have adopted or plan to adopt a bitcoin treasury strategy. The second-largest is Phoenix Digital Assets with 247 BTC ($26.4 million), followed by Coinsilium with 74 BTC ($7.9 million), according to Bitcoin Treasuries data. Crypto asset manager CoinShares, based in the British Crown Dependency of Jersey also holds 236 BTC ($25.2 million).

The Smarter Web Company was listed on the Aquis Stock Exchange under the ticker SWC through a reverse takeover and began trading on April 25. Aquis is a UK exchange for small and mid-sized growth firms, with under 100 listings and a total market cap below £5 billion ($6.9 billion) — a low-cost alternative to the London Stock Exchange but far smaller and less liquid than the FTSE 100 or 250.

The firm's stock subsequently rose nearly 20,000% to £605 following the announcement of its bitcoin treasury strategy, before plunging nearly 70% last week to £192.66. SWC is currently trading for £249.75. That remarkable rise briefly took the web design firm from a fully diluted market cap of £3.7 million ($5 million) following its IPO to over £1 billion ($1.4 billion) — more than the likes of Aston Martin, with founder Andrew Webley aiming for it to become a FTSE 100 company.

Corporate accumulation warnings

Coinbase Institutional's Global Head of Research, David Duong, recently warned that leveraged corporate crypto buying may eventually pose "systemic risks," although he said that the pressure appears limited in the short term and the trend still has room to run.

On Monday, JAN3 CEO Samson Mow warned, "All of the bitcoin treasury companies helmed by CEOs that you've never heard of before and who likely don't understand what bitcoin is, will fold as soon as there is any significant drawdown."