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LONDON - The Smarter Web Company PLC (AQUIS:SWC) announced Tuesday it has purchased an additional 295 bitcoin at an average price of £89,000 ($119,412) per bitcoin, representing a total investment of £26.3 million.
According to the company’s press release, this acquisition brings its total bitcoin holdings to 2,395 bitcoin, purchased at an average price of £82,399 ($110,555) per bitcoin, with a cumulative investment of £197.3 million.
The London-listed technology company, which provides web design, development and online marketing services, described the purchase as part of its "10 Year Plan" that includes an ongoing treasury policy of acquiring bitcoin.
The company reported it has approximately £700,000 in net cash available for potential future bitcoin purchases.
The Smarter Web Company began accepting bitcoin as payment in 2023 and has integrated cryptocurrency into its corporate strategy, stating it "believes that Bitcoin forms a core part of the future of the global financial system."
The firm noted its bitcoin holdings have yielded a 55,069% year-to-date return and a 76% return over the past 30 days, based on its internal calculations.
The Smarter Web Company trades on multiple exchanges including AQUIS Exchange, OTCQB, and the Frankfurt Stock Exchange.
The company’s board acknowledged in its statement that while it considers holding bitcoin to be in the company’s best interests, the UK’s Financial Conduct Authority views bitcoin investment as high risk, with potential for significant price volatility and market risks.
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