Smarter Web Company PLC (AQUIS: SWC) announced on Tuesday that it has purchased another 295 bitcoin at an average price of £89,000 ($119,412). This acquisition represents a total investment of £26.3 million.
According to the company’s press release, this latest purchase brings its total bitcoin holdings to 2,395 bitcoins. These bitcoins were acquired at an average price of £82,399 ($110,555), raising the total investment to £197.3 million.
The London-listed technology company, which provides web design, development, and online marketing services, stated that this acquisition was part of its “10-Year Plan,” a treasury policy that includes accumulating bitcoin.
The company also noted that it holds approximately £700,000 in net cash for potential future bitcoin purchases.
Smarter Web Company began accepting bitcoin for payments in 2023 and has integrated the cryptocurrency into its corporate strategy. The company stated, “We believe that bitcoin plays a fundamental role in the future of the global financial system.”
According to the firm’s internal calculations, its bitcoin holdings have yielded a 55.069% return since the beginning of the year and a 76% return in the last 30 days.
Smarter Web Company is traded on various exchanges, including the AQUIS Exchange, OTCQB, and the Frankfurt Stock Exchange.
In its board statement, the company acknowledged that while it believes holding bitcoin is in the best interest of the company, the UK’s Financial Conduct Authority views bitcoin investment as a high-risk investment due to significant price volatility and market risks.
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