The Smarter Web Company, a UK-listed technology firm, announced the acquisition of an additional 45.32 BTC as part of its ongoing treasury policy of acquiring Bitcoin outlined in “The 10 Year Plan.”
While the company’s Bitcoin accumulation strategy is still in its early stages, having just begun purchasing BTC in April earlier this year, its recent purchase boosted its Bitcoin holdings by nearly 55%.
According to a June 10 Regulatory News Service(RNS) document, the recent purchase totaled $4,736,000 at an average price of $104,935 per bitcoin.
This brings the company’s total bitcoin holdings to 168.08 bitcoin, with an overall investment of $17,703,000 at a Bitcoin DCA of $105,779 per Bitcoin.
Smarter Web Continues Betting Big on Bitcoin
This is not the first time The Smarter Web Company has engaged in Bitcoin; the firm has adopted a policy of accepting payment in Bitcoin since 2023.
The Company believes that Bitcoin is a core part of the future of the global financial system.
As it explores opportunities through organic growth and corporate acquisitions, it is pioneering the adoption of a Digital Asset Treasury Policy, including Bitcoin, into its strategy.
Source: SmartWebCompanySeveral companies have adopted a similar strategy of accumulating Bitcoin holdings in the past, reflecting a broader global trend led by companies like Strategy in the U.S. and Metaplanet in Japan.
Last April, another U.K.-listed company, Abraxas Capital, purchased nearly 3,000 BTC, which was worth $250 million at the time of purchase.
On June 4, a UK-listed gold miner, Bluebird Mining Ventures Ltd, announced plans to convert future revenue from its operations into Bitcoin. The company intends to become the first publicly listed UK mining firm to adopt a Bitcoin-first treasury strategy.
Similarly, at the start of June, UK-listed trading firm IG Group became the first company on the London Stock Exchange to allow retail investors to buy and sell individual cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as part of a new digital assets service.
Bitcoin Adoption Wave Increases Amid Scarcity, and Sky-High Predictions
All of these reflect the growing appetite for Bitcoin and crypto generally in the UK. Digital asset companies are flooding capital markets to raise funds for large-scale Bitcoin acquisitions, spurred by the cryptocurrency’s rally to a record $111,965 in May.
The surge, up over 50% from early April, has ignited a wave of listings and mergers as firms race to secure funding while investor appetite remains strong.
Currently, 126 publicly listed companies hold Bitcoin, up from 89 in April. Their combined stash is over 800,000 BTC, worth approximately $88 billion.
Source: BitcoinTreasuriesAt press time, Bitcoin has recovered over 2.07% in the past 24 hours. The cryptocurrency is currently trading at $109,725, after briefly touching an intra-day high of $110,561.42.
Source: CryptonewsThis recent pump has catapulted the Fear and Greed Index to 71, up over 10% in the last 24 hours, reflecting the market’s switch from relatively neutral to a state of Greed.
Source: Alternative.meThis has prompted Bitcoin analysts to believe the “digital gold” still has room for more upside.
Jesse Myers, head of Bitcoin strategy at Moon Inc., outlined that only 5.4% of the 21M Bitcoins remain to be mined.
And by 2028 (when the next Bitcoin halving would be happening), there will only be 3.125% left.
And now that only ~0.1% of the world has adopted Bitcoin as a primary savings technology/treasury asset, 99.9% of the world will fight over what’s left.
This has led to audacious predictions from Scott Melker and Billionaire Tim Draper that Bitcoin could hit $250,000 sooner than expected.
The post Publicly Traded UK Firm Buys 45 BTC Amid Peak Market Greed at 71 appeared first on Cryptonews.
