The Smarter Web Company (LSE:SWC) announced its latest purchase, picking up 28 Bitcoin for £1.61m, as part of its "10 Year Plan", with the transaction taking total holdings to 2,778 Bitcoin and a reported total cost of £227.2m.
The purchase was made at an average price of £57,588 per Bitcoin and the company reports a total average purchase price across its treasury of £81,785 per Bitcoin, with a quarter-to-date BTC Yield of 12.98%.
Total drawings under the firm's Coinbase Strategic Credit Facility stand at £13.5m, an implied leverage ratio of approximately 9.3%. The loan is secured against the company's Bitcoin, carries a variable interest rate of 6.75%–7.25% and is repayable at the company's discretion.
The Smarter Web Company, which provides web design, development and online marketing services, adopted a policy in 2022 to accept Bitcoin payments and says it is building a Bitcoin treasury intended to be accretive to shareholders.
