The Smarter Web Company (LSE:SWC), the London-listed software and digital services provider, has bought a further 83 Bitcoin for £5.2m, paying an average price of £62,676 per coin. The purchase lifts total treasury holdings to 2,830 BTC, against a net average purchase price across the whole treasury of £81,979 per coin.
The acquisition is the latest step under "The 10 Year Plan," the company's medium-term strategy of building a Bitcoin treasury alongside its core web design, development and online marketing business.
The company reported a quarter-to-date BTC Yield of 1.98%, the key performance indicator it uses to track changes in the ratio of total Bitcoin holdings to fully diluted shares in issue, as a gauge of whether its buying is accretive to shareholders.
Gross Bitcoin purchases to date stand at £240.75m, against gross sales of £8.75m, leaving net Bitcoin purchases of £232m; with the sales number reflecting the company's disposal in July of its entire position tied to the Smarter Convert instrument (when it repaid $11.7m owed to entities linked to TOBAM Group roughly two weeks ahead of scheduled maturity by selling 177.89 BTC).
The company's Coinbase Strategic Credit Facility, secured against its Bitcoin holdings, remains in place.
The facility is repayable at the company's discretion without additional charges, and the company said it will continue to review capital allocation priorities and disclose any material drawdowns or repayments in future regulatory announcements.
