The Smarter Web Company hits 1,000 BTC treasury milestone with another $24 million bitcoin buy

The Smarter Web Company, a UK web design firm that has transitioned into a bitcoin treasury-focused company, announced on Monday that it has acquired an additional 226.42 BTC for £17.87 million ($24.4 million) at an average purchase price of £78,932 ($107,726) per bitcoin.

As a result, the Aquis-listed firm now holds a total of 1,000 BTC — bought at an average price of £78,228 ($106,766) per bitcoin for a total cost of £78.2 million ($106.8 million). Bitcoin is currently trading for $108,370, meaning the firm is up 1.5% on its investment on paper. The firm also holds £42.3 million ($57.7 million) in available cash in its treasury.

The fast pace of the Smarter Web Company's bitcoin acquisitions already ranks it 31st of 135 public company holders, per Bitcoin Treasuries data, placing it between Cipher Mining and Core Scientific, closing in on the top 25.

The Smarter Web Company offers web design, development, and online marketing services, generating revenue from setup fees, annual hosting fees, and optional monthly charges. It has accepted bitcoin payments since 2023 and began integrating a bitcoin treasury policy in April as part of its belief in Bitcoin's role in the future financial system.

UK bitcoin treasury companies on the rise

While U.S. firms, led by Michael Saylor's Strategy, continue to dominate corporate bitcoin acquisitions, the number of BTC treasury companies in the UK is also on the rise.

The Smarter Web Company is the largest of more than a dozen UK firms that have adopted or plan to adopt a bitcoin treasury strategy. The second-largest is Phoenix Digital Assets with 247 BTC ($26.4 million), followed by Coinsilium with 74 BTC ($7.9 million), according to Bitcoin Treasuries data. Crypto asset manager CoinShares, based in the British Crown Dependency of Jersey also holds 236 BTC.

The Smarter Web Company was listed on the Aquis Stock Exchange under the ticker SWC through a reverse takeover and began trading on April 25. Aquis is a UK exchange for small and mid-sized growth firms, with under 100 listings and a total market cap below £5 billion ($6.9 billion) — a low-cost alternative to the London Stock Exchange but far smaller and less liquid.

The firm's stock subsequently rose nearly 20,000% to £605 following the announcement of its bitcoin treasury strategy, before plunging nearly 70% to a low of £192.66. SWC is currently trading down 10% on Monday at £295.