The Smarter Web Company has increased its Bitcoin holdings after buying another 10 BTC, adding to its growing treasury strategy.
Summary
- The Smarter Web Company purchased 10 more Bitcoins and raised its total holdings to 2,869 BTC.
- The company used its Coinbase credit facility to support its Bitcoin treasury strategy while keeping leverage at about 12.19%.
- The latest purchase places the firm among publicly listed Bitcoin treasury companies expanding their BTC reserves.
The Smarter Web Company said in a May 26 disclosure that it purchased 10 Bitcoin at an average price of £55,786 per coin. The UK-listed firm said the deal cost £557,865 and lifted its total Bitcoin holdings to 2,869 BTC.
According to the company, its total Bitcoin investment now stands at £232.48 million. The firm also reported an average purchase cost of £81,032 per BTC, or about $109,000, across its full Bitcoin position.
The latest purchase came at a lower price than the company’s average cost basis. The disclosure showed that the new Bitcoin was bought at about $74,904 per coin, based on the stated pound-to-dollar equivalent.
Coinbase facility supports BTC strategy
The Smarter Web Company said the Bitcoin purchase follows the continued use of a credit facility arranged with Coinbase. The company has drawn £18 million from the facility so far.
According to the disclosure, the company’s leverage ratio stands at about 12.19%. The loan is secured against existing Bitcoin holdings, which means the firm is using part of its BTC position to support further treasury activity.
The company said the Coinbase facility carries a variable interest rate between 6.75% and 7.25%. It also said the loan can be repaid at any time without penalty, giving management room to adjust its debt exposure.
Bitcoin yield remains a key metric
Management said the company has achieved a quarter-to-date Bitcoin yield of 15.43%. The company uses this figure to measure changes in Bitcoin holdings compared with its fully diluted share count.
The Smarter Web Company has used this metric as part of its Bitcoin treasury reporting. The company’s disclosure tied the figure to its focus on building BTC holdings through capital allocation decisions.
The firm, which provides web design, development, and online marketing services, began accepting Bitcoin payments in 2022. Since then, it has added Bitcoin to its corporate treasury plans.
Public Bitcoin treasury firms gain attention
The Smarter Web Company now ranks 27th among publicly listed Bitcoin treasury companies by total holdings, based on the figures included in the company’s latest update. Its 2,869 BTC position places it among listed firms using Bitcoin as a balance sheet asset.
Additional context from the sector shows that other firms are also expanding or adjusting their Bitcoin strategies. Strive recently disclosed that its SATA preferred stock absorbed about 453 Bitcoin in one day, which was more than the daily mining supply.
At the same time, Strategy has focused on reducing debt while still increasing its Bitcoin holdings through equity issuance. Recent related reports said Strategy repurchased $1.5 billion of convertible debt at an 8% discount and raised its Bitcoin holdings to 843,738 BTC.
The Smarter Web Company said it is also pursuing acquisitions to grow its client base and recurring revenue while continuing to build its Bitcoin position. Its latest 10 BTC purchase now raises total holdings to 2,869 BTC, extending the strategy previously covered by crypto.news as more public companies add Bitcoin to their balance sheets.
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