The Smarter Web Company has purchased 11.89 Bitcoin for £559,493 ($752,936), increasing its holdings to 2,712 Bitcoin.

The latest Bitcoin was acquired at an average price of £47,052 ($63,328), about 43% below the company’s overall average cost of £82,886 ($111,548) per coin. Its net Bitcoin purchases now total £224.79 million.

The company reported a quarter-to-date BTC yield of negative 4.80%. 

Smarter Web Company reported 747 satoshis per share. Because the metric reflects both Bitcoin holdings and the fully diluted share count, it also captures the effect of ongoing equity issuance.

The company placed 3.3 million shares at approximately 31 pence each, raising £1.016 million before expenses. Investors also exercised 2.875 million warrants at 2.5 pence per share, generating another £71,875.

Following the warrant exercise, the company has 374,840,705 ordinary shares outstanding. Another 32.43 million warrants remain exercisable, including 25.78 million held by Chief Executive Andrew Webley and his spouse.

Borrowings under the company’s Bitcoin-backed Coinbase credit facility remain at £18.5 million, with leverage estimated at 17%. Coinbase reduced the facility’s variable interest rate to 6% from a previous range of 6.75% to 7.25%.

Smarter Web Company does not self-custody its Bitcoin. Its disclosed custody providers include Coinbase, Xapo Bank, Fidelity Digital Assets, Anchorage Digital Bank and Kraken Financial, although it does not reveal how its holdings are divided among them.

The UK web-services company has accepted Bitcoin payments since 2022 and is pursuing a strategy that combines its operating business with continued Bitcoin accumulation.