The Smarter Web Company, a UK-based web design and Bitcoin treasury firm, has acquired 295 Bitcoin for £26.3 million ($35.2 million) at an average price of £89,000 ($119,412) per coin.

The purchase was funded through a £7.6 million share placement completed on Monday, involving the issuance of 3,452,086 new shares at approximately £2.21 each. 

The company stated that 4,490,000 shares remain to be issued under its current 14 million share subscription program, with a similar subscription agreement anticipated once the tranche is completed.

Following this transaction, the London-listed firm holds 2,395 Bitcoin, with an average acquisition cost of £82,399 ($110,555) per coin, totaling £197.3 million ($264.8 million) invested. 

Data from Bitcoin Treasuries lists the company as the largest corporate Bitcoin holder in the UK and among the top 25 publicly traded holders globally.

Based on Bitcoin’s current price of $118,917, the company’s holdings are valued at approximately $284.8 million, representing an unrealized gain of about $20 million, or 7.6%. 

The firm also reports £700,000 ($942,000) in cash reserves designated for potential additional Bitcoin purchases.

The company has acquired more than 1,500 Bitcoin in July alone, moving from 36th to 23rd position among 152 public companies holding Bitcoin, according to Bitcoin Treasuries data. 

CEO Andrew Webley has said the company is aiming to enter the top 20 in the near term.

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