Smarter Web CEO Sticks to Bitcoin Plan Despite $100M Loss in Value

TLDR

• Smarter Web Company has accumulated 2,674 BTC at an average cost of $111,000 per coin.
• The company’s Bitcoin holdings are currently down by nearly $100 million due to recent market fluctuations.
• CEO Andrew Webley remains confident in the company’s long-term Bitcoin strategy despite short-term losses.
• Smarter Web plans to move its listing to the main market of the London Stock Exchange to attract institutional capital.
• The company has increased its Bitcoin holdings and boosted the amount of BTC per share by 50% since the market peak last summer.

Smarter Web Company, a major UK-listed corporate Bitcoin holder, remains committed to its cryptocurrency strategy. Despite a recent sharp downturn in Bitcoin’s price, CEO Andrew Webley insists that the company’s long-term approach remains unchanged. Over the past three months, the company has seen nearly $100 million wiped off the value of its Bitcoin holdings.

Smarter Web’s Bitcoin Holdings Drop in Value

Smarter Web Company has amassed a significant Bitcoin position, holding 2,674 BTC, with an average cost of $111,000 per coin. With Bitcoin trading around $70,000, the company faces an unrealized loss of approximately one-third of its investment. Webley downplays the impact of these short-term fluctuations, reaffirming the company’s long-term Bitcoin investment plan.

The market volatility stems from various factors, including changes in U.S. monetary policy. These shifts have added pressure on the cryptocurrency market, leading to the recent downturn. Despite the loss, Webley maintains that the strategy of accumulating Bitcoin at favorable rates remains intact.

CEO Sticks to Long-Term Strategy

Andrew Webley remains confident in the company’s long-term prospects. He pointed out that despite the current drawdown, the company has expanded its Bitcoin holdings significantly. Since the market peak in the summer, Smarter Web Company has increased its Bitcoin stash and boosted the amount of BTC owned per share by 50%.

Webley emphasizes that the company’s expansion plans are not slowing down. Smarter Web is preparing to move its listing to the main market of the London Stock Exchange. He believes this shift will unlock new investment opportunities, particularly from institutional investors.

Challenges in the Stock Market

Smarter Web Company’s stock has taken a hit over the past year. At its peak, the company’s valuation surpassed £1 billion on the Aquis exchange. Since then, the stock has plummeted by about 95%, severely affecting the value of Webley’s personal stake in the company.

Despite these challenges, Webley is determined to press forward. He is looking to attract more institutional capital through the proposed listing upgrade. Any new funding will go directly toward increasing the company’s Bitcoin holdings, which would help reduce the average entry price.

The firm remains resolute in its commitment to Bitcoin, focusing on long-term gains rather than short-term market fluctuations. Smarter Web’s strategy continues to revolve around building a substantial Bitcoin position, despite the setbacks.

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