Add as a preferred source on GoogleThe Smarter Web Company Plans $5.3 Million Bitcoin Purchase
The company is conditionally raising $13.2 million through preferred shares and expects them to begin trading in London on Oct. 14.
The Smarter Web Company plans to use about $5.3 million from a conditional preferred-share fundraising to expand its Bitcoin (BTC) holdings, directing the funds toward additional purchases.
The fundraising totals £10 million, equivalent to about $13.2 million. The company expects to receive about £4 million, or roughly $5.3 million, in net proceeds for the Bitcoin strategy.
The preferred shares are expected to begin trading in London on Oct. 14. They will carry an initial annual dividend rate of 12%, with payments scheduled weekly.
The planned allocation links the company’s fundraising directly to its digital-asset holdings, while the share trading date provides the next concrete step for the offering.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.