BREAKING: UK-Listed Smarter Web Buys the Dip — 83 More Bitcoin for £5.2 Million as Treasury Hits 2,830 BTC
A London-listed company is buying Bitcoin while the market is falling. The Smarter Web Company announced on Thursday, October 15, that it bought 83 more Bitcoin for about £5.2 million, paying an average of about £62,676 per coin.
The purchase lifts the company's Bitcoin treasury to 2,830 BTC. Its net Bitcoin purchases now total about £232 million, and the net average price across the whole treasury is about £81,979 per coin — which means this latest buy came well below the company's average cost and pulled that average down. The company also reported a quarter-to-date BTC Yield of 1.98%.
The buy is the first since the company's new MORE preferred shares began trading on October 14. Part of the money raised from that preferred share issue was also used to pay down the company's Coinbase credit facility, cutting the outstanding balance from about £17 million to about £16 million. The buying is part of the company's long-term "10 Year Plan" treasury strategy, which treats Bitcoin as its main reserve asset.
The timing is what traders are noticing. Bitcoin has been trading near $81,000 after a hotter-than-expected US inflation report pushed prices lower and forced many leveraged traders out. While short-term traders are cutting risk, this UK-listed firm is using the weakness to add coins at a discount to its own average cost.
For traders, the buy is small next to giants like Strategy or Strive, but it keeps the corporate-buying story alive on a red day. Steady treasury buying on dips can support demand around key levels, and the market is watching whether Bitcoin can hold the $80,000 area. Watch for more listed firms reporting dip buys in the coming days.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: The Crypto Times, PANews, Phemex News, TickStock
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