The Smarter Web Company kept stacking this week. The London-listed firm (LSE: SWC) bought 10 Bitcoin on May 26 at an average price of £55,786 per coin — about $74,904 — spending £557,865 in total. The purchase pushes its aggregate holdings to 2,869 BTC, with a cumulative investment of £232.48 million and an average acquisition cost of £81,032 ($109,000) per coin.
Why the timing matters
This isn't a splashy buy — 10 BTC is a rounding error for some of the big corporate holders. But it shows SWC is sticking to its treasury strategy even as Bitcoin prices wobble. The company started accepting BTC payments back in 2022 and has been using the asset as a reserve ever since. The purchase brings its quarter-to-date Bitcoin yield to 15.43%, a metric that measures the change in BTC holdings relative to the fully diluted share count. That's a decent return for three months of just buying and holding.
The Coinbase credit facility
To fund the buy, SWC drew £18 million from a credit facility with Coinbase. That facility is secured against the company's existing Bitcoin stash and carries a variable interest rate between 6.75% and 7.25%. Penalty-free repayment is allowed, which gives the firm some flexibility. As of now, the leverage ratio sits at about 12.19% — meaning debt is a relatively small piece of its overall Bitcoin position. The company said it will keep using the facility to make opportunistic purchases when prices dip.
Broader corporate Bitcoin moves
SWC isn't the only one making moves. Strive's SATA preferred stock absorbed roughly 453 bitcoin recently — a chunk bigger than the daily mining supply — making it a notable accumulation vehicle. Meanwhile, Strategy (MSTR) repurchased $1.5 billion of its convertible debt at an 8% discount. It still holds 843,738 BTC, the largest corporate hoard by far. The debt buyback suggests the firm is tidying up its balance sheet while keeping its crypto exposure intact.
For SWC, the next question is whether it will tap the Coinbase line again if Bitcoin drifts lower. The company hasn't signaled a specific price target, but the 15% quarterly yield shows it's not afraid to add size when it sees value.
