UK-based web design and marketing firm The Smarter Web Company has raised 41.2 million British pounds ($56.59 million), days after it purchased 196 Bitcoin to add to its growing holdings.

The firm said on Thursday that the raise came from institutional investors via accelerated bookbuild, a process where a company raises capital quickly, usually within one or two days, without any marketing push.

The Smarter Web Company raised 36.27 million British pounds ($49.8 million) with the bookbuild and a further 4.97 million British pounds ($6.82 million) by subscription. The offer price was 2.9 British pounds ($3.98) per share.

The company expects the stocks issued across both offerings will go into effect from July 1.

Raise comes days after holdings pass 540 Bitcoin 

The raise came two days after The Smarter Web Company said it spent over $20 million to buy 196.8 Bitcoin at an average price of $103,290 each.

The company held 543.52 BTC as of Tuesday, bought at an average price of $104,450, a stash that’s currently worth around $58.19 million.

The Smarter Web Company has purchased BTC five times in June so far, and its Bitcoin stack has increased from 83.24 BTC at the end of May to 543.52 BTC, an increase of 460.28 BTC in less than 30 days.

The firm launched its Bitcoin treasury strategy in April, but has accepted Bitcoin as payment since 2023.

Stock price dwindles amid recent Bitcoin buys

In the US, The Smarter Web Company trades on the OTCQB, an over-the-counter market comprising early-stage or developing companies.

Shares in Smarter Web Company PLC (TSWCF) fell by 15% and closed Thursday at $3.56 after hitting an intraday low of $3.19, according to Google Finance.

Its shares fell another 1.8% after the bell and ended the after-hours session at $3.49. Despite the recent drop, the company’s stock is still up 274% year-to-date.

UK firms buy up Bitcoin

Other UK companies have been buying up Bitcoin despite the country’s lack of clear laws around digital assets. 

On Tuesday, Vinanz, a London Stock Exchange-listed firm that markets itself as a Bitcoin treasury company, said it acquired 37.72 BTC to bring its total holdings to 58.68 BTC.

In April, London-based investment firm Abraxas Capital purchased Bitcoin worth more than $250 million.