London's Bitcoin Treasury Premium Continues to Shrink

The London-listed companies that hold Bitcoin have seen their valuation premium dwindle. Among the 14 companies still holding Bitcoin, only Smarter Web Company trades at a significant premium to its Bitcoin holdings.

Smarter Web's shares rose from under 5p to 500p in just ten weeks last year but have since fallen by 88%. Despite this, the company is valued at 1.54 times its Bitcoin, or £236m against £153m of Bitcoin after a £20.5m loan.

The premium allows Smarter Web to sell shares above the value of its Bitcoin and buy more with the proceeds. The company plans to raise £15m to £25m through a preference share, MORE, paying a weekly dividend from operating cash, reserves, its Bitcoin, and further share sales.