Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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Last updated: 

September 12, 2025

Smarter Web Company is exploring acquisitions of distressed competitors to acquire their Bitcoin holdings at discount prices.

According to a Financial Times report, the UK’s largest corporate Bitcoin holder with over £200 million in crypto reserves made the revelation despite its shares plummeting 73% from their mid-June peak.

Founder Andrew Webley told the publication that “there’s one that’s very attractive, there’s one that I’ve got my sights on at the moment,“ though he declined to name the acquisition target.

The Bristol-based firm would “certainly consider” snapping up other companies for their Bitcoin at a discount, Webley explained, as some crypto treasury companies now trade below the value of their Bitcoin holdings.

Strategic Accumulation Amid Market Turbulence

Smarter Web has undergone a dramatic transformation from its origins as a website design business, pivoting heavily toward Bitcoin accumulation throughout 2025 under what the company calls “The 10 Year Plan.”

The firm currently holds 2,470 Bitcoin worth approximately £200 million, having crossed the 2,000 BTC milestone in July after purchasing 225 additional coins for £19.9 million.

This aggressive strategy has generated what the company describes as a 49,198% year-to-date Bitcoin yield, positioning Smarter Web among the top 25 global corporate Bitcoin holders despite maintaining just £500,000 in remaining treasury cash.

The company’s accumulation efforts have been financed through innovative debt structures, including the UK’s first Bitcoin-denominated convertible bond worth $21 million issued to Paris-based TOBAM in August.

Unlike traditional convertible bonds, this structure denominates the principal repayment amount in Bitcoin while keeping the conversion share price fixed at £2.05, representing a 5% premium to the stock’s closing price at the time.

Webley acknowledged the dramatic valuation swings, telling the publication that “we probably got overvalued and now we’re almost certainly undervalued,” while expressing concern for shareholders who have experienced the volatility.

Despite the share price correction, the company briefly achieved a £1 billion market capitalization over the summer and has gained approximately 150% year-to-date, outperforming all but one company in the FTSE 350.

The firm appointed Albert Soleiman, former CFO of trading group CMC Markets, as chief financial officer last week as it pursues institutional investor interest and FTSE 100 ambitions.

UK Treasury Company Wave Meets Market Skepticism

Smarter Web’s acquisition strategy emerges within a broader wave of UK-listed companies adopting Bitcoin treasury models, with at least nine firms announcing similar strategy in recent months.

These companies have followed the playbook pioneered by Saylor’s MicroStrategy, which has accumulated over 638,460 BTC and achieved a market capitalization exceeding $90 billion since first purchasing the cryptocurrency in 2020.

The UK movement includes firms ranging from AI services provider Tao Alpha, which disclosed plans to raise £100 million for Bitcoin purchases, to natural resources company Panther Metals, whose shares surged 81% after buying a single Bitcoin.

However, market analysts have raised concerns about the sustainability and strategic clarity of the crypto treasury trend as hundreds of companies worldwide race to accumulate digital assets.

Eric Benoist, tech and data research specialist at Natixis CIB, warned that “the story is starting to become less attractive to mainstream investors,” noting that “there’s still no clear end game to this strategy.”

The broader corporate Bitcoin treasury movement has seen over 325 entities accumulate 3.71 million Bitcoin collectively, as per BitcoinTreasuries data, even though some industry observers question whether the market has reached saturation.

Galaxy Digital’s Michael Novogratz had previously suggested that the market may have reached “peak treasury company issuance,” while VanEck’s Matthew Sigel warned that companies issuing shares near their Bitcoin net asset value risk creating “erosion” rather than capital formation.

If executed well, Smarter Web’s acquisition strategy could bring a new paradigm in the space, potentially allowing successful treasury companies to consolidate Bitcoin holdings from struggling competitors at favorable valuations.

The approach mirrors historical debt-financed asset acquisition strategies, where savvy investors have borrowed in depreciating currencies to purchase scarce assets during market downturns.

Strategy and Metaplanet expanded their Bitcoin (BTC) holdings on Aug. 18, lifting their combined ownership to nearly 3.1% of the total circulating supply. 

The acquisitions highlighted the role of corporate treasuries in tightening available Bitcoin liquidity as institutions continue building exposure.

Growing the stash

Strategy Chairman Michael Saylor announced the firm’s latest purchase of 430 BTC in an Aug. 18 post on social media. The acquisition was worth nearly $51.4 million at an approximate price of $119,666 per Bitcoin and has a BTC Yield of 25.1% this year.

With the latest addition, Strategy now holds 629,376 BTC, representing nearly 3% of Bitcoin’s total supply. 

The company invested over $46 billion with the average price per BTC at $73,320, resulting in an unrealized profit of over $27 billion as Bitcoin is priced at $116,535 as of press time.

Metaplanet reported purchasing 775 BTC at an average price of ¥17.72 million per coin ($119,853), totaling ¥13.73 billion in expenditures ($92.8 million).

Following the acquisition, Metaplanet now holds 18,888 BTC acquired at a blended average of ¥15.04 million each ($101,726), with a cumulative investment of ¥284.1 billion ($1.9 billion).

Metaplanet has accelerated its Bitcoin treasury operations throughout 2025, more than quadrupling holdings since March.

Together, Strategy and Metaplanet now command nearly 3.1% of circulating Bitcoin, a concentration that highlights the increasing role of listed corporations in the asset’s distribution.

Both companies rely on capital markets to fund their treasuries, amplifying the interplay between equity valuations and Bitcoin accumulation. As these programs expand, the balance between shareholder dilution and treasury accretion will remain under close investor watch.

Strategy updates accumulation policy

Strategy’s acquisitions have drawn renewed scrutiny following its Aug.18 equity guidance update. 

The company now categorizes issuance plans based on multiples of net asset value (mNAV), stating it will actively issue stock to buy Bitcoin when trading above 4.0x mNAV, and opportunistically issue between 2.5x and 4.0x. 

Below 2.5x, issuances are limited to debt servicing and dividends, while sub-1.0x levels may trigger buybacks using credit. 

This framework differs from guidance released less than one month earlier, which outlined stricter limits on equity issuance below 2.5x mNAV. 

Mentioned in this article

DeFi Development Corp has unveiled plans to raise $100 million through a private offering of convertible senior notes to strengthen its Solana-focused treasury strategy as anticipation for potential U.S. approval of Solana exchange-traded funds (ETFs) ramps up.

DeFi Development Corp. said proceeds will be used partly to repurchase its own shares through a prepaid forward agreement with a note purchaser, while the remaining funds will go toward general corporate purposes, including acquiring more Solana (SOL) as part of its asset accumulation strategy.

The company, which is the first publicly listed firm in the U.S. to pursue a Solana-based treasury model, announced on July 2 that the notes will mature in July 2030 and pay interest twice a year.

The unsecured notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act, with buyers granted an option to purchase an additional $25 million within 13 days of the initial issuance.

Prior to January 2030, conversion into company stock or cash will only be allowed under certain conditions. After that, holders can convert the notes at any time before maturity, with the settlement method determined during pricing.

The fundraising follows a June regulatory setback for the firm, which forced it to withdraw a planned $1 billion registration filing after the Securities and Exchange Commission (SEC) deemed it ineligible for the streamlined S-3 form due to a missing internal controls report in its annual filing.

That filing, submitted in April, was intended to raise capital to build a substantial SOL treasury, similar to strategies used by companies holding Bitcoin to drive long-term value through staking and price appreciation.

The company’s latest capital raise comes shortly after its stock fell 16% on June 24, indicating an effort to bolster its balance sheet and reassure investors as interest in Solana-based investment products grows.

Recent ETF launches have added momentum to the market. On June 1, Rex Shares and Osprey debuted the SOL + Staking ETF ($SSK), the first U.S. fund providing staking exposure by allocating 40% of assets to overseas Solana products to comply with regulatory requirements.

One day earlier, the SEC approved Grayscale’s Digital Large Cap Fund to convert into an ETF, adding indirect exposure to Solana alongside Bitcoin, Ethereum, XRP, and Cardano.

As the SEC considers multiple crypto ETF proposals, DeFi Development Corp’s move positions it to benefit from any increase in institutional demand for Solana. The offering remains subject to final pricing and market conditions, and the company has not disclosed when the transaction will close.

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After a small experiment in technology, cryptocurrency and blockchain have turned into a significant industry worth trillions of dollars, attracting many big investors.

As the market increases, funding rounds and mergers or acquisitions play a strong role in supporting new ideas, uniting companies and making the industry bigger.

The current state of crypto funding

Money from venture capital in cryptocurrencies has gone through significant changes, both showing its promise and how much it can fluctuate.

Crypto funding rose to record levels in 2021 and 2022, and then experienced a decline in 2023 before signs of rebound appeared.

Blockchain companies go through various funding phases, such as seed funding when they start out, and much larger Series C and D rounds when they are more developed.

Investors are focusing on DeFi (decentralized finance) projects, marketplaces for NFTs (non-fungible tokens), digital asset exchanges, blockchain infrastructure providers and Web 3.0 gaming platforms.

Those who manage significant institutional funds are getting more experienced in understanding crypto investments.

Firms such as Andreessen Horowitz, Sequoia Capital and Paradigm have launched crypto funds, and investors like Polychain Capital and Pantera Capital are now noted in the industry.

Key trends in crypto funding

Infrastructure

Support for blockchain infrastructure, scaling options, tools that help blockchains connect and methods for developers to use the technology have received significant investment these days.

This evidence indicates that industries recognize that good infrastructure plays a major part in encouraging many individuals to use cryptocurrency.

Investment

Businesses centered on following the proper rules and serving institutions have seen much investment.

Among these are keeping records clean, software for following the rules and technology built for large investors.

Real-world application

People who invest money now often look for projects that offer more than just a chance to profit from increased prices.

This category covers supply chain management, digital identity options and data storage networks that don’t depend on a central system.

Geographic diversification

There is currently more cryptocurrency involvement around the globe since New York and Silicon Valley are joined by Europe, Asia and places like India, which are receiving significant funding.

Mergers and acquisitions – Consolidation in a maturing market

Competition has increased, and as the crypto market matures, more M&A (mergers and acquisitions) activities are becoming common.

Regulatory pressure, the need to grow bigger, technological advances and the uncertain market are reasons for consolidation in the industry.

Strategic acquisitions

Many cryptocurrencies and blockchain companies have bought smaller firms to add new features, target other regions or acquire vital technology.

Deals are usually based on compliance, advanced trading technology or large user numbers.

Talent acquisitions

Crypto companies seek to purchase developers and experienced blockchain experts. Since the pool of skilled people in blockchain is small, buying talent and employing people with these skills is popular.

Cross-industry integrations

Many banks and technology companies are acquiring cryptocurrency firms to integrate blockchain technology into their standard services.

This trend shows that businesses outside finance are starting to use cryptocurrency technologies.

Notable merger and acquisition transactions

Certain deals that have taken place in the crypto mergers and acquisitions market have been very influential in the industry.

Such deals point to the fact that transactions in the sector are on the rise and fuel speculation about bona fide business deals.

Over the recent past, several large trading platforms have purchased small rivals to assist them in entering new markets or broadening their offerings.

Blockchain infrastructure providers have also been consolidated to build more end-to-end solution systems.

The overlap between TradFi (traditional finance) and crypto has been handy in that it acts as the point of entry into the digital asset ecosystem by big institutions – without which they would need to build their crypto-related business from scratch.

Crypto mergers and acquisitions problems

Regulatory uncertainty

The dynamics of regulations also create a scenario whereby crypto companies struggle to plan and conduct mergers and acquisitions.

Firms must deal with varying legislation across different jurisdictions, which could hinder transaction acceptance.

Valuation challenges

The vast changes in the prices of cryptocurrencies mean that it is difficult to value them appropriately.

Conventional methods of valuing assets do not stand a chance of developing specific aspects of crypto assets, tokenized systems and decentralized protocols.

Due diligence complexity

To review crypto companies, one must be knowledgeable about blockchain technology, token regulation, smart contract safety and law compliance.

Owing to this complexity, transaction time and transaction costs may increase.

Cultural difference

Crypto companies also tend to believe in a culture of decentralization and community-driven, which is challenging to combine in a typical corporation.

The role of tokenomics in funding and mergers and acquisitions

A special feature of crypto funding is the use of tokens, which serve purposes such as fundraising, network management and transactions within cryptocurrency systems.

Therefore, new ways of raising money have appeared, such as ICOs (initial coin offerings), STOs (security token offerings) and lately, IDOs (initial DEX offerings).

Using tokens for funding raises both positive points and challenges.

Its cost-effective fundraising and building of user-based communities might be outweighed by the extra regulations and possible disputes between those with crypto assets and those with shares in a business.

Adding tokens complicates mergers and acquisition transactions.

Acquirers have to look into the economics of the company’s tokens, any possible regulatory outcomes and the responses of the blockchain community to the change in ownership.

Examining the possible trends and outcomes

• Increase institutional participation – As regulations become clearer, more institutional investors may join the crypto funding space, which can lead to larger project funding and better-organized management.
• Regulatory-driven consolidation – Regulation changes could make it more attractive for large and well-financed companies, leading to more industry concentrations.
• Cross-chain integration – When it becomes easier for platforms to communicate across blockchain networks, more mergers and acquisition will aim to merge different blockchain systems.
• Traditional finance integration – Traditional finance and crypto are becoming more mixed as more companies from both areas work and team up.

Conclusion

The way cryptocurrency companies get funding and merge shows that the industry is changing from its early days to becoming a mature financial field.

Even with obstacles such as unsure regulations and markets, investors are becoming more knowledgeable.

Infrastructure improvement and involvement with traditional finance ridgelines are likely to continue driving the industry’s growth.

You must manage regulations, study each opportunity closely and understand how blockchain and tokens work in this market.

As the industry matures, activity related to funding and various mergers may determine the future of cryptocurrencies.

Businesses and investors that organize their activities to fit the rules while staying innovative are most likely to win in this shifting market.

As more institutions become involved in these processes, deals will become more complex, and financial integration will grow.

Erick Otieno Odhiambo is a full-stack developer freelancing for crypto-based projects and blogs, with a strong interest in blockchain technology. He has years of experience in software development and creating content. His goal is to teach and encourage with well-researched stories about Web 3.0.

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