The Smarter Web Company raised approximately $5 million, possibly to buy Bitcoin

London-listed technology company The Smarter Web Company (SWC) has raised £3.7 million (approximately $5 million) in its latest subscription tranche, issuing 1,898,201 ordinary shares. While the official announcement did not specify the use of the proceeds, sources suggest the company may plan to use some of the proceeds to purchase Bitcoin. The shares were issued at approximately £1.93 per share, and the company expects to receive approximately 97% of the net proceeds this week. The subscription was completed from August 11 to 22, and a new subscription agreement will be signed for the remaining 2,591,799 ordinary shares remaining unissued upon completion.