Shares in The Smarter Web Company soared 25% in afternoon trading today, continuing an impressive rally since its recent debut on the Aquis market.
Having listed at 2.5p per share in late April, valuing the company at £3.7 million, the stock now stands at around 228.5p, giving the Guildford-based tech firm a market capitalisation of approximately £429 million.
Fueling today's rise, the company successfully raised an additional £29.3 million from investors, comprising £1.5 million from a subscription and £27.8 million through an accelerated bookbuild targeting institutional backers at an offer price of 180p per share.
This latest fundraising marks the fifth capital raise since its April IPO.
The rapid growth in Smarter Web Company's valuation follows its pioneering move into cryptocurrency, specifically Bitcoin.
Adopting a "Bitcoin treasury policy," it is hoping to emulate the success of crypto-native businesses.
Tesla, for example, owns 11,509 bitcoins worth around $1.2 billion. Strategy, formerly known as MicroStrategy, Mara Holdings, Riot Platforms and CleanSpark are other big crypto holders.
Smarter Web now holds significant reserves in Bitcoin, which it accepts as payment from clients. The firm currently possesses 242.34 Bitcoins, valued at around £19 million, much of which has been acquired in the past month.
Andrew Webley, the company's founder and former head of digital at Hargreaves Lansdown, retains a 13.4% stake worth around £55 million.
Bitcoin's resurgence has strengthened interest in the approach. The cryptocurrency has risen more than 75% since April last year, peaking at around $111,000 in May before easing to about $103,000.
The rally followed a halving event, a scheduled reduction in the rate at which new Bitcoin is created. This curtails supply and has historically supported higher prices.
Supporters of the cryptocurrency argue the current bull market still has momentum. Forecasts from prominent investors suggest
Bitcoin could reach $200,000 by the end of this year, and possibly $1 million by 2030. Among the most vocal advocates is Cathie Wood, the widely followed US tech investor.
Here in the UK, The Smarter Web Company is not alone in its pivot. Helium Ventures has also moved into the space, along with Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF), an early AIM adopter of crypto themes.
Cykel AI PLC (LSE:CYK) and Vinanz Ltd (LSE:BTC, OTCQB:VINZF), which plans to rebrand as the London BTC Company, are also targeting the sector.
Bluebird Mining Ventures (LSE:BMV), meanwhile, is broadening its strategy to include both gold and Bitcoin, underlining the increasing appeal of digital asset exposure among small-cap listed firms.
Vinanz has launched its own fundraiser, but on a more modest scale (for now), using the Winterflood WRAP retail platform.