UK's largest Bitcoin-holding company SmarterWeb considers acquiring competitors…also aims to enter FTSE 100

UK bitcoin (BTC) reserve company SmarterWeb is reportedly pursuing expansion through acquisitions of competitors and is even eyeing an entry into the UK's representative stock index, the FTSE 100.

On the 12th, crypto-focused media Cointelegraph reported that Andrew Webley, SmarterWeb's chief executive officer (CEO), said in an interview with the Financial Times (FT), "If we can buy Bitcoin at a lower price, we may consider acquiring competitors." SmarterWeb is currently the 25th largest company worldwide and the largest in the UK in terms of Bitcoin holdings, holding 2,470 BTC (about $275 million).

Webley added, "It is inevitable that we will change our name in the future," and "we plan to prepare properly before doing so."

However, the market has pointed out that acquiring bankrupt crypto firms is by no means easy. Alex Obchakevich, founder of Obchakevich Research, analyzed, "Bankrupt companies' assets may appear to offer 60~70% discounts, but after accounting for debt settlement, court proceedings, taxes, etc., the effective discount rate is only around 20~50%."

Meanwhile, SmarterWeb's shares plunged 22% that day, falling from an opening price of $2.01 to $1.85. Over the past month, they have fallen 35.5%.

Coinbase's research team said in a recent report, "A 'player-versus-player' competitive phase among crypto financial firms has begun," forecasting, "only strategically advantaged companies will survive and lead the industry."