Just more than half the losses have been felt by the Smarter Web Company, a Guildford-based web design business that jumped into cryptocurrency earlier this year and floated on the Aquis Stock Exchange.
The company was valued at £4m in April but its market capitalisation soared to £1.1bn in June – making the company worth more than Pets at Home, WH Smith and Wetherspoons.
Shares have now fallen by more than 90pc since their peak, although they still remain 14 times higher than when the company listed.
Andrew Webley, its chief executive, said that “a lot of people had jumped on the bandwagon” and the company was going to “keep buying Bitcoin for many years”.
https://finance.yahoo.com/news/british-companies-lose-80m-piling-065600420.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADWWUd8oFvAlP0NnVUcrSDfXYxmDA1mQPwyLjCE5gT97pvOm8fpi1BZpTuGTDOGP1T6zrLXi7WqraUVhu2sq7F5WGC81pu9jsOe1AObJB_7pQSjQ-sUw1Rqje-A5wmrnn9moh8gS1-zZ8Hj4XbKSBOdpTVODCY_Ps02_NivET449
Posted by IntrepidWolverine517
5 Comments
bro, what is this manipulation article.
First of all, the company was valued at $4mil, so I’m not even sure how it lost $80 mil. I guess its counting all companies in total, in UK, that had some crypto holdings?
Second, its not like they invested into shitcoins that will never recover, or were rug pulled. They put most of the funds in BTC, it seems. So maybe they will be highly rewarded for it as soon as 2026, who knows?
Could also be wise investment, its never fully clear untill you sell. Microstrategy also used to be ridiculed for investing into BTC, now look at them – $50 bil valuation, just through putting some bitcoin on their balance sheet.
Pure manipulation article, idk why these get traction now.
So this is one of those cautionary tales about buying Bitcoin at the top. A Tale As Old As Time by now, someone needs to send a list of do’s and don’ts to these companies
You only lose if you sell….hold
Two notes: you loose when you sell or BTC go to zero, otherwise it’s fluctuation. Second note: BTC is “young” but… It’s here since quiet a bit of time, entering this year means entering very late in the game.
Absolutely these losses will be passed to customers.