London BTC Company Raises £1 Million Through WRAP Retail Offer and Direct Subscription
Why we think this is good
The equity raise by London BTC Company is a positive development, as it is being conducted at a relatively small discount of 1.07% to the previous closing price. The raise amount of £1 million is modest compared to the company's market capitalization, representing around 1.7% of the current market cap. This suggests reasonable investor appetite for the shares and provides the company with additional growth capital to support its operations. While there is a risk of further dilution if the company needs to raise additional capital in the future, the positives outweigh the negatives in this case.
Key Points
- London BTC Company raises £1 million through a WRAP Retail Offer and a direct subscription
- The issue price of 18.5 pence per share represents a 1.07% discount to the previous closing price of 18.70 pence
- The raise amount of £1 million is relatively modest compared to the company's market capitalization of £58.74 million
- The funds will provide the company with additional growth capital to support its operations
Summary
London BTC Company Limited (BTC:L), the London Stock Exchange Main Market-listed Bitcoin treasury company, has raised aggregate gross proceeds of £700,000 through a WRAP Retail Offer and an additional £300,000 through a direct subscription, totaling £1 million. The company will issue a total of 3,783,786 new Ordinary Shares at an issue price of 18.5 pence per share, representing a 1.07% discount to the previous closing price of 18.70 pence. The funds raised will provide the company with additional growth capital to support its operations.