Bitcoin Boss Vows to Double Down After $100 Million Loss: 'Price Doesn't Matter'
The chief executive of Britain's largest corporate Bitcoin holder has reaffirmed an aggressive accumulation strategy for the cryptocurrency, undeterred by paper losses approaching $100 million (£73 million) over the past quarter.
Andrew Webley, founder and CEO of The Smarter Web Company, told The Telegraph that a sharp downturn in Bitcoin's price has significantly eroded the value of its holdings. However, he pledged to continue purchasing the digital asset "regardless of the price," framing the volatility as part of a long-term plan.
"We expect to continue buying in line with our strategy," Webley stated. "The recent price move hasn't affected our conviction at all. This isn't a six or 12-month strategy – it's a long-term, multi-year strategy. We buy Bitcoin through both up and down cycles."
The Smarter Web Company, originally a web design firm, pivoted last year to position itself as a Bitcoin investment vehicle. It has spent approximately £220 million of investor funds to amass 2,674 Bitcoins, establishing the UK's largest known corporate 'Bitcoin treasury.' The average purchase price was $111,232 per Bitcoin. With Bitcoin's price recently touching lows around $74,574—a level not seen since November 2024—the paper loss on its holdings stood at roughly $98 million at Monday's nadir.
The sell-off was partly triggered by market jitters following the nomination of Kevin Warsh, an advocate for higher interest rates, as the next Federal Reserve Chairman. This highlights Bitcoin's continued sensitivity to traditional macroeconomic policy signals.
Webley, a former Hargreaves Lansdown executive, took the company public on the Aquis Growth Market last year. Its valuation briefly soared above £1 billion, but shares have since collapsed by 95%. The company aims for a boost by moving to the London Stock Exchange's main market this Tuesday, a move Webley believes could attract more institutional funding.
He argued that the company's fundamental position has strengthened, noting it has doubled its Bitcoin ownership since July's market peak and increased the number of Bitcoins owned per share by 50%.
The 'Bitcoin treasury' model, popularized in the US by firms like MicroStrategy (which holds over 713,000 Bitcoins), allows investors to gain exposure to Bitcoin's price movements without direct ownership. However, the strategy carries significant risk. A Telegraph analysis last year found nearly all UK companies that adopted this approach in 2024 were underwater on their investments.
Globally, other high-profile corporate holders are also facing steep losses. Trump Media and Technology Group, parent company of Truth Social, has reportedly lost approximately $467 million on its Bitcoin investments, according to tracker Bitcoin Treasuries.
This downturn comes despite gold—an asset Bitcoin was once touted as a digital rival to—hitting record highs. Analysts suggest geopolitical instability and trade policies under the Trump administration may be driving investors toward traditional safe havens and away from crypto's volatility.
What Readers Are Saying
Michael R. (London, Investor): "Webley's commitment is either visionary or reckless. In traditional finance, doubling down on a losing position of this magnitude would be a red flag. But crypto operates on a different belief system. If you're truly in it for the decade, short-term paper losses are noise."
Sarah Chen (Edinburgh, Fintech Analyst): "This highlights the critical flaw in the corporate Bitcoin treasury trend. It turns company balance sheets into leveraged bets on a single, highly volatile asset. Shareholders in The Smarter Web Company have seen 95% of their value wiped out. That's not a strategy; it's speculation with other people's money."
"DaveK" (Online Commenter): "Absolute madness! This guy lost $100M of INVESTOR money in 3 months and his solution is to throw more good money after bad? 'Price doesn't matter' is what gamblers say when they're in too deep. The board should fire him before he burns the whole company down. This is why crypto can't be taken seriously."
Priya Sharma (Manchester, Portfolio Manager): "The move to the main LSE listing is key. It signals an attempt to legitimize the model for a broader investor base. However, the staggering share price decline shows the market currently views this as a Bitcoin proxy, not a sustainable business. Their fate is now inextricably tied to BTC's charts."