Andrew Webley, CEO of newly listed London-listed The Smarter Web Company, dismissed the “Hotel California” liquidity crisis facing other digital asset bonds.
Despite the company's nearly $100 million in Bitcoin assets sitting underwater, Webley rejected the idea of capitulating.
Founder of The Smarter Web Company Plc (SWC) told Bloomberg He wanted to sell his arm before selling his Bitcoin.
“Hotel California”
According to a recent report from Tokenize Capital, many DATs are now “zombie companies”, forced to sell assets just to keep the lights on.
If these companies become forced sellers, faith in Bitcoin could be shattered.
That said, Webley claims that this “sound operating business” will provide the necessary cash flow for service costs without ever touching the Bitcoin stack.
The company, which acquired around £220m, is the UK's largest corporate Bitcoin holder.
Rapid recovery of MSTR
As reported by U.Today, Bitcoin recently regained the $70,000 level and is now on track to post its highest daily gain in years.
Shares of Strategy Inc. (MSTR), the leading Bitcoin holder, are currently up more than 23%.
This could finally be the beginning of a long-awaited recovery for beleaguered digital asset companies.
