And they said mnav expansion won’t happen again…
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Gojo retweeted
MORE people in the UK need to wake up to the content of this weekly update from @asjwebley in the thread below ⬇️
How many other UK CEOs of FTSE Main Market listed companies spend every Saturday morning issuing out this level of communication before 6am and then engaging with shareholders for hours thereafter by reply across the weekend?
(Or, for that matter, how many CEO’s globally can match this consistency?)
One-of-a-kind level communication, education, and opportunity. 👏
Well worth the full weekend read to learn more about The Smarter Web Company and its +12% annual dividend paying perpetual preferred share MORE.
Bitcoin is Digital Capital, and I believe that the future global financial system will increasingly be built on top of the Bitcoin network. That is a big statement, but I think we are beginning to see the early stages of what could become one of the most significant transformations in the history of finance.
I am certainly not alone in that belief. Over recent years, we have seen a significant change in how some of the world's largest financial institutions approach Bitcoin. Companies such as Fidelity, JPMorgan, BlackRock and TD are increasingly engaging with Bitcoin, whether through research, investment products or the development of financial services. All four of these established global names released updates relating to Bitcoin this week. TD, through its TD Cowen research division, has been doing some excellent work in this space, producing detailed research into Bitcoin treasury companies and the emerging Digital Credit market. TD Cowen has also been providing research coverage of Smarter Web for some time, and I think the depth of analysis being undertaken by institutions of this calibre is particularly encouraging. These are organisations with enormous influence across global capital markets, and I think their growing involvement is another indication of how far Bitcoin has developed.
Before turning to some of the highlights from this week, I wanted to spend a little time explaining how I see the Bitcoin financial ecosystem developing and why I believe it is so relevant to the future of Smarter Web. You may have heard the phrases Digital Capital, Digital Equity, Digital Credit and Digital Money, concepts that Michael Saylor, Executive Chairman of Strategy, has spent considerable time explaining. I think they provide an excellent framework for understanding how an entirely new financial system could develop around Bitcoin, with different layers designed to serve different purposes and different types of investors.
The starting point is Bitcoin itself. I believe Bitcoin is the best form of capital ever created. It is Digital Capital. Bitcoin has a number of properties that make it fundamentally different from traditional forms of capital. Its supply is limited to 21 million coins, its issuance is programmed to reduce approximately every four years, and it operates on a decentralised global network that is not controlled by any single government, company or individual. It can be transferred around the world, divided into extremely small units and independently verified. I believe these characteristics, combined with increasing adoption and absolute scarcity, give Bitcoin the potential to become an increasingly important store of value and foundation for the global financial system.
The next layer is Digital Equity. Companies such as Strategy and Smarter Web have chosen to build substantial Bitcoin treasuries. In our case, this is SWC, our Ordinary Shares. Digital Equity is different from simply owning Bitcoin because a company can use capital markets, financing and disciplined capital allocation to increase the Bitcoin value attributable to each share over time, whilst as growing an operating business. If management executes well, this creates the potential for Digital Equity to outperform Bitcoin itself. It also introduces additional risks, including amplification, where movements in the Bitcoin price can have a greater percentage impact on the underlying value attributable to Ordinary Shareholders. This works in both directions, and Digital Equity is not a proxy for Bitcoin and can be considerably more volatile than Bitcoin.
This brings us to Digital Credit, something that has become particularly relevant to Smarter Web following the recent launch of MORE Preferred Shares on the Main Market of the London Stock Exchange. Digital Credit is designed for a different type of investor, one who may be more interested in regular income and lower price volatility than the potential capital appreciation associated with Digital Equity. In our case, MORE has a cumulative variable-rate preferential dividend, currently set at 12% per annum (based on a £100 reference price) and payable weekly. It is supported by the same business and Bitcoin treasury as SWC but has different rights and a more senior position within our capital structure. The objective is to provide investors with an attractive income whilst giving Smarter Web access to another source of capital that can support our continued growth. Of course, lower volatility is an objective rather than a guarantee, and investors need to understand the different risks associated with each equity.
It was interesting to see TD Cowen launch its new Digital Credit Weekly research framework this week. The report looks at how different Bitcoin-backed credit instruments can be compared, including their dividend yields, position within a company's capital structure, Bitcoin asset coverage and ability to support ongoing payment obligations. Importantly, MORE is included alongside Digital Credit securities issued by Strategy and Strive, bringing Smarter Web into a comparative framework covering some of the leading companies developing this market. TD Cowen introduces two measures, BTC Rating and BTC Fixed Charge Coverage, designed to help investors better understand the Bitcoin backing these instruments and the obligations associated with them. I think this is an important development because, as Digital Credit becomes more established, investors will increasingly need consistent ways to evaluate and compare the different opportunities available. It is encouraging to see this level of independent institutional research emerging around the sector and particularly pleasing to see MORE included at such an early stage in its development.
The next concept is Digital Money, and this is where I think the potential scale of the opportunity becomes particularly interesting. Digital Money takes the concept of Digital Credit a stage further, combining income-generating Digital Credit instruments with cash or highly liquid cash equivalents to create products designed to maintain a relatively stable value whilst also generating income. The objective is to combine some of the characteristics people expect from money, including stability, liquidity and ease of transfer, with the potential to earn a return. These products could eventually exist as digital tokens, funds or accounts, allowing value to move more efficiently through the financial system. Importantly, Digital Money would not necessarily involve spending Bitcoin itself. Instead, it could use financial instruments ultimately supported by Bitcoin-backed capital structures to create something designed for everyday financial use. There are significant considerations around regulation, liquidity and risk management, and maintaining a stable value is not guaranteed, but I believe the opportunity could be enormous.
There are other concepts within this developing ecosystem, including Digital Yield, which generally involves seeking higher returns through additional financial structuring and risk. However, I think the main areas I have described demonstrate how different financial structures can be built around Bitcoin to meet different objectives. Bitcoin provides the underlying Digital Capital. Digital Equity gives investors exposure to companies seeking to accumulate and compound Bitcoin value. Digital Credit provides income-focused investment structures and an additional source of capital for those companies. Digital Money could then combine that income-generating capability with the stability and liquidity required for much wider use across the financial system.
What I find particularly exciting is that Smarter Web is already participating in the development of this ecosystem. We have built the UK's largest public company Bitcoin treasury, established SWC as our Digital Equity and recently launched MORE as our Digital Credit. We are still at a very early stage, particularly in the UK, but I believe the opportunity to continue developing these different forms of capital is significant. My ambition is to build a company that can grow, continue accumulating Bitcoin, grow the net Bitcoin value attributable to each fully diluted Ordinary Share and access different pools of capital in a way that strengthens the business over the long term. MORE is an important part of that strategy, and I believe we have only just begun to explore what it could become.
When I think about how this might develop, I often compare it with the internet and, more recently, artificial intelligence. Today, very few people would question the importance of the internet to the global economy, and we are increasingly seeing how AI is changing the way we live and work. Both technologies have created enormous opportunities, but there were periods when their long-term significance was not widely understood. I believe we could be living through a similar period with Bitcoin, as it develops from something many people still regard simply as an investment asset, or others see as a medium of exchange, into a foundation upon which an increasingly sophisticated financial system can be built.
Of course, none of this is guaranteed, and everyone has different financial circumstances, investment objectives and attitudes towards risk. I do not claim to know exactly how quickly this will develop or what the financial system will look like, with certainty, in ten or twenty years. However, I believe the direction of travel is becoming increasingly clear, and that Bitcoin has the potential to become considerably more important to the global financial system than it is today. In my view, it is worth taking the time to understand what is happening and considering what it could mean for your own future. Because if Bitcoin does become the foundation of a new global financial system, the implications will be extraordinary, and I think there is a very good chance that it will catch on.
For clarity, Smarter Web is an operating business with a Bitcoin treasury, not a regulated financial services firm. However, through SWC and MORE, we now have two distinct equities that I believe position us within this emerging financial ecosystem. Some of the concepts I have discussed, particularly around Digital Money, will require the involvement of regulated financial institutions and the development of products that comply with the different regulatory frameworks around the world. Our focus is on building a stronger operating business, growing our Bitcoin treasury and developing a capital structure that I believe can play an increasingly important role as this ecosystem evolves.
Turning to the week itself, on Monday Alex and Will launched some changes to the web design packages offered by our operating businesses. I have written many times about the importance of having operating businesses alongside our Bitcoin treasury, and this is another example of the work taking place across that side of Smarter Web. If you own a business or are responsible for online marketing, I encourage you to look at the web design services we offer. I think you might be surprised by the pricing, particularly when you consider the quality of the service and the peace of mind that comes from working with an established team. Our operating businesses serve more than 500 client websites, and I am keen to see us continue growing that number.
On Tuesday, we published our first weekly MORE dividend announcement, confirming the dividend and the important dates for shareholders. The dividend for the week ending Friday 23 October is £0.2301 per Preferred Share, based on the current annual Preferred Dividend Rate of 12%. The ex-dividend date is Thursday 22 October, the record date is Friday 23 October and the payment date is Monday 9 November. We intend to make this a regular Tuesday announcement so that MORE investors have clear visibility of the dates that matter to them. I think consistent communication is particularly important when introducing a new type of equity to the UK market, and we want to make it as straightforward as possible for investors to understand how MORE works.
Towards the end of Tuesday, I also recorded an X Spaces with Gary and the UK BTC Spotlight team. I really enjoyed the conversation. I have been fortunate enough to appear on quite a few podcasts and Spaces over the past 18 months, but relatively few have been hosted by UK-based Bitcoin communities. I always enjoy the opportunity to speak with people who are helping to grow awareness and understanding of Bitcoin in the UK. There is an enormous amount of education still to be done, particularly around Bitcoin treasury companies and the development of Digital Credit, and I think these conversations play an important role in reaching a wider audience.
On Wednesday, Tim Kotzman hosted the first Digital Credit Digital Conference, which I was pleased to speak at. It was another great opportunity to talk about MORE, why we have developed it and why I believe Digital Credit could become such an important part of the future of Smarter Web. There is a great deal of work to do in helping investors understand how preferred equity fits alongside traditional ordinary equity and Bitcoin treasury strategies. Building awareness, educating investors and demonstrating consistent execution will all be important if we are to develop MORE into the significant source of capital I believe it has the potential to become.
On Thursday, we published our latest ATM update, covering activity across both our Ordinary Shares and Preferred Shares facilities. We raised approximately £592,679 in gross proceeds. Our Ordinary Share price has not demonstrated as much strength as I would have liked, and that naturally affects the opportunities available to us through the ATM. However, I think our ATM partner has done a good job balancing the opportunity to raise some capital at what we consider a reasonable mNAV against the importance of not issuing too much equity at a valuation that is lower than I would ideally like. We want to maintain the flexibility to acquire more Bitcoin, but we also need to remain disciplined about the price at which we issue Ordinary Shares. Raising capital is not the objective in itself. Raising and allocating capital in a way that increases value for existing shareholders is what matters.
We also saw a small number of MORE Preferred Shares sold through the Preferred Shares ATM Facility at £100 per share. This is obviously a very small amount of activity at this stage, but I am pleased to see the facility beginning to operate. As is normal with a newly listed equity, it can take time for a market to develop, for liquidity to improve and for investors to become comfortable with the structure. My hope is that MORE will establish itself as an equity that trades around its £100 reference amount, although that is certainly not something we can guarantee. We need to continue developing awareness, attracting investors and demonstrating that we can manage the structure responsibly. I remain incredibly excited about what MORE could become, but I also recognise that building a successful market takes time.
Friday saw the third announcement of the week with a Bitcoin purchase for 20 Bitcoin taking to our treasury to 2,850 Bitcoin in total. This is an increase in our holdings of 3.75% in the last two weeks and a Bitcoin Yield of 2.41% quarter-to-date. We believe there is significant opportunity ahead this quarter to continue growing our Bitcoin treasury in an accretive and disciplined manner.
Finally, please do not forget that we will be hosting the UK Bitcoin Treasuries Conference again in May 2027. I thought this year's event was a great success, bringing together people from across the Bitcoin treasury industry, capital markets and the wider Bitcoin community. We want next year's event to be even better, and I am looking forward to welcoming everyone back. You can find details on our website, along with photos and videos from this year's conference. Early bird ticket prices increase at the end of October, so if you are interested in joining us next year, I would encourage you to visit our website and secure your ticket before the price increases.
As always, thank you to our shareholders and everyone who continues to support Smarter Web. We have made significant progress in developing our capital structure over recent months, but I believe there is an enormous amount more we can achieve. Our focus remains on strengthening our operating businesses, growing our Bitcoin treasury and building a company that can continue creating value for shareholders over the long term. There is plenty of work ahead of us, and I am looking forward to it.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Gojo retweeted
Boris Johnson should NEVER be forgiven for what he did to our country.
Lockdown. The Boriswave. Net Zero. Vaccine passports. DEI. Record tax.
Absolutely shameful.
Unforgivable.
Gojo retweeted
A farmer, tired of rats destroying his crops and stealing his grain, came up with a clever but cruel plan. He threw a dead pig into a deep, abandoned well. Attracted by the smell, nearly 80 rats rushed into the well to feast on the carcass. At first, everything seemed wonderful. There was more than enough food for everyone, and the rats ate until they were satisfied.
But when the food was gone, they discovered something terrifying. The walls of the well were too steep to climb. They were trapped. Days passed, and hunger turned into desperation. Desperation turned into aggression. The rats that had once eaten peacefully beside one another began fighting for survival. Eventually, they began killing and eating each other.
One by one, their numbers dwindled until only a single rat remained. Its eyes were bloodshot, and it had survived by consuming its own kind. Then the farmer returned, lowered a rope into the well, and rescued the last surviving rat. But he didn't save it out of kindness or compassion.
The farmer knew the rat had learned to survive by hunting other rats. When he released it into his fields, it would continue killing its own kind instead of eating his grain. The farmer had turned his enemy into his greatest weapon.
And that is the lesson of divide and conquer. Those who control the trap don't need to fight the battles themselves. They simply create the conditions in which others turn against one another.
The rats believed their enemies were the other rats. They never realized that the true enemy was the farmer who had put them there.
The greatest danger isn't always the enemy standing in front of you. Sometimes it's the one who created the conflict and stands quietly watching you destroy each other.
Before you turn against your neighbor because of their political beliefs, ask yourself who benefits from keeping Americans divided. While we fight each other over Republican and Democrat, we may be overlooking those who profit from the conflict. Perhaps the real question isn't which side you're on, but who built the well—and why they want us fighting at the bottom of it.
Gojo retweeted
Almost the entirety of the British Highstreet is now made up of 3 types of businesses:
1) Private Equity owned companies (Pizza Express, Burger King, Cafe Rouge, The Body Shop, Wagamamas, Zizzi, New Look, Bella Italia, Boots, WH Smith, etc)
2) Foreign owned businesses acting as fronts for skilled visa migrant scams and/or money laundering enterprises (Hairdressers, Kebab Shops, Vape Shops, etc)
3) Charity Shops. Largely in existence to sell off items left when people die.
It's difficult to imagine anything more dystopian than this.
Gojo retweeted
I am old enough to remember when this used to be called terrorism.
now Its just any old Saturday... part of the plan
Gojo retweeted
It certainly is a little odd.
We raised this with the @LSEplc team on Wednesday and Thursday, having discovered that the venue was not, in fact, closed for refurbishment as we had previously been told.
We also took the opportunity to remind them that we have raised a meaningful amount of capital to build an innovative business, and made a deliberate decision to list our equities in London.
Our Ordinary Shares trade well, MORE has got off to a good start, we employ around 35 people in Britain, and we believe we are building a genuinely exciting British business. We are also using the capital markets for precisely what they were designed to do: raise capital, invest in growth and, above all, put shareholders at the heart of our decisions.
It is therefore a little disappointing that what we are doing seems to attract so little recognition from the LSE or the mainstream financial media. Surely this is exactly the sort of business and success story that London's capital markets and traditional media should be championing?
That said, the LSE did manage to send us a rather substantial invoice earlier today!
Gojo retweeted
MORE broker availability tracker 👇
Back in April 2025, the Smarter Web community was massively helpful in getting Smarter Web listed across a number of brokers. We need that push again.
Smarter Web shareholders have always been an extra member of the team, and this is another moment where that matters.
We’re doing everything we can behind the scenes, but broker availability ultimately follows investor demand. That’s where you come in.
Here’s where the top brokers are at today:
🟡 Hargreaves Lansdown: factsheet is live, but online trading doesn’t go through yet
🟡 AJ Bell: searchable inside your account, not outside it, and not fully tradable online yet
⚪ Interactive Investor: unconfirmed. Can anyone check?
🔴 Trading 212: not listed yet
🔴 Fidelity: not listed yet
🔴 Barclays: not listed yet
🔴 Freetrade: not listed yet
🔴 IG: not listed yet
🔴 eToro: not listed yet
If you have an account with one of these, ask when you’ll be able to trade MORE online and let us know what they say. Every broker that moves from red to green is a team effort.
We’ll update this as brokers change, with the aim of getting everything to green.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Gojo retweeted
FTSE 100 🇬🇧 sizing is as follows:
• Smallest Market Cap: £1.90 billion
• Median Market Cap: £8.89 billion
• Average Market Cap: £25.69 billion
• Largest Market Cap: £261.93 billion
@smarterwebuk Mcap £239.25m
Gojo retweeted
The fastest horse.🐎
In 2025, I was delighted when people started calling Smarter Web "the fastest horse" - particularly fitting given that horse-related websites have played an important role in our operating history.
We finished 2025 as the best-performing UK equity with a market cap above £50m.
And so far in 2026, we're leading the global Bitcoin treasury race.
But this is a marathon, not a sprint. There are some exceptional companies in this space, and staying ahead will take everything we've got.
The UK equity markets may not be the biggest in the world, but our size, growing recognition and relentless work ethic mean we deserve to be taken seriously on the global stage.
We respect the competition. We know what it takes. And I believe we can win.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Gojo retweeted
Two equities, each with a different purpose, but potentially many MORE possibilities for the future of Smarter Web. That is what I have been thinking about this week as we approach what I believe could be another defining moment in the development of Smarter Web.
Subject to the remaining requirements being satisfied, MORE Preferred Shares are expected to begin trading on the Main Market of the London Stock Exchange on Wednesday. On Friday we closed the fundraising process and, following the completion of the remaining requirements, we expect the results to be announced through an RNS on Monday morning. I am enormously excited about the week ahead, although it is important that the formal announcements remain the source of information about the outcome of the IPO and Admission.
I do not want to get ahead of those announcements or discuss matters that must be communicated through the appropriate regulatory channels. What I do want to explain is why I believe this is so important to the future of Smarter Web. We have already built what I believe is the UK's largest public company Bitcoin treasury. Our ambition is to build something significantly larger, with the ability to attract much more capital through the UK public markets, whilst continuing to grow the operating businesses alongside our treasury.
If Admission takes place as expected, investors will have two different types of Smarter Web equity to consider. SWC, our Ordinary Shares, provides exposure to the potential growth of the Company. MORE, our Preferred Shares, is designed around income through a cumulative variable-rate preferential dividend payable weekly. Of course, neither growth nor income outcomes are guaranteed. They are different equities, with different rights, risks and potential returns, and investors need to understand those differences.
To me, the really interesting part is what having access to these different pools of capital could allow us to build. Different investors want different things. Some want exposure to the growth potential of Smarter Web and are prepared to accept significant volatility. Others are more interested in income and may be attracted to a different type of equity, provided they understand its terms and risks. Bringing those different objectives together within a capital structure that works for Smarter Web is something I believe could become extremely powerful over time.
MORE is also about the cost of capital to Smarter Web. I have spent a lot of time thinking about Bitcoin's performance over the past ten years, its volatility and what I believe could happen in the future. I remain extremely bullish on Bitcoin over the long term, but I certainly do not claim to know what the price will do next week, next month or next year. Against that background, the possibility of accessing capital through a preferred share with a variable-rate weekly dividend is incredibly exciting. If we can raise and allocate that capital at an attractive cost, whilst managing the obligations and risks appropriately, it could help strengthen our balance sheet and support further growth in our business.
That opportunity matters not only to potential MORE investors and to Smarter Web as the issuer. It also matters to holders of SWC. Our objective has never simply been to raise the greatest amount of capital or own the largest possible number of Bitcoin. It is to allocate capital intelligently, strengthen the Company and, over time, increase the net Bitcoin value attributable to each fully diluted Ordinary Share. The economics of every financing decision matter, and MORE will need to earn its place in that strategy through execution rather than through excitement alone. Doing all that right is how we then build shareholder value.
SWC is volatile. That is part of the investment proposition, and volatility can create the opportunity for substantial returns whilst also creating the possibility of substantial losses. Shareholders who have held since our IPO have seen impressive total returns, and there have been shorter periods of very strong performance too. Equally, I am very conscious that shareholders who invested at different points are currently sitting on losses. I do not overlook that. We cannot control the share price or promise future returns. What we can do is continue building a stronger business and give the market reasons to recognise the value we are trying to create.
There is another milestone here that I think deserves a moment of reflection. If MORE is admitted as planned, Smarter Web will have completed three significant public market milestones within approximately 18 months, from our original listing in April 2025, through our move to the London Stock Exchange's Main Market, to MORE. I wonder how many other UK companies have managed that in such a short period? For a relatively young public company, I think it says a great deal about the ambition and work ethic of the team involved. And also, a lot about the dedication of our shareholders who I view as part of the team.
It is a shame that the London Stock Exchange is undergoing refurbishment. I would have loved the opportunity to open the market on Wednesday and share the moment in person with shareholders, advisers and, of course, the team. There are so many people who have played a role in bringing MORE to this stage, including people whose work will never be particularly visible from the outside. Whatever the market does on the day, getting to this point is something we should all be proud of, subject of course to Admission proceeding as expected.
Turning to the week itself, as you can probably imagine, it has been exceptionally busy. A great deal of time has been spent on the final stages of the MORE process. I have also enjoyed the numerous conversations with investors. Those discussions have reinforced my belief that there is an incredible opportunity to develop MORE over time, just as we have worked to develop SWC since becoming a public company.
But Admission, if achieved, is the beginning rather than the end. A listing does not automatically create a successful market, a sustainable source of capital or a widely understood investment proposition. Those things take time, communication, education and consistent execution. We have learned a great deal through building SWC and I expect we will continue learning as we develop MORE. There is plenty of work ahead of us and I am looking forward to it.
Education remains particularly important. Not everyone understands a Bitcoin treasury company. Add different forms of equity and capital markets innovation into the mix and there is even more to explain. That is as an opportunity. We are still very early in the development of this industry, and I believe a much broader group of investors could become interested as the market matures and the structures become better understood.
During the week I also recorded several podcasts with some great people, all of whom I had not previously recorded with. It was a pleasure speaking with Stephan Livera, Yves-André and Quentin from the One Chair Podcast, Robin Seyr and, of course, a Smarter Web favourite, Adam Livingston. Each conversation approached Smarter Web and the Bitcoin treasury sector from a slightly different angle, which is one of the things I enjoy most about doing them. You can find most the conversations on my X profile if you would like to watch them and I will share the Robin Seyr podcast when released.
I also want to recognise the other companies doing great things across our industry. One of the most encouraging aspects of working in the Bitcoin treasury sector is that companies can compete whilst still supporting one another and sharing ideas. We all want to build successful businesses, but I believe the opportunity is much bigger than any single issuer. For this industry to reach its potential, we need multiple companies, capital structures and approaches to succeed.
Looking ahead, I am incredibly excited. MORE has the potential to give Smarter Web another way to access capital, reach different investors and pursue the long-term ambitions set out in our 10-Year Plan. It does not change the need for disciplined capital allocation, careful risk management or the continued growth of our operating businesses. It gives us another potential tool, and I believe the possibilities that could follow are significant.
Thank you as always for being part of this journey, including through the difficult periods. There is so much MORE that I want us to achieve, and I believe we are only just getting started.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
This has been one of the most exciting weeks since Smarter Web became a public company. On Tuesday, we announced the launch of the IPO of MORE Preferred Shares and the publication of our Prospectus.
We have spent a lot of time over recent months talking about capital structure, Digital Credit, the importance of having access to different pools of capital and our ambition to continue developing the Bitcoin treasury model in the UK. It is therefore incredibly exciting to reach the point where we are able to launch MORE.
Subject to the IPO completing and Admission, MORE is expected to become the UK's first listed preferred share paying a weekly dividend.
I think that is something the entire Smarter Web team, including the Smarter Web shareholders, should be extremely proud of.
As I have written previously, I believe the development of new capital markets initiatives around Bitcoin treasury companies has the potential to significantly broaden the market. Not every investor wants the volatility associated with investing in the Ordinary Shares of a Bitcoin treasury company. Different investors have different objectives, different attitudes towards risk and different requirements from their capital.
That is one of the reasons I have been so interested in the development of Digital Credit and why I believe having different forms of capital available to Smarter Web can become an increasingly important part of our long-term strategy.
For regulatory reasons, I do not want to use this weekly update to go into the details of MORE or the IPO. We have published comprehensive regulatory announcements this week and we have also created a dedicated section on our website where investors can find further information.
Most importantly, anyone considering an investment in MORE should read the Prospectus available on our website in full, including the risk factors contained within it, before making any investment decision.
What I can say is that I am incredibly proud of the whole team and everyone else who has worked with us to reach this stage.
Projects like this do not happen overnight. There has been an enormous amount of work involved over many months. In recent weekly updates I have repeatedly referred to the amount of work taking place behind the scenes that I was unable to discuss publicly. It is extremely satisfying to now be able to share one of the things that so much of that work has been building towards.
Turning to the week itself, Monday was another busy day. We held our General Meeting, at which all three resolutions were passed with more than 99.8% of votes cast in favour. Among other things, this gave the Directors the authority required to allot Preferred Shares and resulted in the adoption of our new Articles of Association.
Thank you to everyone who took the time to vote. Shareholder support is never something that I take for granted, and I was very pleased to see such strong support for the resolutions.
Also on Monday, we provided an update on our Ordinary Share ATM-style Subscription Agreement. Approximately £1.89 million of gross proceeds were raised from the sale of 2,710,442 Ordinary Shares at approximately £0.70 per share. We also announced our intention to use some of the net proceeds to reduce the outstanding balance on our Coinbase Strategic Credit Facility from approximately £20.8 million to approximately £19.0 million.
Then came Tuesday. Following FCA approval of the Prospectus, we formally launched the IPO of MORE Preferred Shares. The regulatory announcements and Prospectus contain the information investors should use when considering MORE, including the terms, structure and associated risks.
For me Tuesday was an incredibly satisfying day.
When we listed Smarter Web in April 2025, we had big ambitions. Since then, we have built the largest public company Bitcoin treasury in the UK, moved to the Main Market of the London Stock Exchange, completed our first acquisition, developed new ways of accessing capital and continued growing the operating businesses that sit alongside our Bitcoin treasury.
MORE represents another step in that journey.
On Thursday, we published our quarterly investor update for the three months ended 30 September.
We work hard to communicate with shareholders consistently. These weekly updates are obviously an important part of that, alongside our regulatory announcements, Livestreams and other communications. However, I also think there is real value in periodically stepping back and looking at what has been achieved across a full quarter.
In this update we explained how we simplified and strengthened our capital structure, repaid Smarter Convert early, reduced the potential fully diluted share count associated with it, completed the £210 million capital reduction, reduced the amount outstanding on our Coinbase credit facility and ultimately reached the launch of MORE. At the same time, our operating businesses continued to perform in line with our expectations, serving more than 500 client websites across the Group.
Our ambition remains to build a stronger operating business, selectively acquire good businesses, grow our Bitcoin treasury and maintain a balance sheet and capital structure focused on increasing net Bitcoin value per fully diluted share over the medium to long term.
Thursday was also a good opportunity to communicate in a slightly less formal way, with Miller and I hosting another Smarter Web Livestream. Unsurprisingly, there was plenty to talk about this week.
I enjoy these conversations because regulatory announcements have to be formal and precise, whereas the Livestreams give us an opportunity to have a less formal conversation about Smarter Web, Bitcoin, capital markets and the industry we are helping to build.
I think this week demonstrates just how much Smarter Web has evolved since we became a public company. We have built something that is quite different from a traditional operating company, but also different from simply owning Bitcoin. We have operating businesses, a substantial Bitcoin treasury, access to public capital markets and, subject to completion of the IPO and Admission, potentially a new class of Preferred Shares designed for a different group of investors.
I hope that, from here, we also begin to see more coverage in the traditional media. I am proud of what we have built so far, and I think there is an important story to tell about what we are trying to achieve. Part of our job is to execute. Another part is making sure people understand what we are building and why we are building it.
As always, thank you to our shareholders for your continued support. There is plenty of work ahead of us, but I am happy with what we have been able to communicate this week. We keep building.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
I am incredibly excited about $SWC over the coming years.
Last year’s crazy mNAV expansion was a classic case of an overexcited market, but the share price will surpass its ATH unless you’re bearish on BTC.
Nothing is stopping this train.
Digital Credit is going global.
@AdamBLiv chats with @asjwebley on Bitcoin, Digital Credit, amplification, and MORE, Smarter Web Company's Preferred Shares.
Timestamps:
00:00 Intro
01:10 Why Smarter Web Chose Preferred Equity
04:55 Digital Credit Origins
06:45 How MORE Works
10:39 Investor Protections and Debt
12:38 Total Return vs. Bitcoin Per Share
15:35 Amplification and the 35% Cap
20:27 When to Add Amplification
27:40 Reflexivity and mNAV
31:19 Letting the Machine Work
36:30 Building Trust in Digital Credit
38:01 MORE Launch and FTSE 250 Goal
40:48 Final Thoughts
Gojo retweeted
Digital Credit is going global.
@AdamBLiv chats with @asjwebley on Bitcoin, Digital Credit, amplification, and MORE, Smarter Web Company's Preferred Shares.
Timestamps:
00:00 Intro
01:10 Why Smarter Web Chose Preferred Equity
04:55 Digital Credit Origins
06:45 How MORE Works
10:39 Investor Protections and Debt
12:38 Total Return vs. Bitcoin Per Share
15:35 Amplification and the 35% Cap
20:27 When to Add Amplification
27:40 Reflexivity and mNAV
31:19 Letting the Machine Work
36:30 Building Trust in Digital Credit
38:01 MORE Launch and FTSE 250 Goal
40:48 Final Thoughts
Gojo retweeted
#SWC #MORE preferred shares pay a weekly dividend in pounds, not dollars: 12% a year on £100 to start (variable).
They're offered by most UK platforms, including Interactive Investor, and you can hold them in a UK ISA, where the income is tax free, or in a SIPP.
So it's bitcoin-treasury-company income, paid in sterling, with no US dollar product and no currency conversion.
The retail offer closes at 4:30pm today, and some platforms cut off earlier, so check yours.
My view, not advice.
ii.co.uk/ipo/offer-informati…
Gojo retweeted
Half the price of fuel is tax, but phew, at least I'll be able to see that on Google Maps now. Another great policy from the Mayor Of Britain.
I know people are worried about fuel prices. And I get it. You get to the pump, watch the numbers climb, and wonder why it's costing so much more than it used to.
The reality is that global events are pushing up costs, and families here at home are feeling the impact.
But I won't accept that there's nothing I can do to help.
That's why from today, you'll be able to see petrol and diesel prices on Google Maps, compare nearby stations and find the cheapest option before you fill up.
It's a small change, but if there's a practical way to help people keep more money in their pocket, I'll do it.
Gojo retweeted
It's fantastic to be part of an industry with so many great investors, companies and builders - all centred around the best asset in the world.
Yes, Bitcoin is down a little today, but selfishly, Bitcoin staying around these levels for a little while longer is okay with me.
There is a huge amount to be positive about. Lots MORE to come from this industry.
Gojo retweeted
Smarter Web's Capital Structure and MORE Preferred | Andrew Webley SLP780
@asjwebley of @smarterwebuk walks through Smarter Web's capital stack—ordinary shares, Coinbase credit, and the MORE preferred as income equity.
Timestamps
00:00 — Intro
00:25 — Hargreaves Lansdown to Smarter Web
02:09 — Saylor Pivot Was His Bitcoin Moment
04:00 — Listing the UK Treasury Play
08:44 — Clean Balance Sheet Structure
11:25 — Coinbase Credit at the Bottom
14:32 — Debt vs NAV Reporting
19:45 — Bitcoin-per-Share vs Total Return
21:32 — How Institutions Actually Buy
25:02 — Treasury Co vs ETF vs Bitcoin
28:12 — MORE Preferred Equity Explained
30:17 — Amplification Cap at 35%
33:11 — Sterling Preferred Advantage
37:49 — Downside Risks: Volatility and Execution
40:27 — Drawdowns and Uncertain Capital Access
Gojo retweeted
Hi Rob, Andrew is flat out right now so i'm happy to answer. It's a fair question but access is only part of it.
Some UK investors can buy STRC and SATA directly. Plenty of UK retail and institutional money still does not hold them cleanly: platform FX, US dealing, mandate limits and US situs stock.
The big difference that matters is currency.
$STRC and $SATA pay in dollars, so a UK investor also holds GBP/USD. The dollar needs to hold steady, or strengthen, for the sterling return to keep up with the dollar return. If it weakens, the sterling return falls. A preferred has no equity upside to offset a weaker dollar.
Platform FX is also often charged on the way in, and again when the dividend is converted back.
As an illustration, if sterling rises 6% against the dollar over a year, about half of a 12% USD coupon is gone once it is back in pounds.
MORE is quoted and pays in sterling. The initial dividend rate is 12%. The UK point is that the dividend and the price are in the currency the investor spends.
Credit and execution are risks an investor chooses to take. Dollar exposure is an extra one.
Here's another version of the FX point: xitter.cf/MillerC0le/status/2101…
Hope this helps!
Andrew's point on relative scale is the right one.
There's another structural point for a UK investor that the US volume comparison misses: currency exposure.
A USD-denominated yield forces the investor to hold two risks together through the issuer and the relative strength of the dollar against the pound. Fixed-income and preferred yields have no equity upside to absorb adverse currency moves. Therefore, FX drag becomes a direct tax on income.
A GBP-denominated instrument eliminates this variable entirely. By matching the coupon and principal to the investor's initial sterling costs, it isolates the trade to factors they actually intended to take on - credit performance and yield execution.
This matters far more for yield than for growth equity. GBP/USD can easily move several percent in a year, a shift capable of massively eroding a nominal US yield once converted back into pounds.
A sterling instrument ensures the yield you lock in is the actual return you keep.