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TINTIN retweeted
Great summary from Miller covering Week 2 of MORE from Smarter Web.
He will be sharing these updates every Saturday, so we can all track how volume builds over time. If you do not follow @millercole please give him a follow.
Plenty MORE to come.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Week 2: $MORE summary - 19 to 23 October
MORE traded 13,812 shares from Monday to Friday, worth about £1.3 million. That is 12.4% of shares issued.
Volume rose each day from Tuesday, from 826 shares to 3,187 on Friday. Monday’s figures were the largest on record so far.
The closing mid price ended the week at £93.50, unchanged from Monday, and every close sat between £93.20 and £93.50.
Across the eight sessions since trading began on 14 October, 15.3% of shares issued has traded.
The dividend announced for the week ending 23 October is £0.2301 per share, at a Preferred Dividend Rate of 12%. The Board may vary the rate, and dividends are not guaranteed.
Smarter Web announced on Thursday that 25 MORE shares have been sold under the ATM facility since admission, at an average price of £100 per share.
A week of growth, onwards.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
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
MORE, our new Preferred Shares, began trading on the Main Market of the London Stock Exchange on Wednesday this week. That marked the conclusion of an incredibly involved project which has occupied a significant amount of our time over recent months, but more importantly, I believe it marks the beginning of an exciting new chapter for Smarter Web.
I have written extensively over recent weeks about capital structure, the importance of accessing different pools of capital and why I believe MORE could become such an important part of our long-term strategy. Now that MORE is trading, I wanted to take the opportunity to explain a little more about what I believe the ideal Bitcoin treasury company looks like, why having two equities matters and some of the things we are focused on over the shorter term.
In my opinion, the ideal Bitcoin treasury company has a growing operating business, two distinct equities, no debt, a healthy cash reserve to support its dividend obligations and, of course, a substantial Bitcoin treasury that can continue growing in an accretive manner for shareholders. That is the model I want us to build at Smarter Web.
The two equities are particularly important. I want scale but I also want simplicity. We have SWC, our Ordinary Shares, and MORE, our Preferred Shares. They are designed for different investors with different objectives. SWC provides exposure to the potential growth of Smarter Web, including our operating businesses and Bitcoin treasury, whilst MORE is designed around income through a cumulative variable-rate preferential dividend payable weekly. Both have different rights and risks, and neither offers guaranteed outcomes. But having access to two different pools of capital gives us considerably more flexibility in how we finance and grow the Company.
Over time, I want us to significantly expand the reach of both SWC and MORE. That will require education, communication, marketing and, most importantly, consistent execution. We are still at an early stage in the development of Bitcoin treasury companies, particularly in the UK, and I believe there is a much larger audience of potential investors who have yet to fully understand what we are building. However, I want to be very clear that having access to capital does not mean we should raise it on any terms. We have the ability to issue both Ordinary and Preferred Shares, but the economics need to make sense. I would much rather be patient and raise the right capital on the right terms than pursue growth simply for the sake of announcing a larger Bitcoin balance sheet.
One of our shorter-term priorities is to continue reducing the outstanding balance on our Coinbase credit facility. I have spoken previously about the importance of simplifying our capital structure, and ultimately, I would like MORE to represent the most senior financial claim within the business. I believe a capital structure built around Ordinary Shares and Preferred Shares, without traditional debt, will be an incredibly powerful model. It would also give investors a clearer understanding of the different claims on the Company's assets and how value is attributable to each class of equity.
Of course, we also want to continue growing our total Bitcoin holdings. But as I have said many times, the objective is not simply to own more Bitcoin. It is to increase the net Bitcoin value attributable to each fully diluted Ordinary Share. That means maintaining discipline around the cost of capital and keeping a sensible relationship between the value of our Bitcoin treasury and our net claims, which for this purpose I think about as total debt outstanding plus total Preferred Shares, less our Treasury Cash Balance and Dividend Cash Balance. We have stated a maximum ratio of approximately 35%, and perhaps there will be an opportunity to increase that as MORE develops and grows. However, I think it is important to build a company that can withstand difficult market conditions rather than one that only works when Bitcoin is increasing in price.
Bitcoin will remain volatile, and there will inevitably be periods when markets move against us. We cannot control those movements, but we can control how we allocate capital and manage our balance sheet. My ambition is to put Smarter Web in a position where we can demonstrate growth in Bitcoin per share every quarter, including through more challenging market conditions. That is not a guarantee, but it is an objective. Consistent, accretive growth is far more important to me than simply achieving the largest possible Bitcoin treasury in the shortest possible time.
Alongside all of this, we will continue growing our operating businesses. I have always believed that having a growing operating business alongside a Bitcoin treasury is an important part of what makes Smarter Web different. We want to grow organically and through acquisitions, but acquisitions take time and need to be completed with the right valuations and deal structures. We will not acquire businesses simply to demonstrate activity. Every acquisition needs to contribute to building a stronger and more valuable Smarter Web over the long term.
Turning to the week itself, Monday was a busy day. We announced an update to our Ordinary Shares ATM Facility, with gross proceeds of £579,371 raised at an average price of approximately £0.69 per share. Future updates will move to Thursdays, allowing us to report activity across both our Ordinary Shares and Preferred Shares ATM Facilities in a single announcement. Alongside this, we provided an update on the pre-IPO warrants, with 2,650,000 more warrants exercised, leaving just 1,800,000 of those warrants held by external investors.
Monday also saw us announce the results of the MORE IPO, raising £10 million. I was pleased that more than three-quarters of the capital raised, approximately £7.6 million, came from retail investors. MORE is the UK's first sterling-denominated, perpetual Preferred Share backed by a corporate Bitcoin treasury, and with its weekly dividend it also represents an important innovation for the London market.
Of course, £10 million is relatively small when compared with what has been achieved in the United States, where Bitcoin treasury preferred equities have raised more than $10 billion over the past 12 months. But we have been here before. When Smarter Web first listed, we were starting from a very small base, with an ambition that many people questioned. Since then, we have demonstrated what can be achieved through consistent execution. I see MORE in a similar way. The IPO was an important first step, but my job now is to develop it into something considerably larger, responsibly but as quickly as the market and the economics allow.
On Wednesday MORE beginning trading on the London Stock Exchange. It was an incredibly satisfying moment for everyone involved in bringing the equity to market. A huge amount of work has taken place behind the scenes, and I would like to thank our team, advisers, partners and everyone who contributed to making it happen. However, as I said at the beginning of this update, this is only the beginning. We now need to build awareness, develop the market and demonstrate how MORE can contribute to the continued growth of Smarter Web.
On Thursday, we announced the acquisition of a further 83 Bitcoin, our largest Bitcoin purchase of the year so far, taking our total holdings to 2,830 Bitcoin. I am obviously delighted to see our treasury continuing to grow, particularly as we remain focused on increasing the Bitcoin value attributable to each Ordinary Share. Alongside the purchase, we announced a further reduction in our Coinbase credit facility to £16 million, another step towards the simpler capital structure I have described above. Later in the day, Miller and I hosted our latest Smarter Web Livestream, and I also joined the Daily Stack for another conversation about Smarter Web, MORE and the wider Bitcoin treasury sector.
On Friday evening, it was great to record another podcast with Peter Duan, who has been a long-time favourite within the Smarter Web community. I always enjoy these conversations, particularly with people who have followed our journey for some time and understand how the business and our strategy have evolved. Communication and education will continue to be incredibly important as we work to broaden the audience for both SWC and MORE, and I am looking forward to doing much more of this over the coming weeks and months.
Looking ahead, I am incredibly excited about what we are building. We now have two listed equities, a substantial Bitcoin treasury, growing operating businesses and an increasingly flexible capital structure. We will continue to make decisions based on what we believe creates the greatest long-term value for our shareholders. MORE is a significant milestone, but it is not the destination.
Thank you, as always, to our shareholders, our team and everyone who continues to support Smarter Web. Your continued support is appreciated.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
Final Reminder and Timing Update:
Smarter Web Livestream tomorrow, Thursday 22 October, now at 16:00 BST / 17:00 CEST / 11:00 ET.
Please note the new time: the livestream has moved from 14:00 BST to 16:00 BST.
@millercole is joined by @_Adrian, founding member of @TNorth and Independent analyst.
Watch live here on X or Youtube.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Smarter Web Livestream: Thursday, 22 October, 14:00 BST / 15:00 CEST / 09:00 ET.
Miller Cole (@millercole) is joined by Adrian Morris (@_Adrian), founding member of True North (@TNorth) and Independent analyst.
The conversation will explore Adrian's research on Bitcoin treasury companies, Digital Credit and capital structure.
Watch live here on X or Youtube.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
Wednesday morning update: $MORE broker availability👇
Heads-up: Trading 212, eToro, Fidelity and Freetrade are the ones we still need to chase. If you use any of them, please message, email and keep asking until they list MORE.
Good news: Barclays is now live, so 9 of 13 brokers are green. Here's where things stand:
🟢 Hargreaves Lansdown: live on the HL website and app. You may need to complete the complex product questionnaire first
🟢 Interactive Investor: live and trading online. Some accounts need a quick appropriateness assessment first
🟢 IG: live, including ISAs
🟢 AJ Bell: live, and "MORE" shows up in search
🟢 Lloyds, Halifax, Bank of Scotland Share Dealing and Scottish Widows ISA: available to buy
🟢 Redmayne Bentley: MORE is now set up
🟢 Charles Stanley: live. Online orders going through
🟢 Interactive Brokers (IBKR): live. The app can show the market as closed during trading hours, so stick with it or use a limit order
🟢 Barclays: now live, including ISAs
🔴 Trading 212: not available yet. We know this one is proving very difficult, with some told it doesn't meet their criteria and others that it's being reviewed due to popular request. Please keep asking
🔴 eToro: not listed yet. Requests forwarded, no timescale yet
🔴 Fidelity: not listed yet, but looking into it. Please keep chasing
🔴 Freetrade: not listed yet. You can vote for MORE using their request form
🔎 Search tip: if your broker doesn't find "MORE", search by the ISIN GB00C0HJ0D12 instead.
Look how far we've come in just a few days! That's what persistence does. Four to go, so let's keep the pressure on until every light is green. We appreciate everyone's efforts.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Tuesday update: MORE broker availability👇
Heads-up: Trading 212, eToro, Fidelity and Freetrade are the ones we still need to chase. If you use any of them, please message, email and keep asking until they list MORE.
8 of 13 brokers remain green, and Scottish Widows ISA customers can now buy MORE too. Here's where things stand:
🟢 Hargreaves Lansdown: live on the HL website and app. You may need to complete the complex product questionnaire first
🟢 Interactive Investor: live and trading online. Some accounts need a quick appropriateness assessment first
🟢 IG: live, including ISAs
🟢 AJ Bell: live, and "MORE" shows up in search
🟢 Lloyds, Halifax, Bank of Scotland Share Dealing and Scottish Widows ISA: available to buy
🟢 Redmayne Bentley: MORE is now set up
🟢 Charles Stanley: live. Online orders going through
🟢 Interactive Brokers (IBKR): live. The app can show the market as closed during trading hours, so stick with it or use a limit order. Has anyone else placed a trade this week?
🟡 Barclays: accepted and due to be added by the middle of this week. Barclays customers, please check and let us know when you can buy
🔴 Trading 212: not available yet. We know this one is proving very difficult, but we must keep up the constant demand. Requests are being reviewed, so please keep asking
🔴 eToro: not listed yet. Requests forwarded, no timescale yet
🔴 Fidelity: not listed yet, but now looking into it. Please keep chasing
🔴 Freetrade: not listed yet. You can vote for MORE using their request form
🔎 Search tip: if your broker doesn't find "MORE", search by the ISIN GB00C0HJ0D12 instead.
Brokers respond to demand. Message them, email them, raise it on their forums, and keep asking until the answer changes. Every request turns another light green.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
Really looking forward to this one.
Next Thursday, Adrian Morris (@_Adrian), founding member of True North (@TNorth) and independent analyst, will be joining Miller Cole (@millercole) for the next SWC Livestream.
It should be a fascinating conversation, and one not to miss. In the meantime, catch up on our previous livestreams over on the SWC YouTube channel:
youtube.com/@smarterwebuk
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Smarter Web Livestream: Thursday, 22 October, 14:00 BST / 15:00 CEST / 09:00 ET.
Miller Cole (@millercole) is joined by Adrian Morris (@_Adrian), founding member of True North (@TNorth) and Independent analyst.
The conversation will explore Adrian's research on Bitcoin treasury companies, Digital Credit and capital structure.
Watch live here on X or Youtube.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
This morning we announced our largest Bitcoin purchase of the year (so far). We acquired a further 83 Bitcoin, taking our total holdings to 2,830 Bitcoin.
Alongside this, we announced a reduction in our Coinbase credit facility to £16 million.
These two decisions reflect how we think about capital allocation and the long-term future of Smarter Web.
We want MORE to be the most senior claim on our balance sheet. I believe that building our capital structure around this principle is important to scaling MORE into the income equity we believe it has the potential to become.
At the same time, we want to continue increasing our Bitcoin holdings, particularly when we believe Bitcoin is attractively priced, whilst continuing to grow our operating businesses.
These objectives are not mutually exclusive. The opportunity is in balancing them intelligently.
I believe we have demonstrated to shareholders that we can make disciplined capital allocation decisions, balancing the opportunities for growth with the importance of maintaining a strong balance sheet. That approach will remain central to how we build Smarter Web.
What makes the future particularly exciting is that we now have two distinct equities trading on the Main Market of the London Stock Exchange.
SWC, our growth equity, offers investors exposure to the potential growth of Smarter Web, our operating businesses and our Bitcoin treasury.
MORE, our income equity, is designed to provide investors with a different proposition through a cumulative variable-rate preferential dividend, payable weekly.
Two equities, two different investment propositions, but one company and one long-term ambition.
I believe having access to these different pools of capital gives us an incredibly exciting opportunity to scale Smarter Web, strengthen our balance sheet and create long-term shareholder value.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
Smarter Web has acquired a further 83 Bitcoin, taking holdings to 2,830, funded from MORE IPO proceeds and existing cash. Those proceeds are also reducing drawings on the Coinbase facility from £17m to £16m.
Drawings are down 23% in three weeks, from £20.8m. Bitcoin per share is up 1.98% quarter to date.
Smarter Web now has two equities on the LSE Main Market. SWC is the growth equity. MORE is the income equity, with a cumulative variable-rate dividend payable weekly. Neither growth nor income is guaranteed.
Active balance sheet management is moving Smarter Web towards a simpler capital structure, built around those two equities. Adding Bitcoin and reducing debt are both steps in that direction.
I’m excited to see what MORE we can do over the rest of the quarter as we look to scale further. Feeling incredibly optimistic for the future.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
BREAKING: 🇬🇧 THE UK'S FIRST EVER #BITCOIN DIGITAL CREDIT JUST STARTED TRADING ON THE LONDON STOCK EXCHANGE
THEY HAVE ALREADY RAISED OVER $10,000,000
THE SAYLOR EFFECT 🔥
🤖 Made with AI
TINTIN retweeted
Smarter Web has raised £10 million for its MORE preferred IPO, the UK's first Bitcoin-backed preferred share.
Good to see it get over the line. Trading starts on 14 October with the first weekly dividend due on 9 November.
However, it also shows the scale of the challenge ahead. The target was £15 to £25 million, and £10 million was the minimum needed for the deal to proceed. Retail put in £7.6 million. Institutions just £2.4 million.
UK investors are clearly interested but UK institutions are not there yet.
The first 12 months will be about education. Most British investors have never heard of Bitcoin credit, let alone held it. Every weekly dividend paid on time builds the track record that brings the next wave of capital in.
The UK market needs to be inoculated, and that takes time.
For context, SATA launched in November 2025 with $200 million of notional and took 10 months to pass $1 billion.
MORE starts with £11.1 million. Reaching £100 million within a year would be a fantastic result.
Every market has to start somewhere and this is an exciting start.
This is day one for Bitcoin credit in the UK.
TINTIN retweeted
Before the excitement of next week kicks in it might be useful to have a quick reminder on how the FTSE 250 inclusion mechanics work.
Every quarter the FTSE Russell ranks all eligible UK companies by full market cap.
For the Dec review, the ranking date is Tue 1 Dec.
Changes are announced Wednesday 2 Dec and take effect after the close on Fri 18 Dec.
A company outside the FTSE 250 that ranks 325th or higher goes in automatically.
A FTSE 250 member only drops out if it falls to 376th or lower. The gap between the two rules stops companies yo-yoing in and out.
The index must hold exactly 250 companies. If more companies leave than enter, the gaps go to the highest-ranked companies not already in it, even if they're below 325th.
Today's picture based on Friday’s close:
Out: 4 members ranked 376th or lower (SDCL Efficiency, Rank Group, NCC Group, Meridian Mining), plus Harbour Energy, which moves up to the FTSE 100.
In automatically: Amaroq (319th), plus IG Group dropping down from the FTSE 100.
Now we need to fill the gaps:
250 - 4 dropping out - 1 heading to the FTSE 100 + 2 entering by dropping down from the FTSE 100 = 247, so 3 places need filling as it stands.
The next 3 companies not in the FTSE 250 index sit at 327th, 329th and 332nd.
Ranks in between are already held by existing FTSE 250 members.
Right now the effective entry point is 332nd, about £514m market cap.
The 325th-place automatic entry needs about £539m.
To be included on the 1 Dec ranking, as it stands, $SWC needs to rank 332nd or higher.
On current share count, that's a share price of about £1.37.
For automatic entry at 325th, it currently needs about £1.45.
With 7 weeks until cut off for December inclusion we’d need a compund weekly growth rate of 11.7%.
A linear 11.7% per week would look like this:
- Week 1 - £0.70
- Week 2 - £0.79
- Week 3 - £0.88
- Week 4 - £0.98
- Week 5 - £1.10
- Week 6 - £1.23
- Week 7 - £1.37
Obviously the path won’t be linear but the conclusion is clear…
With some Bitcoin support and MORE momentum FTSE 250 inclusion before Christmas certainly isn’t out of the question.
Onwards! 🚀
TINTIN 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
TINTIN retweeted
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 get asked often about where I see the Bitcoin price in the future. Everyone has different timescales in mind when they ask me this question.
I certainly do not claim to know with certainty where the Bitcoin price will be next week, next month or even next year. Nobody does. But when I look at previous cycles, the continued growth in adoption, where I believe Bitcoin sits today, and then add in that I believe we have come out of the recent drawdown, I think there is a very interesting period ahead of us.
If history is any guide, Bitcoin has tended to move in cycles. Those cycles have historically been closely connected to the four-year halving cycle, with periods of significant appreciation followed by significant, decreasing, corrections. There has been plenty of discussion over whether that four-year cycle is now dead. Personally, with everything I can see right now, I am not convinced that it is; I think it may simply be evolving.
As Bitcoin becomes a larger and more widely owned asset, it seems reasonable to me that both the upside and downside volatility should gradually reduce. That does not mean the returns cannot still be extraordinary. I can quite comfortably imagine a scenario where Bitcoin increases more than five-fold during the next major cycle and, if previous cycles are anything to go by, that upward journey could play out over several years including plenty of volatility along the way.
Equally, there will be drawdowns. There always have been. The recent correction was around 50%, and perhaps future corrections become progressively less severe as Bitcoin matures and adoption increases. We could therefore continue to see something resembling the four-year cycle, but with lower volatility in both directions as the asset becomes larger, more liquid and increasingly integrated into the global financial system.
Of course, this is simply how I think about it today. The market will ultimately tell us whether that view is right. I have never believed that successfully owning Bitcoin requires being able to predict every move in the Bitcoin price. In fact, I think attempting to do that is probably an unwise approach. In my view the best approach is just to buy Bitcoin whenever you have capital to save for the future.
On an individual level, I find it uncomprehensible for someone to justify having no exposure to Bitcoin at all. That does not mean everyone should have the same allocation. People have different circumstances, different attitudes towards risk and different time horizons. But when an asset has absolute scarcity, global liquidity, a transparent monetary policy and what I believe is still enormous potential for further adoption, I struggle to understand the argument for not owning Bitcoin.
Over time, I think the same question will increasingly be asked by companies, charities, institutions and countries. The appropriate level of exposure will be different for each, but the underlying reasons for owning Bitcoin do not change. If Bitcoin continues to become more widely understood and adopted, I think the number of balance sheets with some Bitcoin exposure will continue to grow.
That transition will not happen overnight. Bitcoin remains volatile, it is still relatively young and there are practical, regulatory and governance considerations that will naturally make some move more slowly than others. But I believe the direction of travel is clear.
At Smarter Web, we made our decision some time ago. Bitcoin sits at the centre of our balance sheet and our long-term strategy, alongside the continued growth of our operating businesses. We are incredibly proud to have built by far the largest public company Bitcoin treasury in the UK, and we intend to keep building from here.
Turning to the week itself, it has been another extremely busy one.
As shareholders know, we are working towards the Possible IPO of MORE Preferred Shares and the publication of a Prospectus, subject to FCA approval. There is a limit to what I can say while that process continues, and I do not want to get ahead of the appropriate regulatory announcements.
What I can say is that MORE has been a significant focus for us recently. There is a huge amount of work involved in bringing something like this to market, particularly when we are trying to do something that has not been done before in the UK.
I know shareholders are keen to hear MORE, and I am equally keen to be in a position where we can say MORE. For now, the team is working incredibly hard and we will continue to update the market when we are able.
One thing that times like this reinforce is just how fortunate I feel to have the team we have built around Smarter Web. MORE is an important project, but it is far from the only thing happening. Our operating businesses continue serving clients, the PLC team continues working across the wider strategy, and there are multiple workstreams moving forward at the same time.
When there is this much happening simultaneously, having talented people who take ownership and get things done makes an enormous difference. I am grateful to everyone across Smarter Web for the work they continue to put in.
On Wednesday evening, I recorded another Bitcoin Treasuries Podcast with Tim Kotzman. Tim was one of the first people I spoke to on a podcast shortly after Smarter Web became a public company, so it was great to catch up and talk about how far things have developed. We are already planning to do another one soon. You can find the conversation on X and YouTube.
Then on Thursday, Miller hosted the latest Smarter Web Livestream with Lance Vitanza from TD Cowen. Lance has an enormous amount of knowledge and experience, and I thought it was particularly interesting to hear the perspective of a large financial institution on Bitcoin and Bitcoin treasury companies. This conversation is also available on X and YouTube.
Next week I will be joining Miller for the Smarter Web Livestream. I am looking forward to talking about everything Smarter Web, Bitcoin and whatever else seems interesting by Thursday.
Finally, thank you, as always, to our shareholders and everyone who continues to support Smarter Web. I look forward to sharing MORE with you soon.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
TINTIN retweeted
Smarter Web Livestream #7 - Tim Kotzman xitter.cf/i/broadcasts/1nJOLQqNV…
TINTIN retweeted
The Smarter Web Company $SWC is about to become a very different company.
$MORE gives it a second capital-raising engine built on permanent capital, with a 35% amplification ceiling that @asjwebley says could eventually go much higher.
If this flywheel starts turning, what $SWC has achieved so far could look like a rounding error.
Great conversation with @asjwebley on what could be the next phase for @smarterwebuk. 👇
The Smarter Web Company $SWC is about to switch on a second capital-raising engine.
@asjwebley, CEO & Founder of @smarterwebuk, joins us to go deep on $MORE, its new perpetual preferred equity, and what it could mean for $SWC.
We discussed:
→ 12% initial dividend, paid weekly
→ Why $MORE is targeting £100 par
→ The 35% amplification ratio — and why it could go way higher
→ Replacing Coinbase debt with permanent capital
→ Retail vs. institutional demand
→ Growing Bitcoin per share across different market conditions
→ Why Bitcoin is now the hurdle rate for every acquisition
→ How $SWC + $MORE could work together as two capital-raising engines
If $MORE works as intended, this could be the beginning of a very different phase for The Smarter Web Company.
And potentially a very powerful new flywheel for $SWC.
00:00 Andrew Webley: Building the UK’s Bitcoin Treasury Company
04:47 Why Smarter Web Used Bitcoin-Backed Coinbase Debt
11:22 Why Smarter Web Is Replacing Debt With MORE
15:27 MORE: The UK’s First Bitcoin Treasury Preferred Stock
19:35 How MORE Targets £100 Par Value
25:47 Who Will Buy MORE? Retail vs Institutional Investors
29:12 Why MORE Has a 35% Amplification Ratio
35:55 Are Institutions Warming Up to Bitcoin Treasuries?
40:46 Smarter Web’s Acquisition Strategy: Why Bitcoin Is the Hurdle Rate
43:16 Could Smarter Web Acquire Companies Outside the UK?
45:02 What Types of Companies Could Smarter Web Acquire Next?
47:16 Can Any Acquisition Really Outperform Bitcoin?
48:27 Will The Smarter Web Company Change Its Name?
50:46 Building Through the Bitcoin Treasury Bear Market
52:37 What Comes Next for Smarter Web and MORE?
Full episode 👇
TINTIN retweeted
Smarter Web's Capital Structure and MORE Preferred | Andrew Webley SLP780 @stephanlivera with @asjwebley
youtube.com/watch?v=C5iGQ0kp…
TINTIN retweeted
That was a good day. To be at the London Stock Exchange and open the market when Smarter Web up-listed was pretty special. And great that we had so many shareholders there with us.
Round 2 next week when #MORE starts [potentially] trading on Wednesday. A shame that the London Stock Exchange is undergoing refurbishments and we can not open the market again - but I have a lot to do at my desk so probably a good thing!
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
The night before @smarterwebuk launched on the London Stock Exchange earlier this year. Who would have thought there was MORE to come. The boy done good @asjwebley ! 🇬🇧🚀🧡
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
