One Chair

Your guide to the companies stacking #Bitcoin.
Hosted by @GrafYves and @quentinisonx
Produced by @dariostackssats

[One Chair @OneChairPod]

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 👇

[Michael Saylor @saylor]

Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR https://t.co/XTTFEh0rSc

[Matt Cole @ColeMacro]

Strive acquired 6,182 $BTC for $511.4M at an average cost of $82,732 per bitcoin, bringing total holdings to ₿43,000.

- Cash and marketable securities increased by $187.7M to $554.6M.
- Established a $1B $SATS ATM program.

$ASST $SATA $SATS

[Matt Cole @ColeMacro]

The sats/$SATS perpetual swap has been activated.

[Andrew Webley @asjwebley]

Today we announced the addition of a further 20 Bitcoin to the Smarter Web treasury, bringing our total holdings to 2,850 BTC and our quarter-to-date Bitcoin Yield to 2.41%.

We believe there is significant opportunity ahead this quarter to continue growing our Bitcoin treasury in an accretive and disciplined manner.

Plenty of work ahead. Plenty of ambition. MORE to come.

LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8

[One Chair @OneChairPod]

Strive $ASST is rewriting the Bitcoin Treasury playbook! 🔥

And with its $700M $SATS IPO, the race for the #2 spot is heating up!

@TylerCompiler from @BTCtreasuries joined us to break it all down.

Just look at what's happening with Strive:
→ 4,045 BTC acquired in a single week.
→ $700M $SATS IPO, introducing a second preferred capital-raising engine.
→ Potentially 44,000+ BTC in total holdings by next week, putting Strive at the #2 spot.

And imagine what happens when the bull market kicks into gear.

We also dive into:
🔸 Strategy $MSTR spending over $1B on $STRC buybacks. Why is it still struggling to reach par?
🔸 How could $SATS strengthen $SATA, improve Bitcoin coverage, and help push it back to par?
🔸 Could Strive reach 100,000 BTC by the end of 2027?
🔸 Metaplanet's US expansion through Super Planet $SUPA.
🔸 Why perpetual preferred equities could fundamentally transform the Bitcoin Treasury industry.

The race is entering a whole new phase, and the financial engineering behind it is fascinating.

00:00 Intro: Strategy, Strive & the Bitcoin Treasury Race
01:16 Strategy's STRC Buyback: Is It Working?
02:33 Should Strategy Raise STRC's 12% Dividend?
06:01 Are STRC Buybacks Signaling Weakness?
10:08 What Happens to STRC if Bitcoin Hits $100K?
10:58 Strive's Explosive Growth: 4,045 BTC in One Week
13:34 Why Strive Is the Fastest-Growing Bitcoin Treasury
15:42 SATS Explained: Is a 15% Yield Worth the Risk?
19:00 Can SATS Push SATA Back to $100 Par?
24:20 Could Strive Become the Next Strategy?
26:59 Can Strive Reach 100,000 BTC by 2027?
30:17 Bitcoin Amplification: Strive vs Strategy
32:26 Metaplanet's US Expansion: Super Planet (SUPA)
35:23 The Future of Bitcoin Treasury Companies
38:16 Where to Follow Tyler Rowe & https://t.co/uQ2Wg8LLzT

Full episode 👇

[Yves-André Graf @GrafYves]

Going live with the gang @TylerCompiler @TheOtherParker_ to talk $MSTR, $ASST $SATA and their new preferred $SATS.

[Matt Cole @ColeMacro]

SATS is now listed on Nasdaq.
 
15.00% fixed annualized dividend rate based on $100 stated amount. Paid every business day.
 
First dividend: November 9, 2026, inclusive of dividends accrued since the October 20 closing.

$SATS $ASST $SATA

[Tyler Rowe @TylerCompiler]

Had a fun chat with @GrafYves on the @OneChairPod today!

We talked Strategy, Strive, $SATS, $STRC & more.

"Prefs are the engine to accelerating corporate #Bitcoin adoption." 📺

[One Chair @OneChairPod]

Listen to ti on:
- Spotify: https://t.co/8rWBXEKg2B
- Apple Podcasts: https://t.co/yWW1RqH7sb

[One Chair @OneChairPod]

Strive $ASST is rewriting the Bitcoin Treasury playbook! 🔥

And with its $700M $SATS IPO, the race for the #2 spot is heating up!

@TylerCompiler from @BTCtreasuries joined us to break it all down.

Just look at what's happening with Strive:
→ 4,045 BTC acquired in a single week.
→ $700M $SATS IPO, introducing a second preferred capital-raising engine.
→ Potentially 44,000+ BTC in total holdings by next week, putting Strive at the #2 spot.

And imagine what happens when the bull market kicks into gear.

We also dive into:
🔸 Strategy $MSTR spending over $1B on $STRC buybacks. Why is it still struggling to reach par?
🔸 How could $SATS strengthen $SATA, improve Bitcoin coverage, and help push it back to par?
🔸 Could Strive reach 100,000 BTC by the end of 2027?
🔸 Metaplanet's US expansion through Super Planet $SUPA.
🔸 Why perpetual preferred equities could fundamentally transform the Bitcoin Treasury industry.

The race is entering a whole new phase, and the financial engineering behind it is fascinating.

00:00 Intro: Strategy, Strive & the Bitcoin Treasury Race
01:16 Strategy's STRC Buyback: Is It Working?
02:33 Should Strategy Raise STRC's 12% Dividend?
06:01 Are STRC Buybacks Signaling Weakness?
10:08 What Happens to STRC if Bitcoin Hits $100K?
10:58 Strive's Explosive Growth: 4,045 BTC in One Week
13:34 Why Strive Is the Fastest-Growing Bitcoin Treasury
15:42 SATS Explained: Is a 15% Yield Worth the Risk?
19:00 Can SATS Push SATA Back to $100 Par?
24:20 Could Strive Become the Next Strategy?
26:59 Can Strive Reach 100,000 BTC by 2027?
30:17 Bitcoin Amplification: Strive vs Strategy
32:26 Metaplanet's US Expansion: Super Planet (SUPA)
35:23 The Future of Bitcoin Treasury Companies
38:16 Where to Follow Tyler Rowe & https://t.co/uQ2Wg8LLzT

Full episode 👇

[One Chair @OneChairPod]

Watch it on Youtube: https://t.co/0asom6C2rh
https://t.co/0asom6C2rh

[Michael Saylor @saylor]

Strategy has repurchased $193M of $STRC and acquired 267 $BTC. As of 10/18/26, we hold 848,517 BTC and $5.3B of USD Assets. We have also increased the size of our Digital Credit Securities Repurchase Program from $2.0B to $3.0B. $MSTR https://t.co/ea29gd1OO5

[Matt Cole @ColeMacro]

Last Wed-Fri, Strive acquired 1,223 BTC at an average cost of $81,734 per bitcoin, bringing holdings to ₿36,818.

- SATS IPO proceeds settle this Tuesday
- Strive plans to maintain current 18-month dividend reserve
- Traditional warrants are expired

$ASST $SATA $SATS

[Scott Ellam @btconlyscott]

After a busy start to October for @XCEofficial , it was good to sit down and share the story last week.

1. @OneChairPod with @GrafYves. Full 40 minutes on the XCE model is out
2. @TimKotzman. Full episode out, "Diluted on LinkedIn, Concentrated on X"
3. Recorded with @TylerCompiler for @BTCtreasuries on Friday. Out soon
4. @BusinessForSale covered the James Gray acquisition

In the XCE group;

Great first full week from the James Gray team, with one of the team already hitting their quarterly target 👏

This week is full of quality meetings, with lots of opportunity to progress through the quarter.

The Aquis Showcase public vote closes at 10am today. Feel free to vote for XCE.

Links below 🫡

🟠 $XCE | AQSE: XCE | OTCQB: XCELF

[Michael Saylor @saylor]

We found room for more orange.

[Matt Cole @ColeMacro]

Now stacking sats with double the horsepower.

[Yves-André Graf @GrafYves]

One of the most fascinating parts of this episode was hearing @YChoueifaty explain how TOBAM actually evaluates Digital Credit.

It's one thing to discuss $STRC, $SATA, $SATS, and $MORE. It's another to hear how institutional investors model and price these instruments.

Credit risk, dividend sustainability, discretionary payments, embedded optionality... There's a lot more complexity than meets the eye.

And traditional credit ratings are still far behind when it comes to Bitcoin Treasuries and Digital Credit.

The financial engineering is happening on the liability side of Bitcoin Treasury companies' balance sheets. And institutions are developing their own models to make sense of it.

Which raises an interesting question:
Who will challenge and potentially disrupt the traditional credit rating models of S&P and Moody's?

Fascinating times ahead!

[One Chair @OneChairPod]

@Toffeebdm @AlexandreLaizet @_ALCPB @Andre_Dragosch @Bitwise @YChoueifaty Thank you Toffee! 🫡

[One Chair @OneChairPod]

Is Wall Street fundamentally mispricing Bitcoin-backed credit?

In Episode 6 of Inside the Walls, we had a fascinating conversation with @AlexandreLaizet from @_ALCPB, @Andre_Dragosch from @Bitwise, and @YChoueifaty from TOBAM.

A few particularly interesting takeaways:
→ Strategy's $STRC could be significantly mispriced. André argues that its yield is far above what comparable credit risk would suggest.
→ Strive $ASST is pushing financial innovation further. The introduction of $SATS, offering a 15% dividend, could actually strengthen $SATA rather than undermine it.
→ Smarter Web $SWC is opening a new frontier for Digital Credit. With £10M raised through $MORE, the UK now has its first Bitcoin-backed perpetual preferred stock, potentially paving the way for broader institutional adoption across Europe.
→ The next capital rotation could favor Bitcoin. As inflation accelerates and the AI trade cools, André sees the potential for billions to rotate from semiconductor stocks into Bitcoin over the coming months.

And we finish with a provocative discussion about Bitcoin custody:
Is "not your keys, not your coins" really scalable? Or is institutional custody an inevitable part of Bitcoin's future?

Another fantastic conversation with three incredibly insightful minds.

The financial system isn't being replaced overnight. It's being transformed from within.

00:00 Bitcoin Market Update: Inflation, MSTR, Strive & Smarter Web
03:05 The Digital Credit Revolution: STRC, SATA, SATS & MORE
07:25 Smarter Web's MORE: Was the £10M Launch a Success?
12:37 Can Bitcoin-Backed Credit Become an Institutional ETF?
15:52 Retail vs. Institutional Demand: Who Will Drive Digital Credit?
23:24 Can Credit Ratings Unlock Institutional Bitcoin Adoption?
27:38 Is STRC Mispriced? Bitcoin Credit vs. Traditional High-Yield Bonds
31:41 Why SATS Actually Strengthens SATA
39:05 Strive's 15% SATS Dividend: Is the Yield Sustainable?
41:39 Inflation Shock: Will the Fed Raise Interest Rates Again?
45:53 When Could Billions Rotate Into Bitcoin?
47:15 TOBAM Challenges “Not Your Keys, Not Your Coins”
51:40 Is Institutional Bitcoin Custody Inevitable?
55:55 How TOBAM Secured Bitcoin Before Institutional Custodians
58:03 The Future of Bitcoin Custody: Multisig vs. Self-Custody
59:42 Final Thoughts: Bitcoin's Institutional Future

Watch the full episode! 🔥👇

[One Chair @OneChairPod]

@Michaeljdobbin @AlexandreLaizet @_ALCPB @Andre_Dragosch @Bitwise @YChoueifaty Thank you sir! 🧡

[The Franck @FEVRIERFranck]

Plus d’excuses pour ne pas visionner ce rendez-vous hebdo en VF

@OneChairPod @GrafYves @YChoueifaty @AlexandreLaizet

https://t.co/sGpxc9dKGq