One Chair

The Bitcoin Treasury podcast exploring the future of finance.
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 👇

[One Chair @OneChairPod]

@GBapt_btc @YChoueifaty @fabien_73 @AlexandreLaizet @_ALCPB @Andre_Dragosch @Bitwise @Strategy @smarterwebuk @Strive 🤝

[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]

High inflation, weak economic growth, and years of monetary intervention.

@YChoueifaty delivers a scathing assessment of Christine Lagarde's ECB presidency.

But there's a silver lining for Bitcoin. 👇

[One Chair @OneChairPod]

Why can Strive $ASST pay higher dividends on $SATA than Strategy $MSTR does on $STRC? And more importantly, why does it work?

Strategy and Strive are playing two very different games.

In this episode, we're joined by @AlexandreLaizet (Capital B) and @YChoueifaty (TOBAM) to unpack the rapidly evolving world of Digital Credit.

We dive into:
🔹 $SATA vs. $STRC: Why higher yields make sense for Strive
🔹 Are 13–15% dividends sustainable?
🔹 How institutional investors model Digital Credit and assess default risk
🔹 Why Smarter Web's $MORE is significantly mispriced
🔹 How Digital Credit could unlock trillions in institutional capital
🔹 Bitcoin's market cycle, interest rates, and what's next

And we wrap up with a fiery discussion about Christine Lagarde, the ECB, and Europe's monetary future. 🔥

⏱️ TIMESTAMPS

00:00 Intro – Bitcoin Under Pressure: What's Next?
02:19 Is Bitcoin's 4-Year Cycle Breaking Down?
10:12 Bitcoin Bear Market: Are We Preparing for the Next Bull Run?
13:31 Strive's SATA Dividend Hike: Why 13.25%?
16:05 Strategy vs. Strive: Two Very Different Digital Credit Strategies
21:06 Smarter Web's MORE: Is a 14% Yield a Bargain?
25:32 How Do You Value Bitcoin-Backed Digital Credit?
28:40 Are 15% Digital Credit Yields Sustainable?
39:10 The Next Generation of Bitcoin-Backed Preferred Stocks
43:35 Christine Lagarde and the ECB: A Catastrophic Legacy?
52:48 Could Bitcoin and Capital Markets Transform Europe?
55:34 Why Central Banks Are Bitcoin's Best Marketing Tool

Watch the full episode 👇

[Toffee @Toffeebdm]

Must-listen stuff from @OneChairPod

Yves Choueifaty sees MORE as “an incredibly sexy opportunity”
🇫🇷 🧡🇬🇧

Link in the post below for the full episode
👀

[Miller Cole @millercole]

Great clip from @YChoueifaty @OneChairPod.

At a Bitcoin price of $40,000, Smarter Web's Bitcoin holdings would still cover net claims 3.6x. This includes $MORE and the Coinbase facility.

That sits on top of a rolling cash reserve held at a minimum of 24 months of dividends.

LSE: #SWC #MORE | OTC: $TSWCF $MORPF | FRA: $3M8

[One Chair @OneChairPod]

@FEVRIERFranck @AlexandreLaizet @YChoueifaty Thank you Franck, appreciate you! 🧡

[One Chair @OneChairPod]

Why can Strive $ASST pay higher dividends on $SATA than Strategy $MSTR does on $STRC? And more importantly, why does it work?

Strategy and Strive are playing two very different games.

In this episode, we're joined by @AlexandreLaizet (Capital B) and @YChoueifaty (TOBAM) to unpack the rapidly evolving world of Digital Credit.

We dive into:
🔹 $SATA vs. $STRC: Why higher yields make sense for Strive
🔹 Are 13–15% dividends sustainable?
🔹 How institutional investors model Digital Credit and assess default risk
🔹 Why Smarter Web's $MORE is significantly mispriced
🔹 How Digital Credit could unlock trillions in institutional capital
🔹 Bitcoin's market cycle, interest rates, and what's next

And we wrap up with a fiery discussion about Christine Lagarde, the ECB, and Europe's monetary future. 🔥

⏱️ TIMESTAMPS

00:00 Intro – Bitcoin Under Pressure: What's Next?
02:19 Is Bitcoin's 4-Year Cycle Breaking Down?
10:12 Bitcoin Bear Market: Are We Preparing for the Next Bull Run?
13:31 Strive's SATA Dividend Hike: Why 13.25%?
16:05 Strategy vs. Strive: Two Very Different Digital Credit Strategies
21:06 Smarter Web's MORE: Is a 14% Yield a Bargain?
25:32 How Do You Value Bitcoin-Backed Digital Credit?
28:40 Are 15% Digital Credit Yields Sustainable?
39:10 The Next Generation of Bitcoin-Backed Preferred Stocks
43:35 Christine Lagarde and the ECB: A Catastrophic Legacy?
52:48 Could Bitcoin and Capital Markets Transform Europe?
55:34 Why Central Banks Are Bitcoin's Best Marketing Tool

Watch the full episode 👇

[Yves-André Graf @GrafYves]

Higher yield = higher risk? Not necessarily.

Strive $ASST pays more on $SATA and $SATS than Strategy $MSTR does on $STRC and $STRD. But headline yields only tell part of the story.

Here's what many investors overlook:
- Strategy is playing the game of institutional scale, where price stability, liquidity, and access to deep pools of capital are paramount.
- Strive, on the other hand, can afford to be more aggressive with its dividend rates to attract capital and accelerate Bitcoin accumulation.

And this is where it gets interesting:
- A higher dividend doesn't automatically translate into proportionally higher risk.

The company's overall cost of capital, amplification ratio, balance sheet strength, and dividend coverage are all critical pieces of the equation.

Different strategies. Different strengths. Same mission: bringing Bitcoin to the heart of global capital markets.

Absolute banger of a discussion with @AlexandreLaizet and @YChoueifaty! 🔥

Watch the full episode 👇

[One Chair @OneChairPod]

Listen to it on:
- Spotify: https://t.co/WE7Qw5yscZ
- Apple Podcasts: https://t.co/PC6ifpU3ry

[Alexandre Laizet ⚡️ @AlexandreLaizet]

Digital Credit Episode w/ @YChoueifaty⚡️

[One Chair @OneChairPod]

Watch it on Youtube: https://t.co/SbCzG1orxL
https://t.co/SbCzG1orxL

[Strive @Strive]

As part of our commitment to SATA’s price stability, we have increased the dividend from 13.0% to 13.25%, effective starting Dec 1.

[Yves-André Graf @GrafYves]

🚨 WE'RE LIVE!

Bitcoin, $MSTR, $ASST, and probably a few spicy takes along the way. 🌶️

Joining the crew @TylerCompiler @chasepalmieri @TheOtherParker_ to make sense of the madness in Bitcoin and capital markets.

Come hang out with us! 👇

[Alexandre Laizet ⚡️ @AlexandreLaizet]

🟠 Capital B $ALCPB has acquired 12 BTC for €0.84 million at €70,295 per bitcoin and has achieved BTC Yield of 2.23% YTD. As of 11/10/2026, Capital B holds 3,550 $BTC for €311.5 million at €87,746 per bitcoin⚡️

$ALCPB Europe's First Bitcoin Treasury Company 🇫🇷⚡️

[One Chair @OneChairPod]

@AlexKinvest Thank you Alex! Glad you enjoyed it! 🧡

[Alex K @AlexKinvest]

nice episode a.o. around custody

[One Chair @OneChairPod]

Bitcoin is bleeding. Treasury stocks are getting hammered. $STRC is fighting to stay at par.

Just another rough week, or is something bigger unfolding?

Inside the Walls Ep. 8 is LIVE!

Together with @AlexandreLaizet and @Kosanovic_V from Capital B, we go beyond the headlines to unpack what's driving the markets, what really matters, and what investors should be watching.

🔸 What's driving the sell-off?
🔸 Is Bitcoin becoming more resilient?
🔸 After the Binance hack, how safe is institutional Bitcoin custody?
🔸 Why is Strategy $MSTR buying back $STRC instead of raising its dividend?
🔸 Can $STRC, $SATA & $SATS sustain double-digit dividends?
🔸 Why being the fastest Bitcoin Treasury Company doesn't necessarily make you the winning horse

TIMESTAMPS:

00:00 Intro — Bitcoin Markets Under Pressure
02:17 Is Bitcoin More Resilient Than Ever?
05:23 How Bitcoin Treasury Companies Secure Billions
16:45 Can Banks Really Protect Your Bitcoin?
20:50 Bitcoin Custody in the Age of AI
25:58 US Midterms: What's Driving the Bitcoin Sell-Off?
29:45 Bitcoin After Midterm Elections: What History Shows
35:58 Could Bitcoin Be the Best Asset in the AI Era?
38:36 Why Bitcoin Volatility Is Changing
42:53 STRC Buybacks vs Higher Dividends: What's Better?
48:51 How Institutions Really Evaluate STRC
51:20 STRC, SATA and the Real Risks of Digital Credit
54:00 Can Strategy and Strive Pay Dividends Forever?
01:02:54 What to Watch Next in Bitcoin Treasury Companies
01:06:13 Bitcoin per Share: The Key to Long-Term Returns
01:09:10 Bitcoin per Share vs Total Shareholder Returns

👇 Watch the full conversation!

[Matt Cole @ColeMacro]

Strive acquired 29 $BTC for $2.2M at an average cost of $75,721 per bitcoin, bringing total holdings to ₿43,153.

$ASST $SATA $SATS

[Michael Saylor @saylor]

Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets. $MSTR https://t.co/Pxqso5aVRU

[One Chair @OneChairPod]

@FEVRIERFranck @_ALCPB 🧡

[The Franck @FEVRIERFranck]

Ce podcast de @OneChairPod et @_ALCPB est à enregistrer.

⚡️Point sur la sécurité niveau instituionnel des bitcoins détenus par Capital B
⚡️Détail sur la gestion du crédit numérique et évaluation de son risque pr les institutions

Possible VF no excuse

https://t.co/VQmMJsKLKy