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@Mr____Bates Very interesting. Thanks.
Though surely that should say "ATH 2021"?!
@SuperBitcoinBro Thank you!
LTH status has officially hit an ATH.
Nearly 16.5m coins are LTH.
Of the 3.7m STH coins, many are LTH in STH clothing - owned by bulls but bought too recently to be LTH.
Whether we grind up from here or have more chopsolidation first, this is undeniably the time to be buying.
LTH status BTC is fast approaching an all time high.
ATH = 16.39 million coins of LTH status.
Current level = 16.17 million coins of LTH status.
Who holds BTC right now? People who understand its value and are willing to hold it long-term.
$SWC My first purchase was at 4.7p on 2nd May 2025 and my most recent purchase was at 29p today.
Meeting @asjwebley and @Croesus_BTC on Friday confirmed what I already knew - the team is top drawer and constantly driving forwards.
The future is bright for @smarterwebuk
This is great news for @smarterwebuk and UK Bitcoin treasury companies at large.
In case anyone wasn't aware, UK Plcs can't pay dividends without "distributable profits", and a treasury company holding BTC doesn't have distributable profits from BTC appreciation under IFRS, given only realised gains count (and a buy-and-hold treasury typically doesn't realise). This places a structural limitation on UK Bitcoin treasury companies trying to replicate Strategy's STRC playbook.
However, SWC just found a way around this. They've been issuing equity since LSE main market listing above par value (not market value, accounting par value of the shares, likely <0.1p), which is currently locked from distribution under UK law as "capital". They've raised £213m of share premium to-date.
They're now looking to cancel all £210m of share premium, which really just means pay off a few losses, and then shift the remaining capital around.
That cancellation first absorbs SWC's £77.5m of accumulated losses, which are mostly the IFRS impairment hit on Bitcoin's recent drawdown (£70.8m), plus £3.2m of Smarter Convert fair value accounting and £2.7m of admin and Main Market listing costs.
The remaining £132.5m drops into distributable reserves, available to back any dividend-bearing instrument the board chooses to issue... cough cough Smarter Digital Credit!
Imo this vote should be a resounding yes, given that in one transaction, SWC would clear the impairment overhang and arm the balance sheet for prefs.
The specific RNS phrase that stands out to me is: "an alternative equity line which has attached to it a right to receive dividends, or buy-backs of the Company's share capital."
Looks like the General Meeting would be 17th June, with court directions and confirmation 3rd-14th July, and if successful a target effective date of 15th July.
Having been working on this the past few hours, I believe the first issuance window would be Q3-Q4 2026, if successful.
My research shows typically prefs require 5-7 years of dividend coverage, so size estimates from this initial issuance (SWC would keep replenishing their share premium pot on an ongoing basis for future issuances), are as follows, pre collateralisation considerations:
- STRC coupon (11.5%): Supports roughly £165-230m of issuance with 5-7 years of dividend coverage
- SATA coupon (13%): Supports roughly £145-205m of issuance with 5-7 years of dividend coverage
Of course, Strategy's preferred stack is 5x overcollateralised, and STRC alone is 7x overcollateralised. It's therefore reasonable to imply the Smarter Digital Credit would be ~5x overcollateralised, and given SWC currently holds £152.3m of BTC, this places a ceiling and realistic first issuance size of £25-40m.
This has the potential to be the beginning of the biggest structural move in European Bitcoin treasuries to-date.
Congrats to @asjwebley @the_desert_ape @Croesus_BTC and the rest of the team.
@btc_overflow @smarterwebuk And lastly, here's an interesting thread speculating over timeframe moving forwards...
https://t.co/FnlZ4swL2a
So, I thought i would ask Mr Grok how long the process can take, when we get the Approval at the GM. Take a look, let me know your thoughts 😃!
I had to add a scenario where some of these things have already been worked on in the background, as we know Andrew's work ethic!
@btc_overflow @smarterwebuk Helpful breakdown of what this move signals, and what initial issuance might look like...
https://t.co/OkMRdHZj0E
This is great news for @smarterwebuk and UK Bitcoin treasury companies at large.
In case anyone wasn't aware, UK Plcs can't pay dividends without "distributable profits", and a treasury company holding BTC doesn't have distributable profits from BTC appreciation under IFRS, given only realised gains count (and a buy-and-hold treasury typically doesn't realise). This places a structural limitation on UK Bitcoin treasury companies trying to replicate Strategy's STRC playbook.
However, SWC just found a way around this. They've been issuing equity since LSE main market listing above par value (not market value, accounting par value of the shares, likely <0.1p), which is currently locked from distribution under UK law as "capital". They've raised £213m of share premium to-date.
They're now looking to cancel all £210m of share premium, which really just means pay off a few losses, and then shift the remaining capital around.
That cancellation first absorbs SWC's £77.5m of accumulated losses, which are mostly the IFRS impairment hit on Bitcoin's recent drawdown (£70.8m), plus £3.2m of Smarter Convert fair value accounting and £2.7m of admin and Main Market listing costs.
The remaining £132.5m drops into distributable reserves, available to back any dividend-bearing instrument the board chooses to issue... cough cough Smarter Digital Credit!
Imo this vote should be a resounding yes, given that in one transaction, SWC would clear the impairment overhang and arm the balance sheet for prefs.
The specific RNS phrase that stands out to me is: "an alternative equity line which has attached to it a right to receive dividends, or buy-backs of the Company's share capital."
Looks like the General Meeting would be 17th June, with court directions and confirmation 3rd-14th July, and if successful a target effective date of 15th July.
Having been working on this the past few hours, I believe the first issuance window would be Q3-Q4 2026, if successful.
My research shows typically prefs require 5-7 years of dividend coverage, so size estimates from this initial issuance (SWC would keep replenishing their share premium pot on an ongoing basis for future issuances), are as follows, pre collateralisation considerations:
- STRC coupon (11.5%): Supports roughly £165-230m of issuance with 5-7 years of dividend coverage
- SATA coupon (13%): Supports roughly £145-205m of issuance with 5-7 years of dividend coverage
Of course, Strategy's preferred stack is 5x overcollateralised, and STRC alone is 7x overcollateralised. It's therefore reasonable to imply the Smarter Digital Credit would be ~5x overcollateralised, and given SWC currently holds £152.3m of BTC, this places a ceiling and realistic first issuance size of £25-40m.
This has the potential to be the beginning of the biggest structural move in European Bitcoin treasuries to-date.
Congrats to @asjwebley @the_desert_ape @Croesus_BTC and the rest of the team.
@TylerCompiler @smarterwebuk @XCEofficial @bitcoinhodlco Here’s an interesting thread speculating about when the starting gun fires for $SWC
So, I thought i would ask Mr Grok how long the process can take, when we get the Approval at the GM. Take a look, let me know your thoughts 😃!
I had to add a scenario where some of these things have already been worked on in the background, as we know Andrew's work ethic!
@burkart_joey @Croesus_BTC @BTCTimescom @smarterwebuk And if you want some guidance on what this means…
This is great news for @smarterwebuk and UK Bitcoin treasury companies at large.
In case anyone wasn't aware, UK Plcs can't pay dividends without "distributable profits", and a treasury company holding BTC doesn't have distributable profits from BTC appreciation under IFRS, given only realised gains count (and a buy-and-hold treasury typically doesn't realise). This places a structural limitation on UK Bitcoin treasury companies trying to replicate Strategy's STRC playbook.
However, SWC just found a way around this. They've been issuing equity since LSE main market listing above par value (not market value, accounting par value of the shares, likely <0.1p), which is currently locked from distribution under UK law as "capital". They've raised £213m of share premium to-date.
They're now looking to cancel all £210m of share premium, which really just means pay off a few losses, and then shift the remaining capital around.
That cancellation first absorbs SWC's £77.5m of accumulated losses, which are mostly the IFRS impairment hit on Bitcoin's recent drawdown (£70.8m), plus £3.2m of Smarter Convert fair value accounting and £2.7m of admin and Main Market listing costs.
The remaining £132.5m drops into distributable reserves, available to back any dividend-bearing instrument the board chooses to issue... cough cough Smarter Digital Credit!
Imo this vote should be a resounding yes, given that in one transaction, SWC would clear the impairment overhang and arm the balance sheet for prefs.
The specific RNS phrase that stands out to me is: "an alternative equity line which has attached to it a right to receive dividends, or buy-backs of the Company's share capital."
Looks like the General Meeting would be 17th June, with court directions and confirmation 3rd-14th July, and if successful a target effective date of 15th July.
Having been working on this the past few hours, I believe the first issuance window would be Q3-Q4 2026, if successful.
My research shows typically prefs require 5-7 years of dividend coverage, so size estimates from this initial issuance (SWC would keep replenishing their share premium pot on an ongoing basis for future issuances), are as follows, pre collateralisation considerations:
- STRC coupon (11.5%): Supports roughly £165-230m of issuance with 5-7 years of dividend coverage
- SATA coupon (13%): Supports roughly £145-205m of issuance with 5-7 years of dividend coverage
Of course, Strategy's preferred stack is 5x overcollateralised, and STRC alone is 7x overcollateralised. It's therefore reasonable to imply the Smarter Digital Credit would be ~5x overcollateralised, and given SWC currently holds £152.3m of BTC, this places a ceiling and realistic first issuance size of £25-40m.
This has the potential to be the beginning of the biggest structural move in European Bitcoin treasuries to-date.
Congrats to @asjwebley @the_desert_ape @Croesus_BTC and the rest of the team.
RNS Announcement: Proposed Capital Reduction and Notice of General Meeting
Please read the RNS on our website (link in comments).
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
@ChrisMMillas Did you catch today’s announcement?
RNS Announcement: Proposed Capital Reduction and Notice of General Meeting
Please read the RNS on our website (link in comments).
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
Well it looks like the UK could be the first country to replicate the Saylor perpetual preferred model outside of the US.
Smarter Web have just proposed a capital reduction, which is a balance sheet restructuring process that converts the locked share premium into distributable reserves.
This is the first definitive step to issuing a preferred in the UK.
"Such corporate actions could include the issuance of an alternative equity line which has attached to it a right to receive dividends"
It still needs court approval and an IPO of course so not expecting anything until Q4 at the earliest but the path is now clear.
Bitcoin-backed products are going to eat fixed-income markets all around the world.
@ZynxBTC I know you're a big proponent of upping the dividend to 12%.
Do you not think that Strive would up theirs to 13.5% in response?
And 6-12 months down the line, we'd have interest rates at 15% and 16.5%?
What would be the end point for both companies raising the interest rate?
@AlexandreLaizet @_ALCPB Great stuff - it was good to meet you on Friday (not that I told you what my X profile is!)….
@SuperBitcoinBro Fair enough! Enjoy!
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