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It certainly is a little odd.
We raised this with the @LSEplc team on Wednesday and Thursday, having discovered that the venue was not, in fact, closed for refurbishment as we had previously been told.
We also took the opportunity to remind them that we have raised a meaningful amount of capital to build an innovative business, and made a deliberate decision to list our equities in London.
Our Ordinary Shares trade well, MORE has got off to a good start, we employ around 35 people in Britain, and we believe we are building a genuinely exciting British business. We are also using the capital markets for precisely what they were designed to do: raise capital, invest in growth and, above all, put shareholders at the heart of our decisions.
It is therefore a little disappointing that what we are doing seems to attract so little recognition from the LSE or the mainstream financial media. Surely this is exactly the sort of business and success story that London's capital markets and traditional media should be championing?
That said, the LSE did manage to send us a rather substantial invoice earlier today!
Companies adding Bitcoin to the balance sheet, with the right capital structure, in my view, have the potential to become some of the most valuable companies in the world.
In the UK, Smarter Web is already the largest public company holding Bitcoin on its balance sheet. Yet we are tiny. We currently hold just 2,747 Bitcoin.
Here are some of the things going through my mind.
If we double our market cap from here, we will comfortably qualify for FTSE-250 inclusion. This is the index, that alongside the FTSE-100, makes up the largest 350 companies in the UK.
Our share price has increased considerably over the last month as investors have woken up to the potential we may offer - but our mNAV is currently only 1.74 using my favourite metric of Fully Diluted EV vs BTC Value. I see well run Bitcoin treasury companies commanding a healthy mNAV premium as the model becomes better understood.
Our leverage ratio is currently 12%, and we have stated our intention to significantly reduce the £19m Coinbase credit facility currently in place. At the same time, we have announced the launch of the IPO of MORE Preferred Shares and published our Prospectus. This gives us the potential to replace, and increase, that leverage with what I believe is a far more attractive form of amplification. I believe permanent capital from preferred equity can provide a fundamentally better capital structure for adding leverage when compared to traditional secured borrowing.
Since we became a public company in April 2025 our total return for investors in our Ordinary Shares has been +3,000%. Put in other words about a 30 x increase. On this note it is important to also say that we have seen, and I believe will continue to see, significant volatility in our Ordinary Shares. Total return is an important metric.
A public company adding Bitcoin to the balance sheet with the right capital structure, the right team, the right market and with laser-focused execution is truly an impressive structure.
It is reasonable to state that there is plenty MORE to come.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
Strive acquired 1,355 $BTC for $107.7M at an average cost of $79,475 per bitcoin, bringing total holdings to ₿26,355.
Warrant exercises began last week, generating $21.2M in gross proceeds. Including those proceeds, 57.7% of total capital raised came from SATA.
$ASST $SATA
Strategy has acquired 950 $BTC and repurchased $174M of $STRC. As of 9/20/26, we hold 846,000 BTC and $6.09B of USD Assets. $MSTR https://t.co/hP4yLlKlOE
Just two days after Digital Real Estate became available on Amazon, I’m already receiving the first pictures from friends holding the book.
This one is from a friend in Germany, and apparently the book is already traveling. ✈️
Very surreal to see it out in the world.
JUST IN: OranjeBTC (OBTC3) just launched the world's first #Bitcoin-backed, digital credit-focused ETF (DIGY11) on Brazil's largest stock exchange, B3.
It targets an ~18% annual yield, paid monthly. 🔥🚀
Today’s announcement marks an important step for The Smarter Web Company. Subject to approval of the Prospectus by the FCA, launch, and all conditions to the Possible IPO being satisfied, we expect the proposed Preferred Shares to be the first of their kind in the UK: a pounds sterling-denominated, London Stock Exchange Main Market-listed perpetual preferred share issued by a UK-incorporated commercial company with a Bitcoin treasury strategy. We have been working towards the Possible IPO for some time, and I am very pleased that we are now able to share this exciting development with our Shareholders.
The proposed Preferred Shares are designed to provide an additional source of long-term capital, broaden the range of investors able to invest in the Company and further diversify our capital structure. We believe that by providing a differentiated investment option alongside our Ordinary Shares, we can create a capital structure that gives us greater flexibility to pursue our long-term ambitions through different market conditions.
This is a natural next step in our 10-Year Plan and supports our ambition to build a stronger, more adaptable business, combining the growth of our operating businesses with the continued development of our Bitcoin treasury strategy to create long-term value for our investors.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR https://t.co/XAAEZV5Gil