jd2018

[Andrew Webley @asjwebley]

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

[Nick @BitcoinBee21]

Inspired by @DrBitcoinM50862, I've been modelling what the SWC share price could look like under different scenarios, including different bitcoin prices, mNAVs, ATM issuance, book builds and MORE issuance.

Introducing the SWC Treasury Model https://t.co/kwYWJ96Cwh

Here's what the model projects for SWC after 24 months in 4 different scenarios.

🐻 Bear, a share price of £0.81
⚖️ Base, a share price of £3.61 and a £2.25bn market cap, FTSE 250 size
🐂 Bull, a share price of £13.29 and a £9.7bn market cap, FTSE 100 size (about the 51st biggest UK company)
🚀 Super bull, I'll let you find that one yourself.

I've tried to keep the scenarios conservative. For example, in the bull scenario bitcoin is at $200k, mNAV at 3.5× and amplification only 30%. (Apologies for being so bearish @80IQConviction)

The bit I find most interesting is the Monte Carlo section. It runs the model thousands of times with random bitcoin and mNAV paths to stress test it, showing what happens when bitcoin falls. It also shows the road to £10+ would be rocky. Even in the bull scenario, the median simulation has a −55% drawdown and 4 falls of more than 20%.

Have a play around. There's an option to share a link to your own scenario, so please share one if you think I've been too bearish!

[Andrew Webley @asjwebley]

Two equities, each with a different purpose, but potentially many MORE possibilities for the future of Smarter Web. That is what I have been thinking about this week as we approach what I believe could be another defining moment in the development of Smarter Web.

Subject to the remaining requirements being satisfied, MORE Preferred Shares are expected to begin trading on the Main Market of the London Stock Exchange on Wednesday. On Friday we closed the fundraising process and, following the completion of the remaining requirements, we expect the results to be announced through an RNS on Monday morning. I am enormously excited about the week ahead, although it is important that the formal announcements remain the source of information about the outcome of the IPO and Admission.

I do not want to get ahead of those announcements or discuss matters that must be communicated through the appropriate regulatory channels. What I do want to explain is why I believe this is so important to the future of Smarter Web. We have already built what I believe is the UK's largest public company Bitcoin treasury. Our ambition is to build something significantly larger, with the ability to attract much more capital through the UK public markets, whilst continuing to grow the operating businesses alongside our treasury.

If Admission takes place as expected, investors will have two different types of Smarter Web equity to consider. SWC, our Ordinary Shares, provides exposure to the potential growth of the Company. MORE, our Preferred Shares, is designed around income through a cumulative variable-rate preferential dividend payable weekly. Of course, neither growth nor income outcomes are guaranteed. They are different equities, with different rights, risks and potential returns, and investors need to understand those differences.

To me, the really interesting part is what having access to these different pools of capital could allow us to build. Different investors want different things. Some want exposure to the growth potential of Smarter Web and are prepared to accept significant volatility. Others are more interested in income and may be attracted to a different type of equity, provided they understand its terms and risks. Bringing those different objectives together within a capital structure that works for Smarter Web is something I believe could become extremely powerful over time.

MORE is also about the cost of capital to Smarter Web. I have spent a lot of time thinking about Bitcoin's performance over the past ten years, its volatility and what I believe could happen in the future. I remain extremely bullish on Bitcoin over the long term, but I certainly do not claim to know what the price will do next week, next month or next year. Against that background, the possibility of accessing capital through a preferred share with a variable-rate weekly dividend is incredibly exciting. If we can raise and allocate that capital at an attractive cost, whilst managing the obligations and risks appropriately, it could help strengthen our balance sheet and support further growth in our business.

That opportunity matters not only to potential MORE investors and to Smarter Web as the issuer. It also matters to holders of SWC. Our objective has never simply been to raise the greatest amount of capital or own the largest possible number of Bitcoin. It is to allocate capital intelligently, strengthen the Company and, over time, increase the net Bitcoin value attributable to each fully diluted Ordinary Share. The economics of every financing decision matter, and MORE will need to earn its place in that strategy through execution rather than through excitement alone. Doing all that right is how we then build shareholder value.

SWC is volatile. That is part of the investment proposition, and volatility can create the opportunity for substantial returns whilst also creating the possibility of substantial losses. Shareholders who have held since our IPO have seen impressive total returns, and there have been shorter periods of very strong performance too. Equally, I am very conscious that shareholders who invested at different points are currently sitting on losses. I do not overlook that. We cannot control the share price or promise future returns. What we can do is continue building a stronger business and give the market reasons to recognise the value we are trying to create.

There is another milestone here that I think deserves a moment of reflection. If MORE is admitted as planned, Smarter Web will have completed three significant public market milestones within approximately 18 months, from our original listing in April 2025, through our move to the London Stock Exchange's Main Market, to MORE. I wonder how many other UK companies have managed that in such a short period? For a relatively young public company, I think it says a great deal about the ambition and work ethic of the team involved. And also, a lot about the dedication of our shareholders who I view as part of the team.

It is a shame that the London Stock Exchange is undergoing refurbishment. I would have loved the opportunity to open the market on Wednesday and share the moment in person with shareholders, advisers and, of course, the team. There are so many people who have played a role in bringing MORE to this stage, including people whose work will never be particularly visible from the outside. Whatever the market does on the day, getting to this point is something we should all be proud of, subject of course to Admission proceeding as expected.

Turning to the week itself, as you can probably imagine, it has been exceptionally busy. A great deal of time has been spent on the final stages of the MORE process. I have also enjoyed the numerous conversations with investors. Those discussions have reinforced my belief that there is an incredible opportunity to develop MORE over time, just as we have worked to develop SWC since becoming a public company.

But Admission, if achieved, is the beginning rather than the end. A listing does not automatically create a successful market, a sustainable source of capital or a widely understood investment proposition. Those things take time, communication, education and consistent execution. We have learned a great deal through building SWC and I expect we will continue learning as we develop MORE. There is plenty of work ahead of us and I am looking forward to it.

Education remains particularly important. Not everyone understands a Bitcoin treasury company. Add different forms of equity and capital markets innovation into the mix and there is even more to explain. That is as an opportunity. We are still very early in the development of this industry, and I believe a much broader group of investors could become interested as the market matures and the structures become better understood.

During the week I also recorded several podcasts with some great people, all of whom I had not previously recorded with. It was a pleasure speaking with Stephan Livera, Yves-André and Quentin from the One Chair Podcast, Robin Seyr and, of course, a Smarter Web favourite, Adam Livingston. Each conversation approached Smarter Web and the Bitcoin treasury sector from a slightly different angle, which is one of the things I enjoy most about doing them. You can find most the conversations on my X profile if you would like to watch them and I will share the Robin Seyr podcast when released.

I also want to recognise the other companies doing great things across our industry. One of the most encouraging aspects of working in the Bitcoin treasury sector is that companies can compete whilst still supporting one another and sharing ideas. We all want to build successful businesses, but I believe the opportunity is much bigger than any single issuer. For this industry to reach its potential, we need multiple companies, capital structures and approaches to succeed.

Looking ahead, I am incredibly excited. MORE has the potential to give Smarter Web another way to access capital, reach different investors and pursue the long-term ambitions set out in our 10-Year Plan. It does not change the need for disciplined capital allocation, careful risk management or the continued growth of our operating businesses. It gives us another potential tool, and I believe the possibilities that could follow are significant.

Thank you as always for being part of this journey, including through the difficult periods. There is so much MORE that I want us to achieve, and I believe we are only just getting started.

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

[Miller Cole @MillerC0le]

Excited to be speaking at the inaugural Digital Credit Conference in a couple of weeks, alongside a number of fantastic speakers.

Looking forward to chatting about MORE and the wider sector forming.

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

[The Smarter Web Company @smarterwebuk]

Smarter Web Livestream #7 - Tim Kotzman https://t.co/vkwPGoDryP

[BTC_UK 🇬🇧 @BTC_UK_]

I've only just remembered that this is today.

Just over 1 hour to go!!

[Michael Dobbin BTC SWC @Michaeljdobbin]

Good MOREning ☀️

With the #MORE IPO closing tomorrow, this is our last big chance to get the word out there.

The company has rules to follow when promoting the IPO, but we as a community can help spread awareness.

You're all doing a fantastic job, but I think we've all got a little #MORE to give.

Tell the world.

Share the information.

Repost other people's posts.

Let's get as many eyes on #MORE as possible.

We've come this far together. Let's finish strong.

Have a fantastic day everyone.

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

[Manus @JohnCoo70815409]

Be prepared for violent upside 🔥

https://t.co/MnPXbpzmAD

[Dan Oksnevad @Trollstein]

My kids randomly started singing this banger at dinner tonight... over a month later.

[The Smarter Web Company @smarterwebuk]

Final Reminder: Smarter Web Livestream tomorrow, Thursday 8 October, 14:00 BST / 15:00 CEST / 09:00 ET.

Miller Cole (@MillerC0le) is joined by Tim Kotzman (@TimKotzman), founder of Bitcoin Treasuries Media and host of The Bitcoin Treasuries Podcast.

The conversation will explore how Bitcoin treasury companies are being covered, measured and understood.

Watch live here on X or Youtube.

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

[Michael Saylor @saylor]

The new https://t.co/paQfEkhguK is live. Explore my interviews, keynotes, articles, presentations, and resources on Bitcoin, digital assets, and the future of money. Redesigned to make the ideas easier to find.

[The Smarter Web Company @smarterwebuk]

EARLY BIRD TICKETS - ENDING SOON

The countdown is on to the 2027 Bitcoin Treasuries Conference UK.

If you want to understand how companies are approaching Bitcoin on the balance sheet, and what it means for corporate finance and the future of money, this is an event you won't want to miss.

Early Bird pricing ends 31 October 2026.

Secure your place at the best available rate and join Bitcoin treasury investors, senior executives, thought leaders and curious minds from across business and finance for a focused day of discussion, practical insight and meaningful connections around Bitcoin on the corporate balance sheet.

Don’t wait until November, lock in your Early Bird ticket before prices rise.

Get your ticket today, link in comments.

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

[Chief @andysmith_asap]

MORE IPO closes Friday

[Andrew Webley @asjwebley]

I really enjoyed chatting with @stephanlivera about Smarter Web's capital structure and why we designed MORE as an additional source of long-term capital.

Although we have met in person at a few events, this was the first time we have recorded a podcast together. You can watch it below.

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

[Matt Cole @ColeMacro]

Strive acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462.

61.5% of capital raised came from SATA, with warrants generating $56.7M.

Today’s 8-K also highlights key metrics and KPIs through 3Q26.

$ASST $SATA

[Matt Cole @ColeMacro]

@asjwebley Big week, but we all need $MORE.

[Tim Kotzman @TimKotzman]

Same Bitcoin. Very different equity outcomes.

This graphic shows 2026 YTD returns as of October 4:

🥇 Smarter Web: +146.2%
🥈 Strive: +103.5%
🥉 MARA: +25.1%

Strategy: +5.3%
H100 Group: +3.3%
OranjeBTC: −20.1%
Capital B: −23.4%
Twenty One Capital: −24.7%
Metaplanet: −28.1%
Nakamoto: −31.2%
Trump Media: −32.7%
American Bitcoin: −66.6%
DDC Enterprise: −89.3%

A 235.5 percentage-point spread between first and last.

Owning Bitcoin alone doesn’t determine shareholder returns. Entry valuation, financing terms, dilution, operating performance and execution all matter.

The question is bigger than “How much Bitcoin does the company own?”

How effectively does it translate that Bitcoin into value per share?

Figures as presented in the graphic; currency and return methodology aren’t specified.

Image credit: @andysmith_asap

[Andrew Webley @asjwebley]

Today we announced £2.2 million of proceeds from last week’s ATM sales.

Approximately £2 million of those proceeds will be used to further reduce our Coinbase Strategic Credit Facility, taking it from approximately £19 million to £17 million.

This is important to me.

With the potential admission of MORE now getting very close, we are deliberately taking steps to position MORE so that, in short order, it can become the most senior claim on our balance sheet.

As MORE grows over time, I believe that positioning will become increasingly important to the investors who analyse companies and capital structures like ours. We want to build the balance sheet today with the structure we believe we will need tomorrow.

The shares sold last week were sold at an mNAV above 1.5x. Total trading volume for the week was approximately 22.7 million shares, with ATM sales representing approximately 12.7% of that volume. Our ATM partner continues to do a great job executing.

As I said last week, though, there is no specific mNAV for the ATM. We do not have a 1.5x, 2x, 2.5x or any other predetermined threshold. There are multiple considerations.

In fact, with MORE potentially becoming another source of permanent capital, we should have considerably more flexibility in how and when our ATM partner uses the ATM. There may be periods where our ATM partner is active and periods where they do not run it at all.

What I hope investors can see is the thinking behind the decisions: responsible balance sheet management and disciplined capital allocation, with the objective of growing Smarter Web, increasing net Bitcoin per share over time and, ultimately, delivering greater value and total returns for our shareholders.

And now we are only around a week and a half away from the expected admission of MORE. I have been incredibly excited about what MORE could add to our capital structure for a long time. We are nearly there.

The next chapter is getting very close and there is plenty MORE to come.

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

[80 @80IQConviction]

🚨Very important re MORE amplification levels - please RETWEET 🚨

“Our prospectus sets an initial maximum of 35%, although the Directors have the flexibility to change this over time.”

There is no regulatory limit on SWCs amplification and it will ratchet up as appropriate 🔥🔥🔥🔥

Well worth a share IMO

[Andrew Webley @asjwebley]

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