People who buy Smarter Web Company shares want more than bitcoin. The London company holds 2,830 bitcoin and is meant to raise the bitcoin per share year after year. If it succeeds, the share rises faster than the coin. In 2025 it worked: in May the company still sold new shares at 16 pence, in June already at £4.95.
Whether that still works today comes down to two questions. How much more do you pay through the share than the bitcoin behind it is worth? And is the bitcoin per share still rising, or falling?
Both can be calculated from the company's regulatory announcements to the London Stock Exchange. This text reflects the state on 15 October 2026.
A web agency with 2,830 bitcoin
The Smarter Web Company is based in Guildford, south of London, and builds websites and online marketing for small businesses. On 25 April 2025 it listed on the small Aquis exchange, and three days later it presented "The 10 Year Plan", which provides for bitcoin as a reserve. Since 3 February 2026 the shares have traded on the London Stock Exchange's Main Market.
The business is small. In the half-year to 30 April 2026, the company had revenue of £397,473 and an operating loss of £2.72 million. In February it bought the Bristol agency Squarebird for £1.69 million, which had revenue of £1.4 million the year before.
Against that stands the bitcoin holding: 2,830 bitcoin, worth £172.8 million on the reference date. They were bought at an average of £81,979, about $108,500. On the reference date, bitcoin was 25.5 percent below that. The company does not hold its own coins; they sit with Coinbase, Xapo, Fidelity, Anchorage and Kraken.
Buying this share means buying a bitcoin position wrapped in a capital structure. The agency is a footnote.
What matters, then, is how much bitcoin falls to each share.
Each share holds less bitcoin
A bitcoin treasury can grow its holding in two ways: with its own money or with new shares. In the second case the number of shares grows too. What counts for you is therefore the bitcoin per share, not the total holding.
| Date | Bitcoin | Shares outstanding | Satoshi per share |
|---|---|---|---|
| 30 Apr 2026 | 2,778 | 306.8m | 905 |
| 15 Oct 2026 | 2,830 | 340.7m | 831 |
Satoshi = one hundred-millionth of a bitcoin. Shares outstanding exclude shares issued to the placing partner but not yet sold (see FAQ).
The holding grew by 52 bitcoin, the number of shares by 11 percent. Per share, the bitcoin shrank by 8.3 percent in five and a half months.
The company measures the same thing with its own metric, "BTC Yield": the change in bitcoin per fully diluted share.
| Period | BTC Yield per the company |
|---|---|
| Q1 2026 | −0.18 % |
| Q2 2026 | +15.29 % |
| Q3 2026 | −4.35 % |
| Q4 2026, to 15 Oct | +1.98 % |
The holding is a headline. Bitcoin per share is your stake, and it is shrinking.
Why did it grow in 2025 and not now?
In 2025 the premium paid for everything
Between 8 May and 9 July 2025, the company sold shares in nine tranches for £133.5 million. The price rose from 16 pence to £4.95 along the way, an average of £1.35 per share.
At the time, the share traded at a multiple of its bitcoin value. Selling shares at a multiple of the holding's value and buying bitcoin with the proceeds raises the bitcoin per share for existing shareholders too. That is the whole mechanism of a treasury company.
It only works with a premium. In early April 2026 the company reported that its fully diluted market value stood at 0.75 of the bitcoin value, a 25 percent discount. In the same quarter the company still sold shares for £3.1 million. Issuing shares below the value of the holding necessarily dilutes the bitcoin per share.
The 2025 buyers paid the premium. On 14 October 2026 the share closed at 51.4 pence, 62 percent below their average price.
Without a premium, a treasury company has no engine, only a holding.
How much premium do you pay today?
You pay 30 percent more than the bitcoin you are owed
The premium depends on which claims you count. Ahead of the ordinary shares stand £16 million of credit from Coinbase and £11.1 million in face value of the new preferred shares, together 444 bitcoin or 15.7 percent of the holding. On top come 29.0 million warrants, which let their holders buy shares at 2.5 pence.
| What is counted | You pay for £100 of bitcoin |
|---|---|
| shares outstanding only | £101 |
| plus credit and preferred shares | £117 |
| plus warrants | £125 |
| only the bitcoin left to shareholders after credit and preferred shares, fully diluted | £130 |
Own calculation, reference date 15 Oct 2026. Since June the company reports an "enterprise value to bitcoin" ratio instead; it stood at 1.56 on 30 Sep 2026, when the share still cost 80 pence.
At first glance the share is fairly valued. Once you account for who gets paid before you and who can buy shares cheaply, you pay about £130 for every £100 of bitcoin that belongs to you as a shareholder.
The warrants are not a detail. 25.8 of the 29.0 million belong to CEO Andrew Webley and his wife. In March and April 2026 the company bought back 42 million other warrants for £9.3 million and paid with a loan from Coinbase. Dilution fell, debt rose, and the CEO's warrants stayed.
Together with 37.5 million shares issued but not yet sold, 19.5 percent additional shares hang over today's.
At 1.0 the share looks fair. After credit, preferred shares and warrants, you pay three tenths more.
And the preferred shares cost not just rank, but money.
The preferred dividend costs more than the agency's revenue
On 14 October 2026, the preferred shares with the ticker MORE started trading. The company sold 111,112 of them at £90 with a face value of £100. The dividend starts at 12 percent a year, paid weekly and cumulative: anything missed is owed later. The board can change the rate. The target was £15 to 25 million; it reached the minimum of £10 million, 76 percent of it from retail investors.
| Dividend per year | £1.33m |
| in bitcoin | 21.8 BTC, 0.77 % of the holding |
| against agency revenue, annualised from the half-year | 1.7 times |
Of the net proceeds, £4.0 million went into bitcoin and £3.85 million into working capital, explicitly including the dividend. Another 100,000 preferred shares are ready to be sold gradually on the market.
Bitcoin pays no interest, and the agency does not earn the amount. So the dividend comes from cash, from new capital or from the holding. Each of these sources costs ordinary shareholders roughly three quarters of a percent of their bitcoin every year.
Bitcoin does not pay 12 percent. The ordinary shareholders do.
What the company does when money gets tight, it already showed this summer.
In July the holding paid
In August 2025 the company had taken a convertible loan from the asset manager TOBAM, due on 5 August 2026. On 23 July 2026, two weeks before maturity and at its own request, it repaid $11.7 million. To do so, it sold 177.89 bitcoin at an average of $65,762.
It had bought its bitcoin at an average of about $108,500. The sale therefore realised a 39 percent loss. In return, 7.72 million potential new shares disappeared. Andrew Webley said convertibles were "not the right capital solution" for the company.
The holding had grown to 2,878 bitcoin before. With the purchases since August it is back at 2,830, the same level as in May.
When the capital structure got tight, the bitcoin was the cash box.
How has the share done against bitcoin through all this?
The share trades the premium, not the bitcoin
Since the move to the Main Market on 3 February 2026:
| Month | Share | Bitcoin |
|---|---|---|
| February | −24.2 % | −13.1 % |
| March | −15.0 % | +3.7 % |
| April | +30.9 % | +11.8 % |
| May | −13.4 % | −3.8 % |
| June | −18.0 % | −20.2 % |
| July | +14.9 % | +7.3 % |
| August | +13.0 % | +23.8 % |
| September | +111.2 % | +7.4 % |
| October to 14 Oct | −25.1 % | −2.3 % |
February from the start of trading on 3 Feb. Share: London closes (SWC.L); bitcoin: Binance daily closes.
From 3 February to 14 October the share rose 23 percent, bitcoin 8 percent. In between came a low of 25 pence at the end of June and a high of 80 pence on 2 October. From the bitcoin sale in July to early October, the share rose 170 percent, bitcoin 30 percent. Then it fell 36 percent in two weeks while the preferred shares came to market.
Anyone who bought the share on 20 June 2025 at that day's close of £4.95 is down 90 percent today. Bitcoin fell 22 percent over the same period.
The share moves with the premium on bitcoin, and the premium swings harder than bitcoin itself.
The company's statements, checked
| Statement | Who, when | What the announcements show | Verdict |
|---|---|---|---|
| BTC Yield of +1.98 % | company, 15 Oct 2026 | covers the first two weeks of Q4; Q3 was −4.35 % | holds, but only for two weeks |
| Q1 figure of −0.18 % reflects one-off costs (uplisting, Squarebird, warrant buyback) | company, 2 Apr 2026 | in the same quarter, shares sold for £3.1m at 0.75 of bitcoin value | partly holds |
| Convertibles are not the right capital solution | Andrew Webley, 23 Jul 2026 | loan repaid, 7.72m potential shares gone; paid with 177.89 BTC at 39 % below cost | holds, at a price |
| Preferred share with a 12 % dividend | company, 12 Oct 2026 | initial rate; the board can change it, unpaid dividends are owed later | partly holds |
What the company reports about its numbers is accurate. What the numbers mean for shareholders is not in the headlines of the announcements.
"At a premium of about 1, I get the agency for free"
That is how it looks if you only set the market value next to the bitcoin holding. Then you pay £101 for £100 of bitcoin, almost no premium.
But the whole holding is not yours. 15.7 percent of it is owed to lenders and preferred shareholders ahead of you, and almost a fifth more shares are waiting to be issued. The agency's revenue, annualised, is about £0.8 million; the preferred dividend costs £1.33 million. There is nothing free here; the agency does not even cover the dividend.
The agency is free only once it brings in more than the preferred shares cost.
When the share makes sense
- If you simply want bitcoin, buy bitcoin or a bitcoin ETF. Both hold the coin without credit, preferred shares and warrants ahead of you. An ETF charges an annual fee, but not a three-tenths premium.
- If you buy the share, you are betting on the premium. It only pays if the bitcoin per share grows again. So far that has only worked while the share traded above its bitcoin value.
- Watch three numbers in every quarterly update: the BTC Yield over a full quarter, the bitcoin per fully diluted share after debt (671 satoshi on 30 Sep 2026, per the company) and where the preferred dividend came from.
Two events would change the picture. Upward: two full quarters of positive BTC Yield, without new debt and without new preferred shares. Downward: a second bitcoin sale, this time for the dividend.
FAQ
What are the shares issued but not sold? The company issues shares in advance to a placing partner, who sells them gradually on the market. Until they are sold, they count towards the total number of shares, but the company has not yet received money for them. On 15 Oct 2026 there were 37.5 million of 378.2 million. The table excludes them, as the company does for its own bitcoin per share. Including them, bitcoin per share falls from 774 to 748 satoshi, or 3.3 percent.
Why a 30 percent premium and not the figure the company reports? The company reports a fully diluted "enterprise value to bitcoin". Its latest figure is from 30 Sep 2026, when the share cost 80 pence. The 30 percent uses the close of 14 Oct and asks what you pay for the bitcoin left to shareholders after credit and preferred shares.
How safe is the Coinbase loan? £16 million stands against £172.8 million of bitcoin, which is 9.3 percent. The company does not disclose which part of the holding serves as collateral. The interest rate rose from 6.00 to 6.25 percent in September.
How was this calculated? Holding and average cost from the announcement of 15 Oct 2026, share counts from the announcement of 12 Oct 2026 and the half-year report to 30 Apr 2026. Bitcoin $80,866.91 (Binance, 15 Oct 2026, 06:46 UTC), £1 = $1.3240, share 51.4 pence (close 14 Oct 2026). Warrants fully diluted, with their exercise proceeds of 2.5 pence per share netted. Cash is not deducted because the company does not report its current level.
Not investment advice, not a recommendation, not a forecast — historical patterns are no guarantee.
Sources: Regulatory announcements (RNS) of The Smarter Web Company plc, retrieved via investegate.co.uk on 15 Oct 2026: Bitcoin Purchase 15 Oct 2026; Results of Offer and Preferred Dividend Timetable 12 Oct 2026; Subscription Agreement, Warrant Exercises & TVR 12 Oct 2026; First Day of Dealings in Preferred Shares 14 Oct 2026; Quarterly Investor Update 1 Oct 2026 and 2 Apr 2026; Interim Results 30 Jun 2026; Repayment of Smarter Convert Instrument 23 Jul 2026; Bitcoin Purchase, Corporate Update and TVR 3 Aug 2026; Existing Warrants Voluntary Purchase Offer 16 Mar and 9 Apr 2026; Acquisition of Web Design Agency 23 Feb 2026; equity raises 8 May–9 Jul 2025 · Share prices SWC.L (Yahoo Finance) · Bitcoin: Binance BTCUSDT
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