The Smarter Web Company (SWC): A UK Bitcoin Treasury Explained

Short answer: The Smarter Web Company share (SWC) is a stake in a UK web design agency that holds bitcoin as its main reserve. Since April 2025 it has bought 2’850 BTC, almost entirely with money from new shareholders. Each share contains about 750 sats. The share costs slightly less than its bitcoin, but carries a loan and the preferred share MORE (as of Nov 13, 2026).

You are looking for a bitcoin share from Europe, come across The Smarter Web Company and see a price of 36 pence. Sounds like a cheap way in. The Smarter Web Company share has become worth fourteen times as much since its listing in 2025, but it has lost four fifths since August 2025. Here you can see how a web agency from Bristol became a bitcoin treasury company, what you really buy with an SWC share and where the risks lie.

What is The Smarter Web Company?

The Smarter Web Company PLC is a company from Bristol that has been building, hosting and marketing websites for about 15 years. Its founder and CEO is Andrew Webley. Since February 2026 the group has also included the agency Squarebird; together they look after more than 500 client websites.

On Apr 25, 2025 the company listed on Aquis, a small London exchange, at 2.5 pence per share and a market value of £3.7 million. Three days later it presented its "10 Year Plan": grow the web business, acquire small agencies and hold its cash in bitcoin. Since February 2026 the share has been listed on the Main Market of the London Stock Exchange, and since March 2026 it has been part of the FTSE All-Share index.

Source: stock exchange announcements (RNS) by The Smarter Web Company; holdings confirmed on the company's MORE dashboard on Nov 9, 2026.

The model is the same as at Strategy and Metaplanet. How this kind of company works in general is explained in the overview Bitcoin treasury companies.

How Smarter Web paid for its bitcoin

The web business is small. In the first quarter of 2026 it brought in £439’203 of revenue and £152’326 of profit before tax. The bitcoin, costing £242 million in total, therefore came almost entirely from the capital market:

1. New shares. In 2025 Smarter Web raised money in quick succession through placings with professional and retail investors; individual rounds brought in up to £41 million. Since June 2025 a broker has been continuously selling new shares on the market (ATM). The number of shares rose from 147 million at listing to 378 million.
2. Smarter Convert. In August 2025 TOBAM, a Paris asset manager, provided $21 million in exchange for an interest-free convertible bond denominated in bitcoin. The share then fell far below the conversion price of about £2. In July 2026 Smarter Web repaid the bond and sold 177.89 BTC to do so.
3. A loan against bitcoin. Since February 2026 Smarter Web has borrowed money from Coinbase, with bitcoin as collateral. The loan was intended as bridge financing until money from new shares arrives. On Nov 9, 2026, £16 million was outstanding at 6.25%.
4. The preferred share MORE. Since October 2026 there has been a second security that pays fixed income instead of promising growth. More on this below.

On average Smarter Web paid a net £81’837 per bitcoin, about €97’900 (as of Oct 23, 2026). Almost all purchases fell in summer 2025, when bitcoin was expensive. At today's price the holdings are about 35% below cost.

Rule of thumb: Smarter Web is a small web agency with a large bitcoin holding. At the end of April 2026, 98% of its assets were bitcoin. If you buy the share, you mainly buy these bitcoin, plus the management's decisions.

How much bitcoin is in one Smarter Web Company share?

The easiest way to understand the share is to convert it into bitcoin. Smarter Web has issued 378.2 million shares and holds 2’850 BTC. Each share therefore stands for 0.00000753 BTC, about 753 sats.

On Nov 12, 2026 a share cost 36.04 pence (€0.43 or CHF 0.40). For that you could have got about 680 sats directly. So you pay 0.90× the bitcoin value, a discount of about 10%. This figure is called mNAV; what it means and when a treasury share is expensive is explained in the article mNAV explained.

Ahead of the shareholders, however, come the Coinbase loan and the preferred share MORE, together about £26.9 million. Subtracting them, the shareholders own a net 82% of the bitcoin, about 620 sats per share. Net, you pay about 1.09×, so no longer a discount but a small premium.

The live figures are on the Smarter Web page of the treasury overview. How the loan, preferred share and ordinary share are stacked on top of each other is shown by the capital structure on the Digital Credit page.

SWC share and bitcoin compared

Anyone who was there at the listing is far ahead. Anyone who bought in summer 2025 has lost most of it. As with Metaplanet, the reason lies less with bitcoin than with the premium: in 2025 investors paid many times the bitcoin value, today slightly less than the bitcoin value.

Prices: issue price at listing and closing price of Aug 5, 2025 from the stock exchange announcements, other closing prices from Yahoo Finance (SWC.L, BTC-GBP); bitcoin on Nov 13, 2026 from the bitcoin-powerlaw.com price bar.

According to the Power Law model, bitcoin stood at 0.65 times the trend on Nov 13, 2026, in the accumulation zone and 5% above the floor of €60’574 (CHF 55’922). For Smarter Web that means: according to the model the bitcoin are cheaply valued, yet the holdings are still well below cost. How the model calculates is in the methodology.

MORE: the preferred share with a weekly dividend

On Oct 14, 2026 MORE came to the London Stock Exchange. Smarter Web calls it the first preferred share of its kind in the UK. The company wanted to raise £15 to £25 million; it got £10.0 million, a good three quarters of it from retail investors.

• Dividend every week: 12% a year on a reference amount of £100, so £0.2301 per week. The board can change the rate within fixed limits.
• Cumulative: if a dividend is missed, it is paid later, without interest.
• Priority: MORE is served before the ordinary shares, but has no voting rights and no fixed maturity. Smarter Web may buy MORE back.
• Reserve: Smarter Web intends to always keep cash for two years of MORE dividends.

MORE was issued at £90; on Nov 3, 2026 Smarter Web bought back 1’775 shares at £80.35. At that price the dividend yields 14.9% a year. What high yields on bitcoin preferred shares mean is in the article Effective yield, BTC coverage and "BTC price at 1×"; the whole asset class is explained in Digital credit explained.

What happens to the SWC share if bitcoin falls?

The loan and MORE stay the same wherever bitcoin stands. Every move in the bitcoin price therefore hits the ordinary shareholders first, and in amplified form. At Smarter Web this lever is smaller than at Strategy or Metaplanet: the claims ahead amount to 18% of the bitcoin, about 30% at Metaplanet and about 33% at Strategy.

2’850 BTC, loan and MORE together £26.9 million (€32.2 million), as of Nov 13, 2026.

Only below about €11’300 per bitcoin would the bitcoin no longer cover the loan and MORE. That is 81% below the floor. The floor is a model value, not a guarantee. Where it lies on a given day you can work out in the floor calculator.

The loan has a catch that Strategy doesn't have: bitcoin serves as collateral. If the price falls sharply, Coinbase can demand more security. Smarter Web has therefore reduced the loan from £20.8 million in the summer to £16 million and intends to finance itself mainly through shares and MORE in the long run.

Worked example: €10’000 or CHF 10’000 in Smarter Web

On top of that come costs that don't arise when buying directly: the pound exchange rate, your broker's foreign trading fees and a wide spread between bid and ask when trading is thin.

The risks of the Smarter Web Company share

Many of these risks apply to all treasury shares. The risks of preferred shares are gone through one by one in the article The risks of bitcoin preferred shares.

Smarter Web, Metaplanet, Strategy or bitcoin directly?

Smarter Web and Metaplanet as of Nov 13, 2026, Strategy as of Nov 12, 2026. More on Strategy in the profile Strategy stock (MSTR), the other European companies in the comparison Bitcoin treasuries in Europe.

The Smarter Web Company share suits you if you deliberately want a small company with bitcoin leverage, keep the share small and can withstand an 80% decline. That is exactly what has happened since August 2025. For your long-term reserve, bitcoin in self-custody is simpler: no management, no debt, no exchange rates. How to set that up is shown in the guide How to store bitcoin safely.