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🚨 Major data error on FTSE All-Share Risers Friday 17th April 2026. @ajbell @ii_couk @Fidelity_UK @thisismoney @shareprices are all showing incorrect data on the FTSE All Share Risers for Friday 17th April via @Morningstar data feed. Examples in images below. If you're with any of these platforms, please send them a secure message today. If you spot any other errors please link and screenshot in the comments. Accurate market data matters. Let’s get this fixed quickly. Tag your broker & RT to spread the word 👇 #FTSEAllShare #InvestingUK #FTSE #UKInvesting #DataAccuracy







The core value proposition of a Bitcoin treasury is its ability to increase Bitcoin exposure over time. A common bear case, however, is how this can be achieved in more challenging market conditions, particularly when equity issuance is limited or the company is trading below 1x mNAV. This week, we demonstrated that this can be achieved in more difficult market environments. By using a prudent level of debt, we executed our second capital markets transaction in a month to repurchase a significant portion of pre-IPO warrants at a discount. Over the past month, the company has now acquired 42,000,000 warrants at an effective ~0.67x mNAV. This has reduced our fully diluted share count by ~10.5%, resulting in a QTD Bitcoin yield of 10.9% (currently the highest globally) and increased Bitcoin per share to 755 satoshis. To own the equivalent of 1 Bitcoin, you now need 132,482 shares. Viewed through a different lens, this transaction was economically equivalent to acquiring Bitcoin at ~$49,000. Importantly, this demonstrates that Bitcoin per share can be increased even in less favourable market conditions Importantly, it also represents a material step in simplifying our capital structure. We have been conscious of the market’s focus on pre-IPO warrants as a potential overhang, and removing a significant portion (including the largest warrant holder) helps alleviate concerns on how this could impact our trading. There is sophistication in simplicity, and a simpler capital structure puts us in a much stronger position to raise capital and scale. Over the course of this year, we have made significant progress in addressing the three primary institutional concerns; our listing venue, the scale of our operating business, and the warrant overhang which should allow for more productive conversations with prospective investors. Against that backdrop, I do believe that a sensible amount of debt (or amplification) is needed in a Bitcoin treasury company. The model is, to a degree, about capital structure optimisation, particularly given the long-term return profile we expect from Bitcoin. When used prudently, this allows us to increase Bitcoin exposure at a cost of capital below that return, accelerating Bitcoin per share growth which we believe is a key driver of trading at a premium and ultimately sustaining the flywheel. Today, the company has approximately £9.5m of debt, equivalent to ~6.9% of NAV. For context, across the sector, Metaplanet is operating at an amplification ratio of ~13.5%, Strategy at ~33%, and Strive at ~45%. We’re in the fortunate position that the current scale of our balance sheet gives us access to these options, and over time our focus will be on determining the right level and form of debt (or amplification) as market conditions evolve. We have also been deliberate in how we deploy debt. Rather than using it simply to increase Bitcoin holdings, our focus has been on cleaning up the capital structure of the company. In our view, increasing scale without strengthening these fundamentals is not optimal. In summary, we felt this transaction was in the best interest of our shareholders and the level of engagement and feedback received following the announcement has been very encouraging. Sector developments There have been two notable developments for the Bitcoin industry this week. First, Morgan Stanley has expanded access to Bitcoin ETFs across its platform. This is particularly significant given current market sentiment. Eric Balchunas (analyst at Bloomberg) highlighted, with a network of ~16,000 advisors and trillions in client assets, even modest allocation rates could drive meaningful inflows - potentially reaching ~$5 billion in AUM within the first year. For context, BlackRock’s IBIT ETF has grown to approximately $55.9 billion since its launch in January 2024. Second, TD Cowen published a comprehensive 100-page sector report titled “Digital Gold, Digital Picks & Shovels.” As early supporters of the space, particularly Bitcoin treasury companies, and having played a key role in raising over $50 billion for Strategy, their perspective is a meaningful contribution to the sector. The report initiated coverage on four treasury companies, including us, and we were very proud to be included. For a smaller UK-listed company, coverage particularly from a large US Investment Bank plays an important role in broadening visibility, introducing the story to new pools of capital, and reinforcing credibility with a wider institutional investor base as the sector continues to mature. Smarter Web now has official research coverage from Tennyson Securities (UK), Maxim Group (US) and TD Cowen (US). As coverage of the sector continues to build, one way we think about the Bitcoin treasury landscape is through the lens of an adoption curve. This allows investors to decide where they want to position themselves along that spectrum. At the furthest point along the adoption curve, Strategy represents the market leadership phase. In the middle of the curve, Metaplanet and Strive sit in the expansion phase, while at the inflection point, we position ourselves in the emerging growth phase. Each stage offers a distinct risk/reward profile, which is what makes the sector particularly compelling. Over time, I expect investors to increasingly rotate capital across different global players, adjusting allocations based on where we are in the cycle. Market performance This week, our stock was the top-performing equity in the FTSE All-Share, closing +28.5%. Out of ~530 companies across the UK FTSE index series, we ranked #1 over the period. As a result of this combined with the recent capital markets activity, our fully diluted mNAV is now 0.97 - after several months of challenging sentiment for Bitcoin and the broader sector, it was encouraging to see. We also saw a noticeable increase in trading volume over the week. While part of this likely reflects the start of the new tax year, it was nonetheless constructive. Improving liquidity, supported by ongoing awareness, is a key focus for us and an important factor in meeting the requirements of larger institutional investors. Additionally, it was encouraging to see more participation across both our US and European lines. Being at the top of the performance tables naturally drives more attention, which in turn supports that broader objective. Weekly activity Despite it being a bank holiday on Monday, the team used the time productively with an extended strategy session. While execution remains critical, creating space to step back, think and challenge ideas is equally important and the Easter break provided a good opportunity for that. On Tuesday, my podcast with @JayW132 was released. It had been some time since we last recorded together and it was great to reconnect given how much has evolved across both the company and the broader market. Jamie also recorded his first podcast with @InvestorSmarter, who has been a strong supporter of Smarter Web and a vocal advocate for Bitcoin in the UK. Wednesday and Thursday were particularly intense with a significant amount of work focused on the warrant purchase offer. A great deal happens behind the scenes on transactions like this and we’d like to thank all our advisers who were involved. Throughout the week, we also continued to highlight speakers for the upcoming unconference, which is shaping up well. On Friday, much of the attention was on the TD Cowen sector report. Alongside that, @Croesus_BTC, @the_desert_ape and I hosted another X/YouTube session, where we discussed the week’s developments and shared updated thoughts on the company, the market and upcoming agenda. More broadly, the week was spent engaging with a wide range of stakeholders - developing new relationships and strengthening existing ones which remains central to how we execute our strategy. Closing thoughts Looking ahead, Jamie and I will be in London next Tuesday and Wednesday for a series of meetings, continuing that momentum as we focus on deepening engagement and progressing several ongoing initiatives. As always, a big thank you to our community. We recognise how challenging the sector has been for some time. We’re confident that since the start of the year we’ve been taking the right steps to strengthen our foundations, and it was particularly satisfying this week to deliver increased Bitcoin per share for our shareholders. It’s been encouraging to see the positive attitude which remains a genuine source of motivation for me personally as we work to build Smarter Web into one of the leading companies in the UK. Shout out to: @andysmith_asap @johnsthor1 @JohnCoo70815409 @80IQConviction @HenryBTCchef @doublediamond65 @Toffeebdm @matthewkerridge @Michaeljdobbin @Boutiquecapital @mattoshi21 @TuftyRaul @BitcoinPlebUK @Morpheus_DX @BitcoinCartoon_ @bitcoin_philos @jay_dee_ex @CloughsStuff @InvestorSmarter @DrBitcoinM50862 @the_desert_ape @PlutusSaysHodl @ZynxBTC @wildgoosejon @SmarterBuildBTC @ourgoodlifeuk @AFCB12 @Britcoiner62 @SophieSatoshi @levyuk @butler_np @Raj_Devsi @Frank54703905 @SmarterBuildBTC @DivBy21 @BitcoinBee21 and @smarter_dash. Thank you for the continued support and enjoy your weekend. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

$SWC The Smarter Web Company is the best performing stock on the FTSE All Share today. However, @Fidelity_UK doesn't think so 😮 Please can you look into this @Fidelity_UK

$SWC The Smarter Web Company is the best performing stock on the FTSE All Share today however @ajbell doesn't think so 😮 Please can you look into this @ajbell


















