Andrew Webley@asjwebley
Every week we start with one objective: to move the business forward in a way that increases Bitcoin per share over the medium to long term. This week we added a further 35 Bitcoin to our treasury, taking total holdings to 2,840 and Quarter-to-Date BTC Yield to 14.26%.
Our two Bitcoin purchases this week were funded through a combination of existing cash and debt from our Coinbase facility. Following this week’s purchases, our leverage ratio now stands at approximately 10.7% (£16.5m).
Our view is that the market is increasingly rewarding Bitcoin treasury companies that can demonstrate responsible and manageable leverage / amplification.
For example:
- Strive operates at approximately 41% amplification and trades at around 1.33 mNAV
- Strategy operates at approximately 34% amplification and trades at around 1.26 mNAV
Just over a month ago, The Smarter Web Company operated with no leverage. Between late October 2025 and early April 2026, the Company traded between ~0.7 and ~1.15 mNAV, only occasionally sustaining a premium above 1.0 mNAV for short periods. Over the past month, we have introduced measured leverage and seen our shares trade around the 1.0 mNAV level, at times with a small premium allowing equity issuance.
Our interpretation of this data is that the market increasingly wants Bitcoin treasury companies to utilise their balance sheets efficiently. Traditional leverage can achieve this to a certain point, and preferred equity structures may allow companies to extend amplification further with less risk when compared with other structures.
At a simple level, the mathematics behind amplification are straightforward.
If a Bitcoin treasury company issues “obligations” and uses the proceeds to acquire additional Bitcoin, net asset value is initially broadly unchanged (or potentially slightly harmed), as the newly acquired Bitcoin is offset by the associated liabilities.
However, if Bitcoin subsequently appreciates in value, the fiat-denominated obligations remain fixed, as the Bitcoin appreciates. Over time, the relative size of those obligations shrink compared to the growing Bitcoin treasury, meaning a greater proportion of the upside accrues to equity holders.
In practice, this can lead to meaningful shareholder value, if managed prudently, particularly when paired with disciplined equity issuance.
Of course, leverage also increases risk and must therefore be approached carefully. Our focus remains on maintaining what we believe is a sensible and manageable level of amplification while continuing to prioritise long-term growth.
Importantly there is a cost to our debt: a variable interest rate of between 6.75% to 7.25%. Preferred equities also have a cost. In simple terms the business case is if that cost is less, or significantly less, than the asset we are buying then there is an arbitrage opportunity between the cost and the potential return.
More broadly, we believe one of the defining characteristics of Bitcoin treasury companies is the ability to access capital and financing not typically available to individual investors. Increasingly, the market appears to be rewarding companies that can utilise that capability, while maintaining discipline around risk management.
Our shares closed the week down ~10.3% versus Bitcoin down ~3.5% and continued to trade within the 36 to 40p range. Volatility remains an inherent feature of both our stock and the broader sector, but we remain confident that we are continuing to take the right steps forward.
I was also encouraged to see further progress around the Clarity Act in the US, alongside Strive’s announcement on its updated perpetual preferred equity structure. The industry is evolving rapidly, with new developments emerging almost weekly.
I am excited by the pace of innovation and the growing institutional infrastructure being built around the sector, which I believe will support greater capital participation over time.
On Monday we announced that we had raised approximately £900,000 through our ATM-style facility following a strong week of trading volume and a small premium to mNAV. Please note that we update the market on this facility every Monday but only when shares have been sold in the previous week.
At the same time, @the_desert_ape was in Madrid presenting at the MadBitcoin Summit 2026. Jamie spoke on how Bitcoin on the balance sheet can create strategic growth opportunities for operating companies, particularly through the ability to use equity as acquisition currency.
For newer shareholders or those less familiar with our strategy, the Squarebird acquisition remains a useful example of how we think about growth opportunities.
Using approximately 1% of our balance sheet value, we acquired a business with strong economics and a strategic fit that increased group revenues significantly, demonstrating how Bitcoin-backed equity can be used to accelerate operating business growth.
It is important to recognise that Bitcoin is not just an asset for preserving value. For public companies like ours, with a balance sheet of 2,840 Bitcoin, it can also become a strategic tool for creating shareholder value.
Also on Monday, @Croesus_BTC appeared on Roxom TV to discuss digital credit instruments and broader developments within the Bitcoin treasury sector.
On Tuesday we announced the purchase of 25 Bitcoin. Jamie also attended a dinner in London, which provided a valuable opportunity to deepen relationships across the Bitcoin ecosystem and wider capital markets community.
On Wednesday, TD Cowen published an updated research note on the Company. We continue to believe that institutional research coverage from leading investment banks remains an important differentiator and something we hope expands further over time. I am pleased that the analyst, Lance Vitanza, will be speaking at our conference in Bristol in a little under 2 weeks’ time and there are still a few tickets available if you visit our website.
On Friday we announced the purchase of an additional 10 Bitcoin, our second Bitcoin purchase announcement of the week, bringing total Bitcoin acquired in 2026 to 176 Bitcoin - approximately 1.3 Bitcoin per day.
More broadly, as the Company continues to scale, an increasing amount of work is required behind the scenes which is not always immediately obvious externally. This work is essential to support the next phase of growth.
As always, I want to thank our shareholders for the continued support throughout the week. Building a company like The Smarter Web Company in the UK public markets is a long-term process and we do not take for granted the money, time, energy and trust that so many people invest in the journey. The level of engagement is incredibly valuable and remains one of the Company’s key strengths.
Progress is rarely linear, particularly in a sector evolving as quickly as this one, but we are confident in the direction of travel and focused on executing our 10-year plan to build one of the leading companies in the UK.
As always, thank you for being part of the journey.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
