Former investment analyst 📈, now software developer 💻
Joined August 2010
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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 thesmarterinvestmentguy.com/…
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!
Nick retweeted
🏇🏇 THE FASTEST HORSE 🏇🏇
Bitcoin treasury company YTD leaderboard as of the 6th November 2026 market close.
Despite Bitcoin being down 13.3% YTD, Strive leads the pack at +45.3%, with The Smarter Web Company still in 2nd at +15.0%.
A strong reminder that in this sector, company execution, structure and market positioning can matter just as much as Bitcoin price action itself.
Who do you think finishes 2026 strongest?
🤖 Made with AI
If you watch one thing today I urge you to watch this. Will only take 1 minute of your day.
“The beauty of Smarter Web is that we’re big enough to be able to access some of that capital now. But we’re also very very small, we can do relatively small deals on a global scale but very big deals on a UK scale.”
Our CEO, @asjwebley, speaking with @millercole on Smarter Web's advantageous size and access to capital.
LSE: #SWC #MORE | OTC: $TSWCF $MORPF | FRA: $3M8
Nick retweeted
MORE is an amazing investment. It wasn't until I dug into the details did I realise how good it was. It is so much more than the headline 12% dividend.
I've spent some time building out an educational piece which is aimed at the lay person to explain both the pros and cons of investing in MORE.
thesmarterinvestmentguy.com/…
This is what I used to educate my parents on MORE and based on this they will be investing their whole pension into MORE. Please share this if you think it might be useful for your friends or family.
This isn't financial advice. Your capital is at risk and as we have seen your investment can go down as well as up.
As for me, I like the stock.
Nick retweeted
Really appreciated this discussion between Andrew @asjwebley and Miller @millercole on all things #SWC🙏
What really made my ears prick up was when Andrew repeated talked about the potential for future capital to be deployed into the UK and bitcoin, a situation which #SWC is clearly ideally positioned to benefit from:
🟠 'The most important thing about a bitcoin treasury company is future capital.
I can only say certain things that are in the public domain at the moment but if Smarter Web has got access to significant capital at good terms in the future then that would be incredibly beneficial for our bitcoin per share and, ultimately, our total returns…
There’s no one [i.e. analysts] out there that’s putting it down to simple terms of the probability of someone having access to a large amount of capital on good terms and what that does. Ultimately, that’s the most important thing, that’s what drives bitcoin per share and drives total returns, locks in the value of the balance sheet at a higher and higher level.
And the beauty of Smarter Web is because we’re big enough to be able to access some of that capital now, but we’re also very small, we can do relatively small deals on a global scale but very big deals on a UK scale and grow very, very quickly.
So I’m incredibly excited about the next couple of months.
There’s never any guarantees, of course, but I think when people are analysing the bitcoin treasury companies… they need to ask themselves what is the likelihood of a significant amount of capital landing with that company, on good terms.
And that’s the answer if you’re a bitcoin treasury investor, 100%.' [from 16m]
And to reiterate the point:
🟠 'There’s a lot of capital at the moment looking to the UK, and there’s a lot of capital looking to bitcoin at the moment. What we’ve built with Smarter Web is the leading bitcoin treasury platform [in the UK]… there’s so much capital out there that can come in on very, very good terms…' [from 23m]
Both Andrew and Miller talked about how there's so much more going on within the company than any of us are aware of. It's no wonder they're both so optimistic for the future of @smarterwebuk over the coming months and beyond.
TL;DR:🚀🚀🚀
LSE: #SWC #MORE | OTC: $TSWCF $MORPF | FRA: $3M8
Smarter Web Livestream #10 - Andrew Webley & Miller Cole teapaw.org/i/broadcasts/2JQXREYNp…
Nick retweeted
Great British Stories from Smarter Web
Episode 1: Look for MORE
Want MORE? Like, share and follow for a new story every Thursday.
Capital at risk. The value of your investment can go down as well as up. Dividends aren't guaranteed and can be reduced, increased or suspended.
LSE: #SWC #MORE | OTC: $TSWCF $MORPF | FRA: $3M8
Nick retweeted
Smarter Web has bought 1,775 MORE shares at £80.354 per share. US investors can now also access MORE through the OTC ticker MORPF.
MORE combines a high dividend yield with substantial asset backing, a disciplined approach to leverage and a rolling two-year cash reserve for Preferred Share dividend payments.
At a price of £80.354 per Preferred Share, MORE offers an annualised dividend yield of 14.93% based on the prevailing variable dividend rate. We believe that the current market price does not fully reflect the characteristics of MORE, particularly when considered alongside the strength of The Smarter Web Company's balance sheet.
Our decision to purchase 1,775 Preferred Shares reflects that conviction. We recognise that market pricing is ultimately determined by investors, and we will consider further purchases of Preferred Shares on an ongoing basis as deemed appropriate. Our ambition is to establish MORE as a successful, sustainable and widely held preferred equity.
LSE: #SWC #MORE | OTC: $TSWCF $MORPF | FRA: $3M8
Nick retweeted
🏇🏇 THE FASTEST HORSE 🏇🏇
A brutal week for Bitcoin Treasury Companies, however 2 companies remain in front of Bitcoin YTD @Strive & @smarterwebuk
#TheFastestHorse #Bitcoin #ASST #SWC #MSTR
🤖 Made with AI
Nick retweeted
Once MORE is in sticky hands, the price can move towards £100 and the ATM can start running. So how long will that take? Here's a simple model....
I'm classing sticky hands as holders who buy and keep for the 12% dividend, not to flip a quick profit. Let's assume 50% of IPO shares and 50% of new buyers are sticky.
With 111,112 IPO shares, at current volume of 2,613 shares traded per day, it will take only 26 trading days for the shares to end up 90% in sticky hands.
At roughly 90% in sticky hands, I believe the price will be at around £100. It might happen sooner or later but roughly around 30th November.
I like the pref.
Nick retweeted
Curious about Bitcoin? I'm speaking at Bitcoin Amsterdam on Nov 5 and 6 and I've got 5 GA passes to give away 👌
It's looking like it will be a great event. Send a reply I'll pick 5 winners on Oct 28.
You'll need to be able to make it to Amsterdam!
Nick retweeted
Hey @LSEplc, it’s time to start shouting about the real momentum on your Main Market.
In a frozen year with only 8 total IPOs, a single company
$SWC The Smarter Web Company
is responsible for a staggering 25% of them
2 out of 8 IPOs: $SWC & $MORE.
Pulling off a quarter of London's entire listing volume in this climate is a historic, powerhouse achievement.
Let’s spread real, positive UK British innovation! 🚀💪🏼🟠🇬🇧
Nick retweeted
MORE, from @smarterwebuk, started trading on the Main Market of the @LSEplc this week.
This is the first preferred share, from a Bitcoin treasury company, listed on a main market, outside of the US.
Visit our website to find out more about MORE: smarterwebcompany.co.uk/more…
Thanks to @aw_smarterwebuk for mocking up the image with a little help from AI!
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
It certainly is a little odd.
We raised this with the @LSEplc team on Wednesday and Thursday, having discovered that the venue was not, in fact, closed for refurbishment as we had previously been told.
We also took the opportunity to remind them that we have raised a meaningful amount of capital to build an innovative business, and made a deliberate decision to list our equities in London.
Our Ordinary Shares trade well, MORE has got off to a good start, we employ around 35 people in Britain, and we believe we are building a genuinely exciting British business. We are also using the capital markets for precisely what they were designed to do: raise capital, invest in growth and, above all, put shareholders at the heart of our decisions.
It is therefore a little disappointing that what we are doing seems to attract so little recognition from the LSE or the mainstream financial media. Surely this is exactly the sort of business and success story that London's capital markets and traditional media should be championing?
That said, the LSE did manage to send us a rather substantial invoice earlier today!
Nick retweeted
It certainly is a little odd.
We raised this with the @LSEplc team on Wednesday and Thursday, having discovered that the venue was not, in fact, closed for refurbishment as we had previously been told.
We also took the opportunity to remind them that we have raised a meaningful amount of capital to build an innovative business, and made a deliberate decision to list our equities in London.
Our Ordinary Shares trade well, MORE has got off to a good start, we employ around 35 people in Britain, and we believe we are building a genuinely exciting British business. We are also using the capital markets for precisely what they were designed to do: raise capital, invest in growth and, above all, put shareholders at the heart of our decisions.
It is therefore a little disappointing that what we are doing seems to attract so little recognition from the LSE or the mainstream financial media. Surely this is exactly the sort of business and success story that London's capital markets and traditional media should be championing?
That said, the LSE did manage to send us a rather substantial invoice earlier today!
Nick retweeted
Here’s the takeaways from the latest analyst coverage on both Smarter Web AND now on MORE!
The headlines are a £1.15 fully diluted share price target in just over 12 months at Dec 27.
End of period full year 27… £1.48.
Or £2.04 by 2028 and £2.91 by 2029.
Bullish bitcoin, and bullish SWC.
We’ve seen these estimates exceeded before too.
As always, do your own research.
I couldn’t be more bullish.
1. The price target on SWC’s ordinary shares has now been raised 58%, from the previous target of 73p last month to now 115p.
TD Cowen maintains its BUY rating. Against the 51.4p reference share price at the start of today, this implies approximately 124% upside over its 12-month target horizon.
2. MORE, at 2 days old, receives its very first Analyst coverage, and it first BUY rating, with a £100 price target.
Against the report's £94.50 reference price, that represents approximately 5.8% capital upside, alongside a 12% annual dividend on the £100 reference amount.
3. MORE has reduced execution risk. TD Cowen previously expected no preferred issuance during FY26. Successfully launching MORE earlier than anticipated validates an important part of SWC's financing strategy.
4. A second ATM could transform future fundraising. MORE's ATM facility creates the potential for successive preferred-share issuances, rather than relying on occasional standalone fundraises.
5. Less dilution, greater BTC per ordinary share. TD Cowen considers Bitcoin ownership per fully diluted share the principal measure of shareholder value creation. Its revised financing mix supports that objective.
6. BTC Yield remains positive despite the TOBAM repayment. TD Cowen estimates approximately 12.3% year-to-date BTC Yield as of 15 October, despite SWC returning around 178 BTC earlier this summer as expected with the Smarter Convert deal not maturing with TOBAM.
7. MORE's initial dividend burden appears manageable. The £10m preferred issuance creates approximately £1.2m in annual dividends. Including Coinbase borrowing interest, total annual fixed charges are estimated at £2.2m, equivalent to just 1.3% of the referenced Bitcoin treasury value.
8. MORE has significant structural protections. Cumulative dividends, restrictions following missed payments, priority over ordinary shareholders and limits on dividend-rate reductions are viewed favourably. The rate can rise to 20%, but dividends are not guaranteed.
9. TD Cowen projects accelerating preferred issuance. Its model assumes preferred fundraising of £10m in FY26, £28.4m in FY27, £106.5m in FY28 and £281.3m in FY29. These are annual projected proceeds, not cumulative totals.
10. SWC is the UK's dominant Bitcoin treasury investment vehicle. TD Cowen already considers this as such with SWC the clear UK leader among public Bitcoin treasury companies, highlighting its sterling-denominated securities, existing operating businesses and potential acquisitions as competitive advantages.
The addition of MORE doubles down on this.
Play, pause, enjoy, repeat. MORE.
Nick retweeted
SWC 🤝 Bitcoin Backed Digital Credit.
Proud to see the fastest horse is actually 🇬🇧!
This morning we announced our largest Bitcoin purchase of the year (so far). We acquired a further 83 Bitcoin, taking our total holdings to 2,830 Bitcoin.
Alongside this, we announced a reduction in our Coinbase credit facility to £16 million.
These two decisions reflect how we think about capital allocation and the long-term future of Smarter Web.
We want MORE to be the most senior claim on our balance sheet. I believe that building our capital structure around this principle is important to scaling MORE into the income equity we believe it has the potential to become.
At the same time, we want to continue increasing our Bitcoin holdings, particularly when we believe Bitcoin is attractively priced, whilst continuing to grow our operating businesses.
These objectives are not mutually exclusive. The opportunity is in balancing them intelligently.
I believe we have demonstrated to shareholders that we can make disciplined capital allocation decisions, balancing the opportunities for growth with the importance of maintaining a strong balance sheet. That approach will remain central to how we build Smarter Web.
What makes the future particularly exciting is that we now have two distinct equities trading on the Main Market of the London Stock Exchange.
SWC, our growth equity, offers investors exposure to the potential growth of Smarter Web, our operating businesses and our Bitcoin treasury.
MORE, our income equity, is designed to provide investors with a different proposition through a cumulative variable-rate preferential dividend, payable weekly.
Two equities, two different investment propositions, but one company and one long-term ambition.
I believe having access to these different pools of capital gives us an incredibly exciting opportunity to scale Smarter Web, strengthen our balance sheet and create long-term shareholder value.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Nick retweeted
MORE broker tracker: afternoon update 👇
6 of 13 brokers are now green, 1 is amber and 6 are still red.
🟢 Hargreaves Lansdown, Interactive Investor, IG, AJ Bell, and Lloyds, Halifax and Bank of Scotland Share Dealing: live
🟢 Redmayne Bentley: MORE is now set up with them. They only take verbal trade instructions and check first that you understand the liquidity, pricing and features of the product
🟡 Interactive Brokers (IBKR): showing MORE with quotes, so trading may be close
🔴 Trading 212, eToro, Barclays, Charles Stanley, Fidelity and Freetrade: not listed yet. These still need our push
Interactive Brokers customers: can you let us know what you see?
Keep the requests coming. Steady demand is what turns red to green.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Thursday morning update: MORE broker availability tracker ☀️👇
Good morning everyone, and thank you for all your checks overnight. Big progress: IG and AJ Bell are now live, HL works in the app too, and Interactive Brokers is starting to come online. Here's where things stand this morning:
🟢 Hargreaves Lansdown: online deals open on the HL website and now the app too. You may need to complete the complex product questionnaire first
🟢 Interactive Investor: live and trading online. Some accounts need a quick appropriateness assessment first
🟢 IG: now live. Online buys showing in IG accounts, including ISAs
🟢 AJ Bell: online quotes now showing for buys and sells
🟢 Lloyds, Halifax and Bank of Scotland Share Dealing: available to buy
🟡 Interactive Brokers (IBKR): starting to come online. MORE now showing in the IBKR app with quotes, trading not yet confirmed
🔴 Trading 212: not available yet, but this could change soon now that IBKR is coming online, since T212 relies on them. Keep asking!
🔴 eToro: not listed yet. Requests raised
🔴 Barclays: not listed yet. They say they won't list until clients request it, so please ask
🔴 Charles Stanley: not available yet. Please ask
🔴 Fidelity: not listed yet
🔴 Freetrade: not listed yet
If you have an account with one of these, ask when you'll be able to trade MORE online and let us know what they say. Message them, email them, raise it on their forums, and keep asking until the answer changes. More updates to follow throughout the day!
We appreciate you all.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
Nick retweeted
JUST IN: 🇬🇧 Publicly traded The Smarter Web Company bought 83 #Bitcoin for £5.2 million for its treasury.
Now holding 2,830 BTC!
