Securities / SWC · LSE · GBP
UK BITCOIN TREASURY
The Smarter Web Company
London-listed ordinary shares combining a digital services business with a Bitcoin treasury.
The latest backing calculation combines the September 30 Bitcoin balance with the October 5 share update. The quarterly change measures a separate period and carries no weekly leaderboard rank. Gross BTC/share excludes debt and preferred claims.
As of Oct 5, 2026
Historical observations are rounded to whole sats/share by the issuer. September 30 and October 5, 2026 use verified holdings/share-count ratios. Historical share targets and percentage changes are approximate, especially at the earliest low sats values.
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APRIL 2025–SEPTEMBER 2026
Bitcoin treasury history
2,924.89 BTC acquired · 177.89 BTC sold · 2,747 BTC remaining
43 issuer ledger entries, including the initial treasury disclosure. Latest transaction: September 2, 2026. Balance confirmed September 30; sources reviewed October 9.
Bitcoin held
Reported balances · step changes on disclosure dates
July 23, 2026 · 177.89 BTC sold to repay Smarter Convert. The line ends at the September 30 confirmation.
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Monthly Bitcoin activity
AcquiredSold · below zero
April 2025 includes the initial 2.30 BTC disclosure. Months follow announcement dates, which may differ from trade dates.
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View all 43 treasury disclosures
| Disclosure date | Event | BTC change | BTC held | Net spend · GBP | Source |
|---|---|---|---|---|---|
| Sep 2, 2026 | Purchase | +35.00 | 2,747.00 | £2,012,286 | Filing |
| Aug 3, 2026 | Purchase | +11.89 | 2,712.00 | £559,493 | Ledger |
| Jul 23, 2026 | Sale | −177.89 | 2,700.11 | −£8,745,918 | Filing |
| May 29, 2026 | Purchase | +9.00 | 2,878.00 | £492,942 | Ledger |
| May 26, 2026 | Purchase | +10.00 | 2,869.00 | £557,865 | Ledger |
| May 21, 2026 | Purchase | +19.00 | 2,859.00 | £1,101,453 | Ledger |
| May 15, 2026 | Purchase | +10.00 | 2,840.00 | £588,911 | Ledger |
| May 12, 2026 | Purchase | +25.00 | 2,830.00 | £1,499,865 | Ledger |
| May 5, 2026 | Purchase | +27.00 | 2,805.00 | £1,533,569 | Ledger |
| Apr 29, 2026 | Purchase | +28.00 | 2,778.00 | £1,612,458 | Ledger |
| Apr 24, 2026 | Purchase | +44.00 | 2,750.00 | £2,511,585 | Ledger |
| Apr 14, 2026 | Purchase | +11.00 | 2,706.00 | £592,915 | Ledger |
| Mar 10, 2026 | Purchase | +3.00 | 2,695.00 | £146,293 | Ledger |
| Mar 2, 2026 | Purchase | +3.00 | 2,692.00 | £143,614 | Ledger |
| Feb 11, 2026 | Purchase | +15.00 | 2,689.00 | £785,773 | Ledger |
| Jan 22, 2026 | Purchase | +10.00 | 2,674.00 | £672,097 | Ledger |
| Nov 4, 2025 | Purchase | +4.00 | 2,664.00 | £331,052 | Ledger |
| Oct 21, 2025 | Purchase | +10.00 | 2,660.00 | £832,584 | Ledger |
| Oct 13, 2025 | Purchase | +100.00 | 2,650.00 | £9,076,366 | Ledger |
| Oct 7, 2025 | Purchase | +25.00 | 2,550.00 | £2,300,215 | Ledger |
| Sep 23, 2025 | Purchase | +55.00 | 2,525.00 | £4,613,502 | Ledger |
| Sep 10, 2025 | Purchase | +30.00 | 2,470.00 | £2,502,145 | Ledger |
| Aug 28, 2025 | Purchase | +45.00 | 2,440.00 | £3,731,355 | Ledger |
| Aug 12, 2025 | Purchase | +295.00 | 2,395.00 | £26,255,143 | Ledger |
| Aug 8, 2025 | Purchase | +50.00 | 2,100.00 | £4,332,507 | Ledger |
| Jul 30, 2025 | Purchase | +225.00 | 2,050.00 | £19,908,549 | Ledger |
| Jul 25, 2025 | Purchase | +225.00 | 1,825.00 | £19,596,574 | Ledger |
| Jul 16, 2025 | Purchase | +325.00 | 1,600.00 | £27,145,693 | Ledger |
| Jul 11, 2025 | Purchase | +275.00 | 1,275.00 | £21,879,927 | Ledger |
| Jul 7, 2025 | Purchase | +226.42 | 1,000.00 | £17,871,846 | Ledger |
| Jul 1, 2025 | Purchase | +230.05 | 773.58 | £17,967,936 | Ledger |
| Jun 24, 2025 | Purchase | +196.90 | 543.53 | £15,185,259 | Ledger |
| Jun 19, 2025 | Purchase | +104.28 | 346.63 | £8,108,114 | Ledger |
| Jun 13, 2025 | Purchase | +74.27 | 242.35 | £5,975,000 | Ledger |
| Jun 10, 2025 | Purchase | +45.32 | 168.08 | £3,509,370 | Ledger |
| Jun 5, 2025 | Purchase | +39.52 | 122.76 | £3,070,630 | Ledger |
| May 29, 2025 | Purchase | +24.53 | 83.24 | £2,000,000 | Ledger |
| May 23, 2025 | Purchase | +23.09 | 58.71 | £1,850,000 | Ledger |
| May 20, 2025 | Purchase | +16.42 | 35.62 | £1,280,000 | Ledger |
| May 14, 2025 | Purchase | +8.61 | 19.20 | £650,000 | Ledger |
| May 7, 2025 | Purchase | +4.85 | 10.59 | £346,000 | Ledger |
| Apr 30, 2025 | Purchase | +3.44 | 5.74 | £244,000 | Ledger |
| Apr 28, 2025 | Initial holding | +2.30 | 2.30 | £170,000 | Filing |
The per-share charts above use the issuer’s historical diluted series. This ledger tracks company holdings. The issuer’s rounded GBP rows sum to £226,798,968 net, £3 below its September 2 filing; its cumulative dashboard figure is £1 above that filing. Net spend is not the accounting cost of the remaining Bitcoin.
Issuer transaction ledger · July sale disclosure · Latest purchase filing · Quarter-end confirmation
What goes into the share count?
The issuer excludes unsold ordinary shares held in its ATM facility and includes warrants within its stated price threshold. That makes its diluted count smaller than the legal issued count. We preserve both definitions.
| Basis / adjustment | Shares | Gross sats/share |
|---|---|---|
| Issued ordinary · includes unsold ATM inventory | 375,590,705 | 731.38 |
| Less unsold ordinary ATM inventory | −38,330,788 | — |
| Effective ordinary · excludes unsold inventory | 337,259,917 | 814.51 |
| Add in-scope warrants · £0.025 exercise price | +31,678,732 | — |
| Issuer diluted · site default | 368,938,649 | 744.57 |
The issued count comes from September 28 total voting rights. October 5 sales moved 2,883,000 shares out of existing ATM inventory; they are not counted again as newly issued shares. The 9,680,640 placing warrants at £1.50 are excluded from this issuer snapshot. Warrant eligibility is held at the disclosure date; this is not a maximum-dilution or treasury-stock-method calculation. Conditional LTIP awards require separate review.
September 28 capital update · October 5 ATM update · Issuer equity snapshot
Q3 and the October share update
Holdings fell from 2,878 to 2,747 BTC during Q3. SWC sold 177.89 BTC to repay its Smarter Convert instrument, removing 7,718,551 potential conversion shares. Purchases of 46.89 BTC partly offset the sale. The issuer reported a −4.35% quarterly BTC Yield.
| Snapshot | BTC | Issuer-diluted shares | Gross sats/share |
|---|---|---|---|
| September 30 | 2,747 | 366,055,649 | 750.43 |
| October 5 share update | 2,747 · carried forward | 368,938,649 | 744.57 |
October 5 ordinary ATM sales raised £2,163,160 gross. SWC said it intended to repay £2 million of its Coinbase facility after receipt. This announcement is not treated as evidence of a new Bitcoin purchase or settled debt repayment.
MORE · OFFER LAUNCHED · ADMISSION PENDING
A proposed sterling preferred
Terms announced September 29: £90 IPO price, a £100 dividend reference, and an initial 12% variable annual rate with weekly payments. That implies £12 a year per share, or 13.33% on the IPO price, only if the rate is unchanged and dividends are paid.
MORE is perpetual, cumulative and non-convertible. Preferred claims rank ahead of ordinary equity and behind creditors; it is not a direct secured claim on the Bitcoin treasury. The board can suspend dividend payments.
Results were expected around October 12 and admission on October 14, subject to the offer conditions. Coverage reviewed 26-10-09. Final share issuance, proceeds and admission have not been verified in this snapshot.
Offer announcement · MORE prospectus · Latest regulatory announcements
Coverage and valuation
SWC ordinary shares trade on the LSE Main Market. London quotes are normally in GBX: 100 pence equals £1. A verified quote and matched GBP Bitcoin price are needed before displaying market value or mNAV. The U.S. TSWCF and Frankfurt 3M8 lines are not used as pricing substitutes here.
Net backing and CEBE remain unavailable while MORE issuance, facility inventory claims, debt and cash are reconciled. A blank value means unavailable, never zero liabilities. The calculators support SWC gross backing and share-count targets, retaining the full ratio before rounding the display.
Ordinary ISIN: GB00BPJHZ015. BTC/share is an analytical measure of company backing, not Bitcoin owned by or redeemable to the shareholder.