The Smarter Web Company reported strong operational progress in the first half of 2026, driven by the acquisition of Squarebird, continued growth of its digital services business and the expansion of its Bitcoin treasury strategy.
The company said revenue growth benefited from the inclusion of Squarebird following its February acquisition, with both businesses remaining profitable and generating cross-selling opportunities. Management said the enlarged group is trading in line with expectations and believes future periods will better reflect the combined business’s earnings potential.
At the end of April, the company held 2,778 Bitcoin valued at £157.1 million, representing around 98% of total assets. Since then, it has increased holdings to 2,878 Bitcoin through 40 separate purchases, while maintaining a relatively modest leverage ratio through its US$30 million Coinbase-backed credit facility. Management said the Bitcoin treasury remains central to its long-term balance sheet strategy.
The reported interim loss of £72.0 million was largely the result of non-cash accounting adjustments, including a £70.8 million fair value reduction on Bitcoin as prices fell during the reporting period, together with one-off costs relating to the company’s Main Market listing. The operating loss was £2.7 million.
Since the period end, the company has continued raising capital through its at-the-market programme and direct subscriptions, reduced outstanding warrant exposure, promoted Oliver Hewett to chief financial officer and hosted its inaugural UK Bitcoin Treasuries Conference, which also generated commercial revenues.
Looking ahead, management said it remains focused on expanding its profitable operating businesses, pursuing selective acquisitions and increasing Bitcoin per share, while leveraging its Main Market listing and FTSE index inclusion to support long-term shareholder value.
