Two equities, each with a different purpose, but potentially many MORE possibilities for the future of Smarter Web. That is what I have been thinking about this week as we approach what I believe could be another defining moment in the development of Smarter Web.
Subject to the remaining requirements being satisfied, MORE Preferred Shares are expected to begin trading on the Main Market of the London Stock Exchange on Wednesday. On Friday we closed the fundraising process and, following the completion of the remaining requirements, we expect the results to be announced through an RNS on Monday morning. I am enormously excited about the week ahead, although it is important that the formal announcements remain the source of information about the outcome of the IPO and Admission.
I do not want to get ahead of those announcements or discuss matters that must be communicated through the appropriate regulatory channels. What I do want to explain is why I believe this is so important to the future of Smarter Web. We have already built what I believe is the UK’s largest public company Bitcoin treasury. Our ambition is to build something significantly larger, with the ability to attract much more capital through the UK public markets, whilst continuing to grow the operating businesses alongside our treasury.
If Admission takes place as expected, investors will have two different types of Smarter Web equity to consider. SWC, our Ordinary Shares, provides exposure to the potential growth of the Company. MORE, our Preferred Shares, is designed around income through a cumulative variable-rate preferential dividend payable weekly. Of course, neither growth nor income outcomes are guaranteed. They are different equities, with different rights, risks and potential returns, and investors need to understand those differences.
To me, the really interesting part is what having access to these different pools of capital could allow us to build. Different investors want different things. Some want exposure to the growth potential of Smarter Web and are prepared to accept significant volatility. Others are more interested in income and may be attracted to a different type of equity, provided they understand its terms and risks. Bringing those different objectives together within a capital structure that works for Smarter Web is something I believe could become extremely powerful over time.
MORE is also about the cost of capital to Smarter Web. I have spent a lot of time thinking about Bitcoin’s performance over the past ten years, its volatility and what I believe could happen in the future. I remain extremely bullish on Bitcoin over the long term, but I certainly do not claim to know what the price will do next week, next month or next year. Against that background, the possibility of accessing capital through a preferred share with a variable-rate weekly dividend is incredibly exciting. If we can raise and allocate that capital at an attractive cost, whilst managing the obligations and risks appropriately, it could help strengthen our balance sheet and support further growth in our business.
That opportunity matters not only to potential MORE investors and to Smarter Web as the issuer. It also matters to holders of SWC. Our objective has never simply been to raise the greatest amount of capital or own the largest possible number of Bitcoin. It is to allocate capital intelligently, strengthen the Company and, over time, increase the net Bitcoin value attributable to each fully diluted Ordinary Share. The economics of every financing decision matter, and MORE will need to earn its place in that strategy through execution rather than through excitement alone. Doing all that right is how we then build shareholder value.
SWC is volatile. That is part of the investment proposition, and volatility can create the opportunity for substantial returns whilst also creating the possibility of substantial losses. Shareholders who have held since our IPO have seen impressive total returns, and there have been shorter periods of very strong performance too. Equally, I am very conscious that shareholders who invested at different points are currently sitting on losses. I do not overlook that. We cannot control the share price or promise future returns. What we can do is continue building a stronger business and give the market reasons to recognise the value we are trying to create.
There is another milestone here that I think deserves a moment of reflection. If MORE is admitted as planned, Smarter Web will have completed three significant public market milestones within approximately 18 months, from our original listing in April 2025, through our move to the London Stock Exchange’s Main Market, to MORE. I wonder how many other UK companies have managed that in such a short period? For a relatively young public company, I think it says a great deal about the ambition and work ethic of the team involved. And also, a lot about the dedication of our shareholders who I view as part of the team.
It is a shame that the London Stock Exchange is undergoing refurbishment. I would have loved the opportunity to open the market on Wednesday and share the moment in person with shareholders, advisers and, of course, the team. There are so many people who have played a role in bringing MORE to this stage, including people whose work will never be particularly visible from the outside. Whatever the market does on the day, getting to this point is something we should all be proud of, subject of course to Admission proceeding as expected.
Turning to the week itself, as you can probably imagine, it has been exceptionally busy. A great deal of time has been spent on the final stages of the MORE process. I have also enjoyed the numerous conversations with investors. Those discussions have reinforced my belief that there is an incredible opportunity to develop MORE over time, just as we have worked to develop SWC since becoming a public company.
But Admission, if achieved, is the beginning rather than the end. A listing does not automatically create a successful market, a sustainable source of capital or a widely understood investment proposition. Those things take time, communication, education and consistent execution. We have learned a great deal through building SWC and I expect we will continue learning as we develop MORE. There is plenty of work ahead of us and I am looking forward to it.
Education remains particularly important. Not everyone understands a Bitcoin treasury company. Add different forms of equity and capital markets innovation into the mix and there is even more to explain. That is as an opportunity. We are still very early in the development of this industry, and I believe a much broader group of investors could become interested as the market matures and the structures become better understood.
During the week I also recorded several podcasts with some great people, all of whom I had not previously recorded with. It was a pleasure speaking with Stephan Livera, Yves-André and Quentin from the One Chair Podcast, Robin Seyr and, of course, a Smarter Web favourite, Adam Livingston. Each conversation approached Smarter Web and the Bitcoin treasury sector from a slightly different angle, which is one of the things I enjoy most about doing them. You can find most the conversations on my X profile if you would like to watch them and I will share the Robin Seyr podcast when released.
I also want to recognise the other companies doing great things across our industry. One of the most encouraging aspects of working in the Bitcoin treasury sector is that companies can compete whilst still supporting one another and sharing ideas. We all want to build successful businesses, but I believe the opportunity is much bigger than any single issuer. For this industry to reach its potential, we need multiple companies, capital structures and approaches to succeed.
Looking ahead, I am incredibly excited. MORE has the potential to give Smarter Web another way to access capital, reach different investors and pursue the long-term ambitions set out in our 10-Year Plan. It does not change the need for disciplined capital allocation, careful risk management or the continued growth of our operating businesses. It gives us another potential tool, and I believe the possibilities that could follow are significant.
Thank you as always for being part of this journey, including through the difficult periods. There is so much MORE that I want us to achieve, and I believe we are only just getting started.
CEO of The Smarter Web Company, the largest UK Bitcoin treasury company. With 25 years of profitable Internet experience. A developer with creative passion and marketing skills that work.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
