LONDON, July 5, 2026, 18:02 BST
- Smarter Web finished Friday at 28.39p, gaining 5.7% for the session and up 5.1% week-on-week.
- Company says its fully diluted market cap is £103.1 million. NAV comes in at £116.9 million.
- The shares are below SWC’s reported 32p net Bitcoin value per fully diluted share.
- The next scheduled event is a court hearing on July 14 for a £210 million capital reduction.
The Smarter Web Company PLC (LON:SWC) rallied into Friday, closing at 28.39p, up from a low of 24p hit on Monday. But the main thing investors are watching is the discount. The London-based web-services and Bitcoin-treasury group trades on the London Stock Exchange, open Monday to Friday, 0800 to 1630 local. London markets were closed Sunday.
The stock added 5.7% Friday and is up 5.1% from last Friday’s 27p close. Still, it ended the week under the 32p net Bitcoin value per fully diluted share from SWC’s analytics page, and well below the 37p gross Bitcoin value per share. The spread is now the key market issue—whether SWC is just cheap Bitcoin exposure, or if its debt, dilution risk and Bitcoin losses are behind the discount.
| Last week | Close | Daily move | Volume |
|---|---|---|---|
| June 29 | 25.11p | -7.0% | 1.88 mln |
| June 30 | 25.025p | -0.4% | 1.07 mln |
| July 1 | 25.80p | +3.1% | 653,294 |
| July 2 | 26.86p | +4.1% | 1.08 mln |
| July 3 | 28.39p | +5.7% | 1.04 mln |
The recovery this week was choppy. Shares dropped hard on Monday, but then added gains over the next three days after SWC put out its interim numbers and the quarterly update on June 30. By Friday, the stock was up 13.1% from Monday’s close, 18.3% above the intraday low that day.
SWC’s latest analytics page put its Bitcoin holdings at 2,878 coins, equal to £134.6 million at a £46,753 per Bitcoin. Debt totaled £18.5 million, with treasury cash sitting at £882,594. NAV was £116.9 million. Fully diluted shares came in at 366.8 million. The company’s fully diluted market cap was £103.1 million, which works out to 0.88 times NAV.
| SWC balance-sheet metric | Latest company figure | Market read |
|---|---|---|
| Bitcoin held | 2,878 BTC | Main asset |
| Bitcoin value | £134.6 mln | Larger than market cap |
| NAV | £116.9 mln | More than fully diluted cap |
| Fully diluted EV / BTC value | 0.90x | Trades below Bitcoin |
| Net BTC value per fully diluted share | 32p | Higher than Friday’s close |
| Gross BTC value per fully diluted share | 37p | Above Friday’s finish |
| Average BTC acquisition cost | £80,950 | Bigger than BTC price now |
| Unrealised Bitcoin loss | £98.4 mln | Still hits book value |
SWC’s interim results show why the equity isn’t just a direct play on spot Bitcoin moves. The company posted £397,473 in first-half revenue, an operating loss of £2.7 million, and a total loss of £71.95 million for the six months ended April 30. Most of that loss came from a £70.82 million non-cash fair-value hit on Bitcoin, SWC said.
Chief Executive Andrew Webley published a Saturday update saying SWC is “still in the early stages” of putting together a business model built on a Bitcoin balance sheet. Webley added that reported accounting numbers for Bitcoin-treasury firms can be distorted by non-cash fair-value swings. Share Talk
Webley said in the June 30 regulatory update that the company’s plans will take “disciplined execution” and “thoughtful capital allocation.” The company reported it owns 2,878 Bitcoin, bought in 40 deals at an average price of £80,950 for each, with a total cost of £232.97 million. Investegate
SWC shareholders cleared a £210 million cut to the share premium account on June 17, putting the court process on the trading calendar. The company said this move opens up distributable reserves but leaves net assets, shares outstanding, and the convertible notes, warrants and options all unchanged. SWC added it isn’t planning to pay out ordinary dividends right now.
The company said the reserves may back moves like equity issuance with dividends or share buybacks, but nothing specific has been approved. The court is expected to review the reduction on July 14, with the change likely taking effect July 15 if the court signs off and the timetable holds.
The broader Bitcoin-treasury trade is now in discount. BitcoinTreasuries.net has SWC as the 29th biggest public company holder, with 2,878 BTC. The site shows an EV mNAV of 0.73. SWC’s own site lists fully diluted EV-to-BTC at 0.90. That gap is causing issues for investors—just changing the metric changes what the balance sheet looks like.
Strategy Inc NASDAQ:MSTR, the biggest corporate Bitcoin holder, watched its enterprise value drop under the value of its Bitcoin stash last week, Reuters said. Andrei Grachev at DWF Labs told Reuters, “uncertainty itself becomes a reason to wait.” That’s an issue for SWC since its funding depends on the market paying enough for SWC equity so capital raises can work. Reuters
SWC hasn’t posted any new regulatory filings to its Investegate feed since its June 30 results. As of Sunday, Webley’s July 4 weekly update was the most recent company-linked comment. Bitcoin was last at around $62,607, off a bit for the day.
