London, July 3, 2026, 21:04 BST
- Smarter Web (LON:SWC) closed up 5.7% Friday. The FTSE All-Share was up 0.28%.
- The firm’s treasury site listed net Bitcoin per fully diluted share at 32p, higher than shares closed on Friday.
- The £210 million capital reduction is still pending court sign-off, with a confirmation hearing set for July 14.
The Smarter Web Company PLC (LON:SWC) finished Friday in positive territory, though traders paid more attention to the difference between the share price and the firm’s Bitcoin-backed valuation measures.
The stock closed at 28.39p, rising from 26.86p in the last session. It traded in a 26.74p to 28.99p range during the day, and ended 18.3% above its 52-week low of 24.00p hit on June 29. Shares remain 35.5% off their 52-week high at 44.00p from Feb. 3, Investors Chronicle said, citing S&P Global Market Intelligence data.
| Friday price read | Smarter Web | Comparator |
|---|---|---|
| Close or last price | 28.39p | — |
| Trading range today | 26.74p-28.99p | — |
| Last close | 26.86p | — |
| Move today | +5.7% | FTSE All-Share +0.28% |
| 52-week low/high | 24.00p-44.00p | — |
This is important because Smarter Web is now priced more like a Bitcoin holding than a typical web design shop. Its treasury analytics page listed Bitcoin at £46,550, just shy of Kraken’s £46,559 late Friday, and calculated fully diluted enterprise value at 0.90 times Bitcoin value.
| Treasury metric | Company figure |
|---|---|
| Bitcoin holdings | 2,878 |
| Current value of Bitcoin | £133.97 million |
| Net asset value | £116.35 million |
| Market cap (fully diluted) | £103.12 million |
| Enterprise value (fully diluted) | £120.73 million |
| Net Bitcoin per fully diluted share | £0.32 |
| Gross Bitcoin per fully diluted share | £0.37 |
| Net sats per fully diluted share | 681 |
| Debt to NAV leverage | 15.9% |
| Average price paid for Bitcoin | £80,950 |
| Unrealized Bitcoin P&L | -£99.0 million |
The stock closed Friday around 11% under the company’s net Bitcoin value of 32p per fully diluted share. It also traded about 23% below the 37p gross Bitcoin value per share. That’s the gap investors are watching while the company keeps raising new Bitcoin per share through equity, warrants, and debt.
The latest interim figures spelled out why the stock now tracks treasury marks. For the six months to April 30, revenue came in at £397,473. Reported loss was £71.95 million. The company blamed most of that on non-cash fair-value shifts, with a £70.82 million loss tied to Bitcoin as the cryptocurrency dropped from roughly $109,500 at Oct. 31 to $76,300 at April 30.
| Six months to April 30 | Figure |
|---|---|
| Revenue came in at | £397,473 |
| Operating loss posted | £2.72 million |
| Reported loss for the period | £71.95 million |
| Bitcoin held at end of period | 2,778 BTC |
| Fair value of Bitcoin at end of period | £157.12 million |
| Bitcoin and cash portion of assets | 98% |
| Total reported liabilities | £26.24 million |
Chief Executive Andrew Webley said in the quarterly update the share price hadn’t caught up to the company’s progress yet. He also said the business could become “one of the UK’s most significant public companies.” Investegate
Shareholders approved a £210 million cut to the share premium account on June 17, with 99.94% of votes in favour. The company said the move still needs High Court approval and expects it to take effect July 15.
| Capital reduction item | Detail |
|---|---|
| Share premium reduction | £210 million |
| Votes for | 146.2 million / 99.94% |
| Votes against | 94,033 / 0.06% |
| Initial directions hearing | July 3 |
| Court confirmation hearing | July 14 |
| Expected effective date | July 15 |
The June 1 circular said cutting capital won’t change net assets or share count. The reserves from the move could let the company do things like issue dividend-paying equity or run buybacks, but the circular didn’t approve any particular use for those reserves.
Equity supply remains in play. Smarter Web said it has brought in about £1.87 million since May 1 using its ATM-type facility and direct subscriptions. The company’s analytics page showed 48.15 million subscription-agreement shares unsold, 35.30 million pre-IPO warrants and a fully diluted share count of 366.84 million.
Smarter Web Company says it trades on the London Stock Exchange Main Market as SWC, on OTCQB as TSWCF and in Frankfurt as 3M8. The company cautions that Bitcoin prices may go down as well as up, and that it is materially exposed to Bitcoin. It also notes it is not authorised or regulated by the FCA.
