The Smarter Web Company
SWC · Aquis Stock Exchange (AQSE)Treasury vehicleHighUnited Kingdom
BTC held
2,712
as of Aug 3, 2026 · 0.013% of 21M
Value now
$208M
at BTC $76,855
Basic mNAV
0.77×
mkt cap $160M as of Sep 4, 2026
Sats per share
724
375M shares as of Aug 3, 2026
Cost basis
- Average cost per BTC
- $111,548
- Total invested
- $303M
- Unrealized gain
- $-94M (-31.1%)
Treasury debt
- The 'Smarter Convert' convertible facility held by TOBAM ($11.7M / £-denominated) was retired ahead of schedule on ~July 23, 2026 by selling 177.89 BTC at avg $65,762, avoiding issuance of 7,718,551 ordinary shares. No convertible debt known to remain outstanding.$12M · retired
Recent activity
SWC became one of the first UK treasury companies to sell bitcoin, liquidating 177.89 BTC (~$11.7M) in late July 2026 to repay its TOBAM convertible early, cutting holdings from 2,878 (May 29) to 2,700 BTC. It resumed buying on August 3, 2026, adding 11.89 BTC at ~£47,052 ($63,328) each to reach 2,712 BTC; overall net average purchase price stands at £82,886 (~$111,548).
Risk notes
The treasury is deeply underwater — average cost ~$111.5k/BTC versus a BTC value of ~$212.8M against a ~$302.6M cost basis — and the stock trades below its bitcoin NAV (market cap ~$154M). Funding has shifted to small drip equity raises (£1.0M placement/warrants on Aug 3, £0.1M subscription on Aug 24), and the July debt-driven BTC sale showed the strategy's sensitivity to balance-sheet pressure.
Sources
- https://bitcointreasuries.net/public-companies/the-smarter-web-company-plc
- https://www.investegate.co.uk/company/SWC
- https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/bitcoin-purchase/9590941
- https://crypto.news/the-smarter-web-company-adds-11-89-bitcoin-treasury-reaches-2712-btc/
- https://bitcoinmagazine.com/news/smarter-web-company-sells-bitcoin
- https://news.bitcoin.com/bitcoin-treasury-firm-smarter-web-sells-177-btc-in-early-debt-repayment-move/
- https://www.newsbtc.com/news/smarter-web-sells-178-bitcoin-to-repay-11-7m-tobam-debt/
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding SWC securities.