Video Intelligence Brief
Give Them MORE | Andrew Webley
In this video
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Tim Kotzman · Andrew WebleyAWYouTube channel
Tim Kotzman
Published
Sep 24, 2026
Duration
—
Station Analysis
Smarter Web Introduces MORE Preferred Equity With UK's First Weekly Dividend
Smarter Web, a UK company, is pioneering a Bitcoin treasury strategy, inspired by MicroStrategy, to become a leading global Bitcoin holder. To fund this growth, the company is launching 'MORE', a new preferred equity on the London Stock Exchange, notable for being the UK's first equity to offer weekly dividends. This instrument aims to provide permanent, uncollateralized capital, designed to trade at par and scale its Bitcoin treasury.
Equities Mentioned
B
$BTC↑ BullishM
$MSTR↑ BullishS
$SWC↑ BullishS$STRC↑ BullishS
$SATA↑ BullishC
$COIN→ NeutralG
$GOOG→ Neutral
$BTC↑ BullishM$MSTR↑ BullishS$SWC↑ BullishS$STRC↑ BullishS$SATA↑ BullishC$COIN→ NeutralG$GOOG→ NeutralSignals
Signal 01
Bitcoin · Bullish
MSTR Accesses Trapped Capital
Michael Saylor's pivot enabled investors with "trapped capital" in pensions and ISAs to gain Bitcoin exposure through MSTR, as direct ETFs were unavailable. This established a critical pathway for broader institutional and retail adoption of Bitcoin via public equities.
Signal 02
Bitcoin · Neutral
UK Bitcoin Treasury Market Gap
A significant market gap existed for a UK-listed company pursuing a Bitcoin treasury strategy, similar to MSTR. UK investors face higher fees, particularly FX charges, when buying US equities, creating a demand for a local alternative.
All Signals · 18 total
03
Smarter Web went public in April 2025, listing with approximately £2.1 million in capital, to pursue a UK Bitcoin treasury strategy. This move allowed the company to access public markets for significant capital to fund its growth initiatives.
04
▶ 9:57Public Listing Cost & Risk
This significant financial commitment and personal risk (15-16 years of work) is a major barrier for private companies.
05
▶ 14:46Smarter Web Compensation Transparency
Smarter Web publicly discloses all board salaries, bonuses, shareholdings, and long-term incentives on its Bitcoin analytics page. This transparency addresses shareholder concerns regarding executive compensation in Bitcoin treasury companies.
06
▶ 15:31Shareholder-Aligned Compensation
Smarter Web's remuneration committee, comprising independent directors, sets compensation. The long-term incentive plan (LTIP) is aligned with shareholders, featuring milestones like a £5 share price and a 10x market cap increase to £2 billion.
07
Smarter Web maintains a low cost base as a percentage of its balance sheet, which is expected to decrease further as the balance sheet scales without proportional team growth. The company's primary treasury metric and focus is increasing Bitcoin per share.
08
▶ 35:40Warrant Buyback Reduces Overhang
The company conducted an exercise to encourage warrant redemption and bought back just under 50% of outstanding warrants at a discount. This action was akin to a discounted share buyback and removed a market overhang.
09
Preferred equity is a crucial tool for Bitcoin treasury companies, providing permanent, uncollateralized capital. The investment thesis hinges on Bitcoin's appreciation outperforming the preferred coupon, exemplified by STRC's 12% yield.
10
This effectively allowed them to buy Bitcoin at an equivalent of $49,000.
11
Smarter Web (SWC) is set to launch the first equity on the London Stock Exchange with a weekly dividend, a frequency chosen after considering daily (too complex for a small company) and monthly options. This required significant regulatory and exchange approval, highlighting a novel approach to investor payouts.
12
▶ 41:59Successful UK ATM Facility
Its high stock liquidity (top 10 retail stock in UK in 2025) enables effective ATM usage.
13
Smarter Web's (SWC) preferred equity offers an "incredibly attractive" coupon and higher dividend frequency than other UK preferreds. It aims for lower volatility than general UK equities, combining good yield with mechanisms like share buybacks and an ATM cap, appealing to income-focused investors.
14
▶ 45:42ATM Execution Rules
The company's ATM facility operates under strict rules: never sell below the previous day's closing price and adhere to volume restrictions (percentage of daily/weekly volume). Block trades can be taken outside volume limits, and sales are avoided on down days.
15
▶ 55:29New Preferred Equity Development
The company has been developing a new preferred equity for five months, with an Intention to Float (ITF) announcement recently made. A comprehensive prospectus will be published soon, detailing the full terms and investor protections.
16
The new preferred equity will feature a variable rate and a weekly dividend, making it the first UK equity ever to offer weekly payouts. It is designed to be the third preferred equity issuer globally on a major exchange and the first Bitcoin treasury company outside the US.
17
▶ 59:19Preferred Equity Designed to Trade at Par
The new preferred equity is structured with protections to ensure it trades at par, which is fundamental for the company's future growth. It includes flexibility to adjust interest rates, conduct share buybacks, and utilize an ATM from day one to manage pricing.
18
This size is intentional to help it trade to par quickly, enabling further ATM issuance.
Stellar Quote
“As far as I can see, if you want to be a Bitcoin treasury company, the secret to doing that successfully is probably simplicity and scale.”
Andrew Webley▶ 26:40Key / Viral Moment
Preferred Equity: The Answer for Bitcoin Treasury Companies
+1 quotes · +1 momentsExplore all 18 signals & supporting evidence →
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