Smarter Web’s CEO Thinks Bitcoin Is Still Cheap at $250K

— Andrew Webley founded The Smarter Web Company as a Bitcoin treasury company listed on the London Stock Exchange's main market, inspired by Michael Saylor's strategy at MicroStrategy.

— MORE is the first perpetual preferred equity denominated in British pounds and the first UK-listed company to pay weekly dividends on such an instrument.

— MORE launches with a 12% initial variable dividend rate, £100 par value, two-year dividend cash buffer, and 35% maximum amplification ratio; the ratio can be adjusted by the board and mathematically could go higher.

— Smarter Web is replacing its Coinbase-backed collateralized debt facility (currently at ~6.25% interest) with permanent capital via MORE to reduce leverage and enable further capital raises.

— Bitcoin serves as the hurdle rate for Smarter Web's acquisition strategy; the company acquired Squarebird and continues to evaluate acquisition opportunities primarily in the UK.

— Retail investors are included in the MORE IPO (priced at £90 with incentive to trade at par) alongside institutional demand; institutional investors are also showing renewed interest in the ordinary SWC equity as a result of the preferred equity launch.

— Bitcoin was trading near $86,000 at the time of recording; Webley noted it was approximately $78,000 when the Coinbase facility proceeds (~£10 million) were deployed into Bitcoin earlier in the year.

— Smarter Web holds just under 3,000 Bitcoin and has increased Bitcoin per share by approximately 60x since becoming a public company, with total returns of roughly 3,000x (30x) over 18 months.

— Webley states Bitcoin is "incredibly cheap" at all price levels and references historical Bitcoin performance of approximately 40% annualized return over the past decade (excluding the last two years).

— Bitcoin treasury companies with both ordinary equity and preferred equity can execute significantly more strategic options (estimated 10x more flexibility) to grow Bitcoin per share than those with single equity classes, creating optionality in both bull and bear markets.

— The two-year dividend cash buffer and 35% amplification ratio on MORE provide substantial downside protection; assuming flat Bitcoin prices, dividends are covered for approximately 27 years, reducing credit risk for income-focused investors.

— Institutions warming to Bitcoin treasuries are showing increased interest in growth equity (SWC) after understanding how preferred equity (MORE) functions; the dual-equity model allows portfolio construction similar to traditional equity-bond portfolios but within a single Bitcoin-native company.