One Chair Podcast
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.