mNAVwatch

SWC · GBP · filings as of Oct 15, 2026

The Smarter Web Company PLC

Share price £0.533 · $0.713₿2,830 heldSource: company website + filings
Trades above liquidation value

Assets against the capital stack

Liquidation value to common£151.4M£0.409 per share
Market value of common£197.0M£0.533 per share
Share price move to match liquidation value−23.2%premium £45.6M · −23% upon liquidation
Assets, if sold todayClaims + common at market−23.2%to matchassets £180.3Mclaims + market £224.1Mcommon£151.4MBitcoin£176.9MCash£3.4MCoinbase facility£16.0MMORE preferred£11.1MCommon at market£197.0MAssetsClaims + market−23.2%£180.3M£224.1Mcommon£151.4MBitcoin£176.9MCash, other£3.4MCoinbasefacility£16.0MMOREpreferred£11.1MCommon atmarket£197.0M

Hover or tap a block for detail.

  • Left out of the bars for simplicity: payables £2.6M; other assets and option exercise cash £725,718.
  • Not in the stack: warrants, for simplicity. 29,028,732 are in the money and exercised, which takes value per share from £0.442 to £0.409.
% gain/loss upon liquidation−23%Liquidation mNAV 1.30x
Liquidation value / share£0.409$0.548 in US$
Market price£0.533$0.713 in US$
Wipe-out BTC price$12,41285% below the current BTC price
$83,632live

Who gets paid, in order

RankClaimPosition in the stack (teal paid, red unpaid)RecoveryImpaired below BTC
–Assets realized₿2,830 BTC £176.9M + cash and other £3.4M
£180.3M
1Coinbase credit facility (BTC-backed)claim £16.0M
100%$5,947
2MORE cumulative variable-rate preferred sharesclaim £11.1M
100%$12,412
–Common shareholders369,776,649 shares incl. 29,028,732 from exercised instruments
£151.4M£0.409 / share

Payables and other liabilities (£2.6M, 1.4% of assets) are left out of this table for simplicity. They are immaterial, and they are still deducted in every figure on this page.

Does The Smarter Web Company PLC try to beat BTC?

  • Issues common when accretive source
  • Issues preferreds (MORE) source
  • Borrows against BTC source
  • Buys back warrants; repaid convertible early source
  • Runs operating businesses source

Inputs and sources

InputValueSource
BTC holdings₿2,830
Smarter Web bitcoin treasury page, BTC holdings · Oct 15, 2026
2,830 BTC after the Oct 15, 2026 purchase of 83 BTC (RNS)
Cash£3.4M
Smarter Web RNS, Oct 12 and Oct 15, 2026 (estimate), Offer results; Bitcoin purchase · Oct 15, 2026
Estimate: £1.27M at Apr 30 + £8.35M MORE net proceeds (Oct 12) − £5.20M BTC purchase − ~£1.0M Coinbase repayment (Oct 15). No cash balance published since Apr 30
Common shares340,747,917
Smarter Web equity snapshot, Ordinary shares · Oct 14, 2026
378,240,705 in issue less 37,492,788 issued into the ATM facility and not yet sold (held for the company, so no claim on a wind-up)
MORE cumulative variable-rate preferred shares£11.1M
MORE prospectus, 34 (Rights upon liquidation) · Sep 29, 2026
111,112 shares sold in the offer x £100 liquidation preference. The 100,000 shares issued into the ATM facility and held for the company carry no claim until sold

All figures from company dashboards unless only available from the most recently filed financials.