Explainers
Learn
Plain-English explainers for the numbers and mechanics behind The Smarter Web Company's bitcoin treasury.
What is mNAV?
The premium or discount the market puts on SWC's bitcoin, and why there are two versions.
Sats per share and BTC Yield
How much bitcoin each share represents, and how the company measures growth in it.
Fully-diluted shares
Why the company's share count differs from the number of shares in issue.
How the ATM (Subscription Agreement) works
The at-the-market facility the company uses to raise money and buy bitcoin.
MORE perpetual preferred shares
The proposed preferred share class announced in September 2026.
How to read a Bitcoin Purchase RNS
What each line of a purchase announcement means.
Company timeline
From a 2.5p Aquis IPO to the LSE Main Market.