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The Smarter Web Company PLC just bought another 11.89 Bitcoin at an average price of £47,052 (roughly $63,328) per coin, bringing its total stash to 2,712 BTC.
The purchase, announced on August 3, 2026, is the latest move in the company’s self-described “10 Year Plan” Bitcoin treasury strategy.
The numbers behind the stack
The Smarter Web Company’s net average purchase price across all its Bitcoin acquisitions sits at £82,886, or about $111,548 per coin. With Bitcoin trading around the $63,000 range at the time of this latest buy, the company’s cost basis is nearly double the current market price.
The company’s gross Bitcoin purchases to date total £233.5 million, with net purchases landing at £224.8 million after accounting for previous sales. That gap reflects at least one notable liquidation event: in July 2026, the firm sold 177.89 BTC to address debt obligations.
The Q2 2026 Bitcoin yield came in at -4.80%. That metric, which measures Bitcoin holdings relative to fully diluted shares, essentially tells you that shareholders’ per-share exposure to Bitcoin decreased during the quarter.
Leverage, equity raises, and the Coinbase credit line
The Smarter Web Company has drawn £18.5 million from a credit facility with Coinbase, representing approximately 17% leverage at a 6% variable interest rate.
On the same day as the Bitcoin purchase, the company also raised £1.016 million through share placements and exercised 2.875 million warrants as part of its financing activities. The total shares in issue now stand at 374.84 million.
For custody, the company relies on institutional providers like Coinbase and Kraken rather than self-custodying its coins.
The UK’s MicroStrategy, sort of
The Smarter Web Company bills itself as the UK’s largest publicly traded Bitcoin treasury holder, and with 2,712 BTC, that claim likely holds up. The strategy mirrors what Michael Saylor pioneered at MicroStrategy in the US, where a relatively boring enterprise software company transformed itself into a leveraged Bitcoin vehicle.
What this means for investors
The Smarter Web Company is essentially a leveraged bet on Bitcoin wrapped in a UK public company shell. Its core web design and marketing business exists, but the Bitcoin treasury strategy has become the dominant narrative.
The risk profile here is elevated. A net average purchase price of $111,548 per Bitcoin means the company needs a substantial price rally just to break even on its treasury. Layer in 17% leverage through the Coinbase credit facility at a variable 6% rate, and you’ve got a position that’s sensitive to both Bitcoin price movements and interest rate changes.
The negative Q2 yield of -4.80% is a warning sign worth watching. If the company continues to issue shares faster than it accumulates Bitcoin, existing shareholders get diluted without a corresponding increase in per-share BTC exposure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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