Key Takeaways
Smarter Web has pivoted to a bitcoin treasury strategy and now holds 2,674 BTC.
The firm joined the London Stock Exchange, despite its BTC holdings sitting at an unrealized loss.
Management remains long-term bullish on bitcoin and cautions investors to expect high share price volatility.
Smarter Web Makes Its LSE Debut as a Bitcoin Treasury Play
The Smarter Web Company has officially started trading on the Main Market of the London Stock Exchange (LSE). This is a major step for the UK-based company, which has moved from being a web design business to becoming Britain’s largest publicly-listed bitcoin treasury company.
The company’s shares began trading under the ticker SWC at a price of 43p, rising slightly to 44p later in the morning. The listing follows the company’s move up from the Aquis Growth Market, where it first went public in April 2025 and became the best-performing UK stock that year.
The opening ceremony at the London Stock Exchange was colorful and celebratory. Orange and black confetti filled the room, reflecting bitcoin’s branding. Many of the guests were shareholders, which is unusual for such events. One guest said, “I’ve been to lots of opening ceremonies, but I’ve never seen anyone invite shareholders.”
Opening ceremony of London Stock Exchange by The Smarter Web company
The Smarter Web Company was founded in 2009 by chief executive Andrew Webley. For many years, the company focused on web design and online marketing, building custom websites for small and medium-sized businesses across the UK. That original business still exists today.
In 2025, the company made a major change in direction. It adopted a bitcoin treasury strategy, meaning it started using investor money to buy and hold bitcoin on its balance sheet. The company refers to bitcoin as “digital capital” and believes it will play an important role in the future of finance.
According to BitcoinTreasuries.net, Smarter Web owns 2,674 bitcoin today. This makes it the largest UK public company holding bitcoin and the 29th largest globally among listed firms. The company says it has spent around £221 million buying bitcoin at an average price of just over $111,000 per coin.
The Smarter Webs holds the 29th largest bitcoin reserve among public companies
However, bitcoin prices have fallen sharply in recent months. At the time of the listing, bitcoin was trading around $77,000 to $78,000, well below its peak of more than $120,000 last year. Because of this, the value of Smarter Web’s bitcoin holdings has dropped significantly.
Andrew Webley has openly discussed these losses. He told The Telegraph that the company’s bitcoin position had moved to an unrealized loss of around $100 million over the past three months. Despite this, he said the company’s long-term plans have not changed. Webley said:
“The recent price move hasn’t affected our conviction at all. We’ve always been clear that this isn’t a six- or 12-month strategy — it’s a long-term, multi-year strategy.”
He also stressed that the company buys bitcoin during both rising and falling markets.
Webley has also warned investors that Smarter Web’s shares are likely to be highly volatile.
“We’ll probably be the most volatile stock in the UK,” he said at the LSE event. “But if you want a stock that is going to go up, you do need volatility.” He added that the company works hard to explain both the risks and rewards to shareholders, noting that many shareholders “are happy with the risk and reward.”
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