The Smarter Web Company PLC (SWC) is drawing fresh attention in the crypto market after its latest Bitcoin purchase, not just for the 10 BTC added to its treasury, but for how the deal is being financed and measured. The London-listed firm continues to expand its Bitcoin holdings while increasing reliance on debt and introducing new internal performance tools.
The company now holds 2,869 BTC, but the latest update highlights deeper financial shifts behind its accumulation strategy, including higher leverage and a new valuation approach tied directly to Bitcoin yield.
RNS Announcement: Bitcoin Purchase
The Smarter Web Company announces the purchase of additional Bitcoin as part of “The 10 Year Plan” which includes an ongoing treasury policy of acquiring Bitcoin.
Please read the RNS on our website (link in comments).
LSE: #SWC | OTCQB:… pic.twitter.com/Rppqob7oe7
— The Smarter Web Company (@smarterwebuk) May 26, 2026
Coinbase credit facility drives leveraged Bitcoin buying
SWC confirmed it has drawn £18 million under its Coinbase-backed credit facility to support its ongoing Bitcoin strategy. The loan is secured against the company’s existing Bitcoin holdings, placing its digital assets as collateral.
The current leverage ratio stands at 12.19%, showing growing dependence on borrowed funds to expand its crypto position. The facility carries a variable interest rate between 6.75% and 7.25%, exposing the firm to rising funding costs if rates move higher.
This structure increases risk during periods of Bitcoin volatility, as a sharp drop in BTC prices could pressure collateral levels and limit financial flexibility.
Is the new Bitcoin metric P/BYD shifting valuation focus?
Alongside its treasury expansion, SWC has introduced a new internal metric called Price-to-Bitcoin Yield Ratio (P/BYD). The company says the measure is designed to better reflect value creation from increasing Bitcoin exposure, instead of traditional earnings ratios.
The firm also reported a fully diluted 783 satoshis per share and a 15.43% quarter-to-date Bitcoin yield. These figures suggest Bitcoin exposure per share has increased even as the company raises capital through share issuance.
Management is positioning these metrics as a way to track Bitcoin growth per share more clearly in a treasury-driven model.
Shares slide as Bitcoin strategy leads valuation
Despite growing Bitcoin holdings, SWC shares have fallen more than 27%, trading around 30.2 GBX on the London Stock Exchange.
The decline reflects rising investor concern over leverage and volatility, as the company increasingly trades in line with Bitcoin market movements rather than its underlying web services business, which continues to generate steady revenue from core operations and recent acquisitions.
Corporate Bitcoin treasuries have grown rapidly, with public companies now holding over 1.15 million BTC (~5.5% of supply) as of May 2026. Strategy, Inc. dominates with 815,000+ BTC, while others like Strive and Metaplanet are steadily increasing their holdings. This trend shows companies are treating Bitcoin as a core reserve asset, funding purchases through equity and debt.
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