Smarter Web's Capital Structure and MORE Preferred | Andrew Webley SLP780

<p>Andrew Webley walks through Smarter Web&#39;s capital structure—ordinary shares as growth equity, a repaid short convert, Coinbase credit, and MORE as the income preferred.</p><p>Webley is CEO of The Smarter Web Company (LSE: SWC), the UK&#39;s largest publicly traded Bitcoin treasury. He traces the path from Hargreaves Lansdown to listing on Aquis, then the LSE Main Market, while building toward roughly 2,747 BTC on the balance sheet.</p><p>The conversation covers ordinary shares versus preferred equity, why SWC repaid its short convert, how the Coinbase credit facility fits a &quot;buy leverage when cheap&quot; playbook, and the launch of MORE—an income preferred designed alongside SWC growth equity. Webley contrasts treasury companies with ETFs and spot Bitcoin, stressing Bitcoin-per-share growth, liquidity for institutions, and GBP denomination without US dividend withholding.</p><p>He also flags the downsides: treasury structures amplify Bitcoin volatility, management can mess up capital allocation, and in a drawdown there is no guarantee that equity, credit, or preferreds will be available.</p><p>Timestamps:</p><p>00:00 — Intro</p><p>00:25 — Hargreaves Lansdown to Smarter Web</p><p>02:09 — Saylor Pivot Was His Bitcoin Moment</p><p>04:00 — Listing the UK Treasury Play</p><p>08:44 — Clean Balance Sheet Structure</p><p>11:25 — Coinbase Credit at the Bottom</p><p>14:32 — Debt vs NAV Reporting</p><p>19:45 — Bitcoin-per-Share vs Total Return</p><p>21:32 — How Institutions Actually Buy</p><p>25:02 — Treasury Co vs ETF vs Bitcoin</p><p>28:12 — MORE Preferred Equity Explained</p><p>30:17 — Amplification Cap at 35%</p><p>33:11 — Sterling Preferred Advantage</p><p>37:49 — Downside Risks: Volatility and Execution</p><p>40:27 — Drawdowns and Uncertain Capital Access</p><p>Links: </p><ul><li><p><a href="https://x.com/asjwebley"><u>https://x.com/asjwebley</u></a></p></li><li><p><a href="https://x.com/smarterwebuk"><u>https://x.com/smarterwebuk</u></a></p></li><li><p>https://www.smarterwebcompany.co.uk/</p></li></ul><p>Stephan Livera links:</p><ul><li><p>Follow me on X:<a href="https://twitter.com/stephanlivera"> @stephanlivera</a></p></li><li><p><a href="https://plinkhq.com/i/1415720320">Subscribe to the podcast</a></p></li><li><p><a href="https://stephanlivera.substack.com/">Subscribe to Substack</a></p></li></ul>