Andrew Webley walks through Smarter Web's capital structure—ordinary shares as growth equity, a repaid short convert, Coinbase credit, and MORE as the income preferred.

Webley is CEO of The Smarter Web Company (LSE: SWC), the UK'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.

The conversation covers ordinary shares versus preferred equity, why SWC repaid its short convert, how the Coinbase credit facility fits a "buy leverage when cheap" 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.

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.

Timestamps:

00:00 — Intro

00:25 — Hargreaves Lansdown to Smarter Web

02:09 — Saylor Pivot Was His Bitcoin Moment

04:00 — Listing the UK Treasury Play

08:44 — Clean Balance Sheet Structure

11:25 — Coinbase Credit at the Bottom

14:32 — Debt vs NAV Reporting

19:45 — Bitcoin-per-Share vs Total Return

21:32 — How Institutions Actually Buy

25:02 — Treasury Co vs ETF vs Bitcoin

28:12 — MORE Preferred Equity Explained

30:17 — Amplification Cap at 35%

33:11 — Sterling Preferred Advantage

37:49 — Downside Risks: Volatility and Execution

40:27 — Drawdowns and Uncertain Capital Access

Links:

https://x.com/asjwebley
https://x.com/smarterwebuk
https://www.smarterwebcompany.co.uk/

Stephan Livera links:

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

Stephan Livera Podcast

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