The Smarter Web Company (LSE:SWC), the AIM-listed digital agency and Bitcoin treasury group, posted a loss before tax of £71.4m for the six months ended 30 April, against a profit in the comparative period, after recording £68.7m in losses on its cryptocurrency holdings during the half.
The loss was almost entirely non-cash in nature, reflecting a fall in the carrying value of the company's Bitcoin position rather than deterioration in its trading business, which continued to generate recurring revenues.
The group's Bitcoin holdings were valued at £157.1m at 30 April, down from £220m at 31 October 2025, with borrowings of £23.7m drawn under a $30m Bitcoin-backed credit facility with Coinbase, more than double the £11m outstanding six months earlier.
Net assets fell to £134.6m from £210.4m over the same period.
On the operational side, the group completed the acquisition of digital agency Squarebird Agency on 20 February, bringing a second profitable agency under its umbrella and running it as a standalone brand alongside its existing Smarter Web Company Operations subsidiary.
Chief Executive Andrew Webley said the group's three-pillar strategy, combining recurring-revenue operations, a Bitcoin treasury and acquisitions, remained the foundation of its long-term approach, with both agencies "performing in line with expectations."
