The Smarter Web Company (LSE:SWC), the web design and digital services group pursuing a Bitcoin treasury strategy, said on Monday that it has sold 838,000 shares under its subscription agreement, raising gross proceeds of £579,371, roughly £0.69 a share.
The company expects to retain about 98.25% of the proceeds, with 37.49m shares still unsold under the agreement, which was first announced on 24 December 2025 and has funded a steady drip of share placements and Bitcoin purchases through the year.
Separately, 2.65m warrants were exercised at £0.025 each, generating gross proceeds of £66,250 and taking the warrants outstanding down to 29.03m. Of those remaining warrants, 25.78m are held by chief executive Andrew Webley and his spouse, with a further 1.45m held by other directors and employees.
The company reiterated that it holds treasury reserves and surplus cash in Bitcoin and considers itself materially exposed to the cryptocurrency's price swings, a policy it has pursued since 2022 as part of its "10 Year Plan."
The subscription agreement has become a recurring source of incremental funding, with placements in September and August this year used in part to pay down drawings under the company's Coinbase Strategic Credit Facility, which is secured against its Bitcoin holdings.