The Smarter Web Company (LSE:SWC) moved to reassure investors over the security of its Bitcoin treasury, confirming none of its holdings sit with Binance following recent reports of security incidents at the exchange.
The London-listed web design and digital services firm, which has built one of the UK's largest corporate Bitcoin treasuries as part of a strategy it calls "The 10 Year Plan", said its Bitcoin is instead held across Coinbase, Fidelity and Anchorage Digital.
The company most recently reported holdings of 2,850 BTC as of 23 October, built up through a long run of purchases funded partly by share placements and partly by drawdowns on a Coinbase-secured credit facility that stood at roughly £17m after an October paydown.
The custody update lands as the sector absorbs the fallout from Binance's security incidents, with Smarter Web Company saying it recognises "the significant contribution Binance has made to the development and adoption of the digital asset industry" while noting it holds no Bitcoin there.
The company set out the structure underpinning its custody arrangements: diversification across institutional custodians in different regulatory jurisdictions, contractual segregation of its Bitcoin from custodians' own assets, insurance arrangements that vary by provider, and multi-person authorisation internally for significant transactions.
It also retains the ability to move Bitcoin between custody providers to manage counterparty exposure.
Andrew Webley, chief executive, said the company had taken "a deliberate and considered approach to how we safeguard our Bitcoin holdings, recognising that the strength of our custody arrangements is just as important as the scale of our treasury."
He added that the diversified framework was designed "to provide strong asset protection, operational resilience and flexibility as our Bitcoin treasury continues to develop."
The company's Bitcoin treasury policy has been running since it began accepting Bitcoin payments in 2022, formalised under the 10 Year Plan announced in April 2025, with purchases funded through a mix of equity placements, warrant exercises and the Coinbase Strategic Credit Facility, which remains secured against the company's Bitcoin and repayable at its discretion.