The Smarter Web Company has published its audited full-year results for the period ending 31st October 2025, which focus on the capital it raised last year, Bitcoin purchases, and what it is all worth now.
The company raised substantial capital last year and invested it in Bitcoin, which has since fallen, making the firm’s financial results difficult reading for investors.
Capital raised comprised £209.4 million in equity and £15.8 million through Bitcoin-backed convertible notes. The Smart Web Company’s market cap was £118 million on Friday, representing a material discount to the capital raised over the past year.
After trading at a significant premium to its Bitcoin holdings last year, Smart Web’s market cap is now below its Bitcoin value.
The company held 2,660 Bitcoin at year-end and has increased its holdings to 2,689 Bitcoin as of 19th February 2026, which is worth around £135 million at current prices.
Smarter Web claims to be the largest UK-listed public holder of Bitcoin and recently reported an average Bitcoin purchase price of $113,013 per Bitcoin. Bitcoin was trading at $67,800 on Friday.
The Smart Web Company shares were trading down around 1% at 33.5p at the time of writing on Friday. The stock very briefly changed hands above 600p in June last year.
The Bitcoin Treasury firm reported a profit before tax of £2.84 million, though this figure included one-off gains and fair value adjustments totalling £4.3 million. Strip those out, and the underlying position was a loss of £1.47 million.
In a post-period development, the company transferred its listing from Aquis to the Main Market of the London Stock Exchange in February 2026, a move the board said would broaden its institutional investor base and improve liquidity.
Alongside its Bitcoin strategy, Smarter Web is pursuing selective acquisitions of profitable, cash-generative businesses with recurring revenues. The board said it sees an attractive pipeline of opportunities that meet its criteria, but has yet to move on any of them.