Stephan Livera Podcast
Stephan Livera
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Smarter Web's Capital Structure and MORE Preferred | Andrew Webley SLP780
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: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
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