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You’re delusional

On the subject of transparency, SWC state they’ve accepted payment in BTC since 2023. Any idea how much, if anything, they’ve received in bitcoin in lieu of services and where these are accounted for? Presumably they would need to be disclosed somewhere on the balance sheet and, if taxes were due on those ‘earnings’ where would they be drawn from? Cash reserves (presently earmarked for further BtC purchases) or partial redemption?

Not necessarily a flag, while the underlying company is still a pretty basic model (and the regular business accounts won’t take too long to audit given the turnover… lol) the complexity of the capital structure has changed significantly. Sure the previous auditor had probably had enough, but PKF look to be a bigger firm. Whether they pick up on anything the previous incumbent missed or challenge any practices going forward will be interesting, as will the new fee structure given the rather lean income.

ETP’s are likely to be unrestricted in the next 6-8 weeks. Pretty much reverses the argument for any NAV premium SWC had… not that a premium was very compelling for this stock in the first place.

I’m just sorry the people rampers that gas-lit both mine and others words of caution won’t see this as they’ve filtered anyone that wasn’t a strong BUY.

As for horizon scanning in the crypto space the whale sales open up a whole new set of variables on coin momentum. SWC are long, wrong and have sold too many fundraising lemons.

With all that said in absence of a viable UK listed investment vehicle the closer this gets to NAV to more attractive it becomes. The health concerns remain for me around the resilience of the underlying business but it certainly seems to be replicating the MSTR model, all be it on a far weaker foundation.

Innovative or desperate? Time will tell.

One things for certain they’re not going to pull $21 out their backside to pay down a bond redemption if the SP doesn’t perform and I doubt they’ll get equity subscription / placing interest to cover it. It’ll be either a similar rolled structure on even more outlandish terms or a BtC redemption.

Casino investment - GLA

This thread is in danger of impersonating a rational debate at the moment. A polite exchange of facts / opinions - all of which are valid with people interpreting it as they wish.

While I miss the entertainment value the evangelical rampers give us, the gaslighting of contra-opinions does the board no favours.

Echo chambers are counter productive. Long live mature, rational debate.

GLA

@Hydra

The recent statement was for the 6mths ending 30th April. SWC listed on 25th April so these statements do not bake in the £250k director wage bill, premises, listing / brokerage fees or anything else. It was profitable on a Sole Trader basis. Future operating expenses will likely come from capital raises - great for as long as it can raise it but with momentum showing signs of fatigue and ETP’s around the corner I still don’t see the premium I’m afraid.

My mistake, I thought it was the EOD which was 215 rather than the bottom end of the spread. I concede.

As for being here just to tear it up, far from it. A UK crypto play would be a very welcome addition to my portfolio. I just can’t square the circle with a high multiple MNAV with a business that makes no money.

Discounted placings now is it? What happened to the flywheel subscription program at noting less than the previous days close?

Yawn…

Maybe they’ll use the money to expand the web design business.

The web design business on the present scale is a cottage industry. It’s purely a ruse to obtain a listing. The busing doesn’t make enough to increase scale organically and they divert any subscription cash to this they’re toast and it’ll poison the well of future raises.

Given the premium it’s trading at I think the underlying price of BTC is largely irrelevant. Sure the fools will bang on about the btc per share value should the price rise significantly but when the MNAV already values investors at $400k a coin a few thousand dollar swings here or there make no difference.

Are you referring to tech stocks that work on future earnings multiples? Not the same thing fella.

In other words Bunsen you’re long at higher levels and are trying to ramp it up to your break even so you can cut it….

Zooming out indeed AIM2025.

MSTR is the benchmark BTC Treasury play, trading at a 1.88x premium with alternative instruments like ETP’s already available.

SWC’s NAV is circ 54.5p, on a 1.8x it’s 102.5

It’s not that I don’t get the concept or agree that the price is BTC is going to rise. It’s that the premium here is still too high. They have been able to continue raising money at a frothy premium despite the price retracting afterwards and the only reason I can come up with is that there is still no alternative asset in the UK and the premium is some kind of forward pricing valuation of what bitcoin MAY be towards the end of September when ETP’s are expected to the allowed back on the UK market. If bitcoin hasn’t massively increased I can see see this NaV premium being far less attractive.

Jog-on Ralph and peddle your ramps so elsewhere. It’s both sad and desperate in equal measure.

The web-business income will cover such mundane inconveniences as salaries, exchange fees, brokerage expenses and office overheads M1…. Oh… wait a sec…

@M1Rob - as the NAV reality starts to bite the premium dream is becoming harder to sell. Strategic investors that have propped up the subscription tranches have are seeing the price job backwards. I can’t see anything other than a creep towards nav.