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Watching with interest what happens next week as from today, the warrants can be exercised. Here’s what AI says about possible timeline:

In the UK market and specifically for The Smarter Web Company (SWC), there is usually a 3 to 5 business day delay between exercising your warrants and having the shares in your account ready to sell.

Because today (April 24, 2026) is the very first day the window has opened, you cannot sell the shares instantly. Here is the breakdown of the timeline you should expect:

The "Admission" Timeline

When you exercise warrants, the company doesn’t just "unlock" shares; they have to issue brand new shares.

Day 0 (Today): You submit your exercise form and pay the 2.5p per share.

Days 1–3: The company processes the paperwork and applies to the London Stock Exchange for "Admission to Trading" for these new shares.

Days 3–5: Admission typically becomes effective at 8:00 a.m. a few days later. Once this happens, the shares are credited to your CREST account (or your brokerage account).

When can you actually hit 'Sell'?

Realistically, if you submit your request today, you should see the shares in your brokerage account by Wednesday or Thursday of next week (April 29–30).

Just saw this, which made me laugh, my last post here….

AW signed off his weekly post: “Onwards and upwards together” - sound familiar to any previous Argo holders?

https://x.com/asjwebley/status/2004804622217625886?s=61

“ Sure but at the end of the day Peter Wall saddled Argo with debt during the bitcoin bull market and got swallowed up by it when bitcoin turned, that's why Argo went under whereas SWC are debt free with $240m+ in bitcoin reserves.”

Yep, he didn’t have the corporate experience…..

After closely following SWC since around June 2025, I’ve finally decided against investing. Here’s my reasoning for closure, from someone with a corporate/senior leadership background. DYOR.

The community on X is passionate and supportive, but it often feels like an echo chamber with little room for differing views. The regulars’ daily praise for AW doing a “fantastic job” is having the opposite effect on me – especially with the share price where it is, no major new catalysts recently, and BTC remaining choppy. The relentless hype feels increasingly disconnected and actually makes me more negative.

Andrew Webley has built a strong web agency and demonstrated real ambition and transparency with the pioneering Bitcoin treasury strategy and his 10 Year Plan. Credit to him for the smart early timing and innovative raises that captured the bull run.

However, my gut feeling is that he’s largely “winging it” based on his strong personal conviction in Bitcoin rather than corporate treasury experience. He comes across as an enthusiastic, crypto-native founder rather than a polished FTSE-style CEO.

His background is solid in web development (Head of Online at Hargreaves Lansdown, managing the website and team, not trading!), but he lacks proven experience leading a large public company, handling institutional IR at scale or even senior management experience at corporate levels.

Institutions tend to back “people like themselves,” so I worry about him attracting broad mainstream capital on his high-conviction, founder-led BTC terms without more traditional corporate polish.

SWC reminds me twofold of Argo Blockchain: a loyal retail following that was highly defensive against criticism, and a popular CEO (Peter Wall) who engaged well but lacked deep corporate experience – plenty of hype until the crypto cycle turned and it all unravelled.

I applaud Wesley’s transparency and efforts. Good luck to all holders, if BTC moons again, the upside could be significant. That said, I’d caution against putting life savings or pension money in until there’s clearer evidence of sustained execution beyond favourable timing.

I’m out and will no longer be following in 2026.

If you contact http://shareregistrars.uk.com/ they should be able to help you (email & tel are on their site) - They handle shareholder records, certificate validation, transfers, and any updates.

I agree, I think BTC will drop down to $70-75k before it gets to $100k, so there's more downside risk on BTC related stocks IMHO.

As for the warrants being factored in, I agree and disagree :) - Whilst the mNAV values are accounting for the 2.5p warrants in the calculations, if you look at the PIPE deals with the likes of NAKA, as soon as they opened, the market was flooded with shares and the price dropped huge %'s, regardless of the mNAV. I think come April, there will be huge selling pressure on SWC from the warrant holders and the price will almost certainly drop...

The LSE main market uplisting, expected H1 2026 could counter some of that pressure if the timing works out. Overall, come this time next year, I think SWC may do okay, but expect a rollercoaster from here.

Some wise words below, I started dabbling in the markets during the 2008 financial crisis, (joined here in 2009], lots of volatility meant lots of opportunity. I made and lost a lot of money but most importantly, learnt lots of lessons.

Unless you are very lucky, for the average investor I would highly recommend putting most of your portfolio into funds / ETFs / Trusts - let a professional investor decide what to buy and sell, yes they take a cut in terms of ‘management fees’, but long term, they have consistently made me the most money.

I was fortunate to hold DAGB.L when the miners ran earlier this year, I was actively watching various BTC treasures and passively making gains from DAGB. I watched my MSTR position rise in Nov 24, only for it to be back down to negative now…. I sold some along the way, but as my main ‘tax free’ BTC position, still have a chunk at around the current prices.

After making the mistake of not selling all my miners in 2021/22, and holding many bags, I learnt to sell this time, so currently sitting on a much higher percentage of dry powder than I normally have. I think BTC will drop down to c75k before it goes back up above $100k, so have positioned myself accordingly.

I think Tech & AI stocks still have lots of room to grow, this is where I’ve gone back to ETFs and put a significant chunk of my portfolio into ARCI / ARCK as (currently), ARK Investment / Cathy Woods seem to be getting many things right and like others have said, these are mostly US listed companies, where more profit is generated in recent times.

I sincerely hope anyone that has lost on ARB can recover, I hope everyone has a great Christmas and may 2026 brings us all good health, happiness and wealth!

… down 78.5% (so far) on day one of new company… were some people unable to sell until today or anyone know why the sell off now?

At this rate, they will be below the $1 again soon and delisted from Nasdaq too!?

Whilst design is subjective, after all the hype about the new website over the weeks, I was hoping for something better…. This is what Grok made of it, which maybe a little OTT but picks out some of the key design choices which stand out to me too.

“ Oh, Smarter Web Company, where do we even start with this digital disaster masquerading as a website? It’s like someone dusted off a floppy disk from 1997, fired up Microsoft Clip Art on a dial-up connection, and declared victory. The homepage greets you with a tagline that’s chopped into awkward fragments—“Digital. Capital. Designed.”—as if the designer couldn’t decide whether to go minimalist or just forgot to hit ‘enter’ properly. And that “Handshake” graphic? It’s giving major elementary school diorama vibes, complete with floating fountain pens and eerily detached hands high-fiving over what looks like a Bitcoin pixelated into oblivion. For a firm touting “web design for results,” this is the visual equivalent of serving caviar on a paper plate—ambitious in theory, but executed with the finesse of a kid’s arts-and-crafts project.

Worse still, the site’s Bitcoin treasury section promises “digital capital for the digital age,” yet the aesthetics scream analog apocalypse: clunky timelines that repeat the iPad launch like a glitchy VHS tape, mismatched fonts that wobble between corporate sans-serif and retro typewriter chic, and a color palette pulled straight from a GeoCities fever dream—neon accents clashing with muted greys like they’re auditioning for a bad ‘80s music video. As the UK’s self-proclaimed largest Bitcoin treasury with a web design arm, you’d think they’d HODL some style points, but instead, it’s a masterclass in irony: building “beautiful, affordable, mobile-friendly websites” while their own looks like it was mobile-optimized for a Nokia 3310. If this is the smarter web, count me out—I’ll stick to MySpace reunions for my nostalgia fix.”

Maybe closing short positions?

I've joined a couple of the meetings and agree with you. I had the overwhelming feeling of the guy is so arrogant / dismissive / smug with himself. His body language was saying "I don't care" in both the meetings I attended - I asked Grok about his background, then realised this was the person who PW did the deal with for Helios and many said 'overpaid' for..... PW also apparently thought alot of him, which says everything based on how 'sucessfull' PW was as CEO!

If I hadn't already sold my holding in Argo, I 100% would have after seeing JN on the calls. (I only joined the last meeting to see what was going on after getting the IM invite... the guy from Fladgate (David Robinson) did most of the talking and was soooo much more professional and a credit to his company)

Whilst I applaud his openness, it also exposes his naivety in the corporate world. E.g. how many FTSE or S&P CEOs can you name that write a weekly report to the world??

Leaders look further afield than a week and don’t talk about their day-to-day activities, internally and especially not externally ….. is every other leader wrong or is Webbley a bit out of his league?

SWC reminds me of ARB.L in many ways, especially on X where there is a devoted echo chamber of SWC fans, that remove anyone that is bearish from their community. I saw some signs on ARB which I took too long to act upon, signs which said ‘this isn’t a company that it purports to be’ - I feel the same feeling about SWC.

AW (CEO) comes across as a really nice guy, he, I believe genuinely wants to do the right thing for the shareholders, especially as I think his family & friends are invested. However, wanting to do the right thing and doing the right thing can be different things.

I have worked in, around and for many UK, European and Global companies in senior positions, I have met, observed and learned from many great leaders. Unfortunately, whilst I think Andrew seems like a nice person, he doesn’t come across in the same way leaders of large companies do. I think he will struggle to get serious finance unless he can surround himself with serious, respected executives from FTSE 100/250 companies.

If he finds the right people, there is potential for great things, without them, I can only see them treading water…. In a few months time, 96million warrants will unlock, whilst the numbers are included in the mNAV calculations (which I agree with), what’s not counted in the share price is the selling pressure that will happen when they unlock.

Be very wary around March ‘26, whatever the sp is…..

If your horizon is several years from now, I think there’s a strong prospect of SWC doing okay, as long as AW gets some serious executives around him (everyone on X that keep calling him a ‘legend’ et al has not been around FTSE100/250/global leadership).

If you've not yet watched last nights earnings call, it's well worth a watch. Saylor looks to be well down the path on the implementation of UK, European and Canadaian localised versions of their Prefs, in local currencies on local exchanges. Stretch (STRC) seems to be the most popular and the one they are going to market more, as a 10.5% low volatility, tax free dividend stock.

After watching, a key theme seemed to be, after trying other forms of debt to buy BTC, the pref's are the future. Any BTC TC that is using Saylors playbook will need to bring pref's to their local market or innovate in some other way to compete.

https://www.youtube.com/live/tdjNY0QQmsM?si=XBsexJOf8Zflnayj

HarChris said: "there will be times when it's crazy overvalued (think 50 x mNAV!)"

At it's height of euphoria in June, when the market was not as educated in BTCTCs, the highest mNAV SWC reached was 27.7 - What do you think is going to happen for SWC to get a "50 x mNAV"?

It looks like they have covered off any ‘arrogance’ with a lengthy disclaimer… ;-) the new dashboard is now live showing fully diluted share count values, including the warrants https://investors.smarterwebcompany.co.uk/analytics/

As for comments around price, please check my history, I have always said the price would drift down towards fully diluted mNAV (which it did) and also stated I think it will recover.

Nothing on the stock market goes up or down in straight lines, I don’t expect SWC to either, so there will always be swings… currently, it’s still in a downward trend so beware.

The ETPs went live today across many brokers, with more to come over the following days…. I suspect the WisdomTree (largest AUM) and Blackrock ETPs will gain the most traction…. Both at 0.15% fees… I purchased WXBT today in my ISA, watching the trades in the morning, it seemed many did the same as I did, starting with a small trade as a test and set things up.

As I also said previously, I think SWC has the potential to be successful in the future, my comments are purely how I see the market today.

Good luck everyone with yours trades, whichever stock you invest in! :-)

As a point of reference, Andrew / CEO confirmed yesterday in a post on X that a) They are trading close to mNAV 1.0, inc warrants and b) When they release their new analytics dashboard, all metrics will show the fully diluted counts.

He’s mentioned it a few times recently, I think it’s a good move as it shows complete transparency and he recognises how the market values SWC.

I hope the other TCs follow suit.

My take is…. Strategy and Metaplanet will survive and prosper, when discussing BTCTCs, those two, I personally think will work it out and prosper.

SWC is getting close to its fully diluted mNAV, as is normal, I think it will overshoot and dip down further, ~50p…. I do however think it will recover, fuelled by a LSE up listing and whatever ‘smarter’ financing they are currently working on. I think the CEO has great intentions, thinks about shareholders, but doesn’t have a background in running FTSE businesses. If he can get the right people around him, Jessie is a great start, it could become a FTSE 100 contender.

For now, I currently won’t be investing, whilst I think we are close to bottoming, none of my brokers allow me to buy SWC, either they are not listed, or have restrictions to prevent me to buy. I like and take on risk, a lot, but when brokers are telling me SWC is too high risk, I have learnt to listen.

Someone on X posted this link yesterday, saying they will begin trading on Monday. It has an attachment with the full 133 page prospectus. https://www.londonstockexchange.com/news-article/market-news/21shares-ag-publication-of-uk-retail-base-prospectus/17280019

Looking on LSE news, it appears the Blackrock / iShares was also approved by FCA yesterday as well, but no prospectus yet.

https://www.londonstockexchange.com/news-article/market-news/publication-of-base-prospectus/17280520

Haven’t found the WisdomTree one yet, but it looks like getting the approvals from FCA is the hold up.

Rollover investors are those who held A Loan Notes (or other pre-IPO instruments) in the private entity (The Smarter Web Company Ltd) before its public listing on the Aquis Stock Exchange. As part of the company’s acquisition and listing process, these investors agreed to convert their loan notes into new securities in the plc.