Tim Lamb Calls SWC the UK’s Metaplanet Despite 68% Drop

On June 29, Tim Lamb shared a detailed analysis of The Smarter Web Company (SWC.AQ). Despite a 68% drop from its peak, Lamb views the stock as an opportunity. SWC’s shares currently trade near £2.00, with a market cap of around £676 million. The company holds bitcoin worth about £42 million and cash reserves near £72 million. Its net asset value (NAV) stands at roughly £114 million, reflecting steady asset growth. These figures underline SWC’s solid financial foundation amid recent price declines.

IPO Performance and Early Growth of the Smarter Web Company

The Smarter Web Company is a UK web design firm using a bitcoin treasury strategy. It went public on April 25, 2025, on the Aquis Stock Exchange. The IPO valued the company at £3.7 million, with shares priced at 2.5p. Within two months, the stock surged approximately 80 times, ranking among the fastest-growing UK IPOs. Although early investors benefited, the company remains in the early stages of its public market development.

Leadership and Strategic Appointments Driving Company Direction

Leadership significantly influences the company’s strategy and operations. CEO Andrew Webley founded SWC in 2009 and previously worked as Head of Online at Hargreaves Lansdown. Webley emphasizes transparency and shareholder engagement in his leadership style. Non-executive director Tyler Evans co-founded UTXO Management and has experience with bitcoin treasury companies. In June 2025, Jesse Myers joined as Bitcoin Strategy Consultant, bringing expertise in bitcoin valuation and investor frameworks.

SWC’s bitcoin strategy resembles the approach used by Michael Saylor’s organizations. The company raises capital by selling shares and uses the proceeds to buy bitcoin gradually. This dollar-cost averaging strategy helps increase bitcoin holdings per share consistently. The company has conducted several capital raises targeting institutional and retail investors. The most recent raise in late June secured £41.2 million. Additionally, SWC employs an ATM-style program allowing controlled broker sales to fund bitcoin purchases continuously.

Rapid Bitcoin Accumulation and Its Impact on Company Value

The company’s rapid capital raising and bitcoin accumulation define its investment appeal. Management has completed multiple oversubscribed fundraising rounds, often raising tens of millions within hours. SWC acquired 1,000 bitcoins in about 10 weeks, a faster pace than similar firms like Metaplanet. This quick accumulation, combined with current bitcoin market conditions, suggests the company’s NAV could rise further. The NAV might eventually match or surpass the market capitalization.

However, some risks remain for the company and investors. One concern is the stock’s premium over NAV decreasing and staying low. This scenario could slow capital raises and bitcoin acquisitions. Competition is increasing among UK companies adopting bitcoin treasury strategies. SWC’s bitcoin holdings and acquisition speed set it apart from competitors. Key person risk exists, but hiring Jesse Myers helps reduce this risk. Bitcoin’s price volatility also poses ongoing challenges to asset values.

Future Outlook and Position in the Bitcoin Treasury Landscape

The current market environment presents unique challenges and opportunities for SWC. The company continues to raise capital and expand its bitcoin reserves quickly. These efforts position it as a leading bitcoin treasury company in the UK. Although risks persist, experienced leadership and a disciplined acquisition plan may benefit performance. How the bitcoin market evolves will shape the company’s results for the rest of the year. The digital asset sector remains volatile but full of potential for companies like SWC.