The head of Britain’s largest corporate Bitcoin holder remains defiant in the face of a brutal market correction. He has pledged to continue his aggressive accumulation strategy despite seeing nearly $100 million wiped off the value of his firm's holdings in just three months.
Andrew Webley, CEO of the Smarter Web Company, told reporters on Monday that the web-design-turned-Bitcoin-treasury firm has no intention of altering its course. Even as Bitcoin tumbled to $74,574, Webley insisted that the volatility is irrelevant to his long-term thesis.
$98 million underwater
The conviction is being tested by harsh arithmetic. The Smarter Web Company currently holds 2,674 BTC, acquired for a total of roughly £220 million ($276 million).
However, the company’s average entry price sits at a lofty $111,232 per coin. With Bitcoin trading near $74,500 following the market's negative reaction to Kevin Warsh’s nomination as Federal Reserve Chair, the firm is sitting on an unrealized loss of approximately $98 million, a 33% drawdown.
The pain has been felt acutely by shareholders. After positioning itself as a UK-based proxy for Bitcoin investment, the company saw its valuation briefly top £1 billion on the junior Aquis Stock Exchange. Since then, shares have cratered by 95%, significantly shrinking the value of Webley’s own 9% stake.
Despite the grim price action, Webley is doubling down on expansion. On Tuesday, the Smarter Web Company is scheduled to transfer its listing to the London Stock Exchange’s (LSE) main market.
Webley views the move as a critical step to "unlock more funding from large investors," which would presumably be used to acquire more Bitcoin to lower the company's average cost basis. He noted that the firm has already doubled its BTC ownership since the July market peak, increasing the amount of Bitcoin owned per share by 50%.
The DAT model struggles
The Smarter Web Company is not alone in its struggles. The "Bitcoin Treasury" model, popularized during the 2024-2025 bull run, is facing a severe stress test.
Trump Media and Technology Group, which owns Truth Social, is reportedly down $467 million on its Bitcoin treasury strategy. Meanwhile, the sector leader, Strategy, saw its shares slide 7% in pre-market trading Monday as it holds onto a massive stack of 713,000 BTC.
Alex Dovbnya
Dan Burgin
Denys Serhiichuk
Gamza Khanzadaev