Invest1 publisher3 min readPublished
Saylor Argues Digital Credit Issuers Strengthen Each Other as Smarter Web Advances MORE Preferred Share
Smarter Web Company plans to raise £15 million to £25 million with MORE, the first preferred share from a UK corporate Bitcoin holder, pending FCA approval. How much it raises, and at what dividend, is an early check on Michael Saylor's claim that Bitcoin-backed credit issuers enlarge each other's market.
The Investor · Invest desk
Drafted by a language model from the sources cited here and checked against its claim ledger before publication. How we use AISend a correction
What happened
- Michael Saylor argued in a September 30 essay on X that issuers of Bitcoin-backed 'digital credit' strengthen one another and do not cannibalize each other's investors.
- Smarter Web's shares have gained 66.4% this year, and Cryptopolitan names the MORE plan as a major reason for the rise.
- TD Cowen reportedly raised its target on the stock to £0.73 from £0.64 on September 14 and kept a Buy rating.
Compiled by The InvestorSomething wrong?How this is made
Why it matters
- exposure MORE buyers would hold a weekly claim on a company that paid off its last maturing financing by selling coin, so a Bitcoin drawdown would hit their dividend and the common at once.
- cost Because the dividend is cumulative, any payment Smarter Web skips accrues ahead of common shareholders, who bear the weekly obligation.
- constraint Until the FCA clears MORE, part of the common's price rests on an instrument that cannot trade, and a delay would test that price directly.
- precedent A listed MORE would give other UK Bitcoin treasuries a template for preferred funding, plus a yield record against STRC and SATA that shows whether issuers compete on price.
Saylor's case for cooperation rests on one link. Every treasury company holds the same reserve asset, so a rise in Bitcoin lifts all of their holdings together [3]. "The value of our core capital is linked through a common market," Saylor wrote [4]. The link also runs downward, and when Bitcoin falls it reaches every issuer's dividend coverage at the same time.
He argues credit is the bigger pool using SIFMA figures: $160.7 trillion of fixed-income debt against $157.8 trillion of global equity at the end of 2025 [5], a gap of $2.9 trillion [1]. He wants the shared market to become a "triple amplifier" of Bitcoin appreciation, credit adoption and equity recognition [16]. His evidence that issuers help one another is a single trade, Strive's $50 million purchase of Strategy's STRC on March 11, 2026 [6] [2].
MORE fits his definition closely. It pays a cumulative variable weekly dividend, carries a liquidation preference and a redemption option, and has no voting rights [7]. Cumulative means a skipped payment accrues and ranks ahead of the common. The report does not give the dividend rate. That rate is where Saylor's claim gets tested, because an income buyer weighing MORE against STRC and SATA [2] is comparing yields on similar claims against Bitcoin balance sheets.
Behind MORE sits a Bristol web-design and marketing firm that became a Bitcoin treasury last year [15]. It now holds 2,747 BTC, 29th among public corporate holders by Bitcointreasuries.net's count, after more than $300 million of purchases [14]. On July 23 it sold 178 BTC, about 6.5% of today's holding [4], to repay a TOBAM convertible [13]. It still reported a BTC yield of about 11.5% for the year to September 2 [13].
The stock has moved ahead of the instrument. SWC closed at GBX69.49 on September 30, against a 52-week range of GBX24 to GBX78 [11], and Cryptopolitan names the MORE plan as a major reason for this year's 66.4% gain [10]. TD Cowen reportedly lifted its target to £0.73 on September 14, with analyst Lance Vitanza focused on how MORE widens the company's access to long-term capital [12]. The close sits about 5% below that target [2] and 8.6% above the old £0.64 one [3]. The FCA has not yet cleared MORE to trade [9].
If the FCA approves and buyers new to the category fill the book near £25 million [8], Saylor's thesis gains a UK issuer and a sterling instrument. Should approval slip or the raise close near the £15 million floor, part of the common's gain was priced on a plan. A third outcome is MORE filling only at a dividend well above STRC's and SATA's. The issuers would then be bidding against each other for one pool of income buyers, the cannibalization Saylor's essay says does not happen [1].
In my view the record so far supports only the narrow version of Saylor's claim: one issuer bought another's credit once, for $50 million [6]. The broad version, that each new preferred adds buyers to the category, would be contradicted if MORE reaches its £15 million floor only by outbidding STRC and SATA on yield [8].
What to watch
- The FCA's decision on MORE and the date the preferred begins trading.
- The dividend rate MORE sets relative to STRC and SATA, and whether the book reaches the £25 million top of the range.
- Whether Smarter Web's holding rises from 2,747 BTC after MORE funds arrive, or whether it sells coin again to meet obligations.