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The Smarter Web Company Plc (SWC): Pre-IPO warrant purchase offer

This situation live

SWC The Smarter Web Company Plc

£198m · 50.5p · +63% since the first step

12 Mar 2026 · Offer open to third-party warrant holders · −13% until the next step The Voluntary Purchase Offer will remain open until 17:00 (UK time) on Friday 13 March 2026 ("Offer Deadline").

2 Apr 2026 · Purchase offer completed; 93m warrants remain · −4% until the next step The potential impact of outstanding Pre-IPO Warrants on the market is recognised, and a range of options continue to be considered to manage this in an orderly and value-accretive manner.

30 Jun 2026 · 42m warrants repurchased, Coinbase-funded · +203% until the next step fund the repurchase of 42 million pre-IPO warrants, materially reducing the fully diluted share count and increasing the Bitcoin attributable to each share - an outcome the Board considers directly be

30 Jun 2026 · 42m repurchased; Coinbase facility drawn · +203% until the next step During the period, the Company repurchased 42,000,000 of these pre-IPO warrants at a discount for £9,323,810, materially reducing the fully diluted warrant overhang and increasing Bitcoin per share.

1 Oct 2026 · Coinbase facility reduced to £19.0m · −33% since a reduction from approximately £20.8 million to £19.0 million in the amount outstanding on the strategic Bitcoin-back credit facility with Coinbase (the “Coinbase Credit Facility”).

Overhang

Pre-IPO warrant purchase offer

Coinbase facility reduced to £19.0m

Every step · 5

12 Mar 2026 Offer open to third-party warrant holders – The Voluntary Purchase Offer will remain open until 17:00 (UK time) on Friday 13 March 2026 ("Offer Deadline"). ↗
2 Apr 2026 Purchase offer completed; 93m warrants remain – The potential impact of outstanding Pre-IPO Warrants on the market is recognised, and a range of options continue to be considered to manage this in an... ↗
30 Jun 2026 42m warrants repurchased, Coinbase-funded – fund the repurchase of 42 million pre-IPO warrants, materially reducing the fully diluted share count and increasing the Bitcoin attributable to each share... ↗
30 Jun 2026 42m repurchased; Coinbase facility drawn – During the period, the Company repurchased 42,000,000 of these pre-IPO warrants at a discount for £9,323,810, materially reducing the fully diluted warrant... ↗
1 Oct 2026 Coinbase facility reduced to £19.0m – a reduction from approximately £20.8 million to £19.0 million in the amount outstanding on the strategic Bitcoin-back credit facility with Coinbase (the... ↗

What is happening

The Smarter Web Company Plc: Pre-IPO warrant purchase offer – Coinbase facility reduced to £19.0m. ['Coinbase facility reduced to £19.0m']

In short: On 12 March 2026 the company offered to buy back Pre-IPO warrants, funded by cash and a Coinbase facility; 42m were repurchased for £9,323,810. Coinbase borrowings fell from about £20.8m to £19.0m by 30 September 2026, using ATM proceeds. 31,678,732 April 2025 Warrants remain outstanding, 25,778,732 held by the CEO and spouse.
Announced: 12 Mar 2026 · Offer open to third-party warrant holders
Latest: 1 Oct 2026 · Coinbase facility reduced to £19.0m
Funding: $30 million Coinbase Bitcoin-backed facility plus cash
Next milestone: No date given
Repurchased: 42,000,000 warrants for £9,323,810 in the six months to 30 April 2026
Board view: Reduces overhang and increases Bitcoin per share
Exercised: 3,625,000 warrants exercised at £0.025, raising £90,625 in the quarter
Outstanding: 35,303,732 at 30 June 2026; 25,778,732 held by CEO and spouse
Coinbase drawn: approximately £19.0 million, down from £20.8 million
Warrants outstanding: 31,678,732 April 2025 Warrants; 25,778,732 held by CEO and spouse

From the company's own announcements. Not investment advice.

Briefing Pro

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What it does, how it got here, what management promised and delivered – written from its own announcements.

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Also at The Smarter Web Company Plc 0 open

Capital returnReturn of capital and buyback programme – paid · closed Insider conviction1 director buying – £49k in 1 buy · closed Insider conviction1 director buying – £59k in 2 buys · closed OverhangAndrew Smith selling down – 11.19% → 2.9% in 2 notices · closed The Smarter Web Company Plc – company page →

This situation live

SWC The Smarter Web Company Plc

£198m · 50.5p · +63% since the first step

12 Mar 2026 · Offer open to third-party warrant holders · −13% until the next step The Voluntary Purchase Offer will remain open until 17:00 (UK time) on Friday 13 March 2026 ("Offer Deadline").

2 Apr 2026 · Purchase offer completed; 93m warrants remain · −4% until the next step The potential impact of outstanding Pre-IPO Warrants on the market is recognised, and a range of options continue to be considered to manage this in an orderly and value-accretive manner.

30 Jun 2026 · 42m warrants repurchased, Coinbase-funded · +203% until the next step fund the repurchase of 42 million pre-IPO warrants, materially reducing the fully diluted share count and increasing the Bitcoin attributable to each share - an outcome the Board considers directly be

30 Jun 2026 · 42m repurchased; Coinbase facility drawn · +203% until the next step During the period, the Company repurchased 42,000,000 of these pre-IPO warrants at a discount for £9,323,810, materially reducing the fully diluted warrant overhang and increasing Bitcoin per share.

1 Oct 2026 · Coinbase facility reduced to £19.0m · −33% since a reduction from approximately £20.8 million to £19.0 million in the amount outstanding on the strategic Bitcoin-back credit facility with Coinbase (the “Coinbase Credit Facility”).

Overhang

Pre-IPO warrant purchase offer

Coinbase facility reduced to £19.0m

Every step · 5

12 Mar 2026 Offer open to third-party warrant holders – The Voluntary Purchase Offer will remain open until 17:00 (UK time) on Friday 13 March 2026 ("Offer Deadline"). ↗
2 Apr 2026 Purchase offer completed; 93m warrants remain – The potential impact of outstanding Pre-IPO Warrants on the market is recognised, and a range of options continue to be considered to manage this in an... ↗
30 Jun 2026 42m warrants repurchased, Coinbase-funded – fund the repurchase of 42 million pre-IPO warrants, materially reducing the fully diluted share count and increasing the Bitcoin attributable to each share... ↗
30 Jun 2026 42m repurchased; Coinbase facility drawn – During the period, the Company repurchased 42,000,000 of these pre-IPO warrants at a discount for £9,323,810, materially reducing the fully diluted warrant... ↗
1 Oct 2026 Coinbase facility reduced to £19.0m – a reduction from approximately £20.8 million to £19.0 million in the amount outstanding on the strategic Bitcoin-back credit facility with Coinbase (the... ↗

Briefing Pro

New to The Smarter Web Company Plc? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the SWC briefing →

Also at The Smarter Web Company Plc 0 open

Capital returnReturn of capital and buyback programme – paid · closed Insider conviction1 director buying – £49k in 1 buy · closed Insider conviction1 director buying – £59k in 2 buys · closed OverhangAndrew Smith selling down – 11.19% → 2.9% in 2 notices · closed The Smarter Web Company Plc – company page →