The Smarter Web Company PLC, a London-listed technology firm, has announced the purchase of an additional 325 bitcoin, increasing its total holdings to 1,600 BTC as part of its ongoing treasury policy outlined in "The 10 Year Plan."
Acquisition Details
The recent acquisition totaled £27,145,693 at an average price of £83,525 ($112,157) per bitcoin. The company stated that the funds came from operating cash flow and existing cash reserves. Smarter Web currently holds approximately £4 million in net cash available for further bitcoin investments, demonstrating its commitment to the bitcoin treasury strategy.
Impressive BTC Yields
Smarter Web reported year-to-date and 30-day BTC yields of 39,258% and 419%, respectively. These metrics, similar to those used by MicroStrategy, measure the percentage increase in bitcoin per diluted share over a period. The extremely high yields reflect the company's effective use of capital market instruments (such as convertible bonds or equity offerings) to acquire bitcoin accretively.
New Valuation Metric: P/BYD Ratio
Alongside the purchase, Smarter Web published a research brief introducing a novel valuation metric: the P/BYD ratio (Price to Bitcoin Yield Ratio). The brief describes it as a tool to help investors analyze the performance and valuation of Bitcoin Treasury Companies, enhancing understanding of the rationale behind holding bitcoin as a treasury asset. While the exact formula has not been detailed, the P/BYD ratio likely compares a company's market price to its BTC yield per share, offering a forward-looking perspective on how efficiently a company generates bitcoin value for shareholders.
This innovation comes as more publicly traded companies follow MicroStrategy's playbook of using debt and equity to accumulate bitcoin. Smarter Web's "10 Year Plan" explicitly designates bitcoin as the primary treasury reserve asset, and the company has been steadily building its hoard since adopting the policy.
Market Context
At the time of the announcement, bitcoin was trading around $112,000, with institutional adoption continuing to accelerate. Smarter Web is one of the first UK-listed companies to embrace a bitcoin treasury strategy, and its holdings now rank among the largest by a European public firm. The introduction of the P/BYD ratio signals a maturation in how the market evaluates bitcoin-heavy balance sheets, potentially paving the way for more specialized financial metrics.
The company also noted that all bitcoin acquisitions are conducted through compliant channels and undergo independent audits. Going forward, Smarter Web intends to allocate remaining cash reserves and future operating surpluses toward additional bitcoin purchases, consistent with its long-term strategy.