This article examines the Nakamoto strategy as a new model for Bitcoin-native capital formation. Instead of treating Bitcoin merely as a reserve asset, the framework uses BTC as a base layer of value and public equity as a leverage layer to seed and scale listed Bitcoin treasury companies across different jurisdictions. The analysis covers how the model works through market-access asymmetries, mNAV re-rating, BTC Yield, and look-through BTC ownership, with case studies including Metaplanet, The Smarter Web Company, and The Blockchain Group. It also explains the mNAV² approach, which aims to grow Bitcoin-per-share through capital efficiency rather than repeated dilution. A major part of the structure is shaped by the 40% limit under the Investment Company Act of 1940, which pushes appreciated equity exposure back into Bitcoin over time. The article further explores why Bitcoin-denominated convertible notes may become a key instrument, and addresses common criticisms around taxes, governance, narrative risk, volatility, and whether Nakamoto is simply an unnecessary middle layer. Overall, the strategy is presented as a possible blueprint for building Bitcoin-native public-market infrastructure at global scale.

The Smarter Web Company, listed on AQUIS under SWC and on OTCQB under TSWCF, has announced another Bitcoin treasury purchase, acquiring 104.28 BTC at an average price of £77,751, or about $104,451, per coin. The transaction totaled £8.1 million and increased the company’s total Bitcoin holdings to 346.63 BTC, currently valued at £27.2 million. Its overall average acquisition cost now stands at £78,480, or roughly $105,430, per Bitcoin. The company said the purchase is part of its long-term “10 Year Plan.” Since 2023, it has accepted Bitcoin as a payment method and has increasingly positioned BTC as a core component of its treasury and broader corporate strategy. CEO Andrew Webley said the company is working with advisers to assess the effectiveness of this approach and hopes it may encourage other UK companies to consider similar treasury mechanisms. In parallel, the firm disclosed updated director shareholdings after a £29.3 million capital raise announced on 16 June 2025, which diluted existing shareholders by 7.39%. It also entered into a subscription agreement for up to 21 million new ordinary shares, beginning with an initial tranche of 7 million shares and allowing further issuance in the months ahead.

The Smarter Web Company (AQUIS: SWC | OTCQB: TSWCF) has purchased an additional 225 Bitcoin for £19.6 million at an average price of £87,096 per BTC, bringing its total holdings to 1,825 BTC acquired at an average cost of £80,466 per BTC. The acquisition is part of the company's 10 Year Plan, which uses Bitcoin as a treasury reserve asset. CEO Andrew Webley called Bitcoin "the best asset the world has ever seen." The company began accepting Bitcoin payments in 2023 and launched its Bitcoin-focused 10 Year Plan in April 2025, followed by a public listing on the Aquis Stock Exchange Growth Market, raising up to £2 million. The company reports a year-to-date yield of 43,787% and a 30-day yield of 189% on its Bitcoin holdings. It holds over £1 million in cash with zero debt and has approximately £1 million in cash reserves available for further Bitcoin acquisitions.

The Smarter Web Company (AQUIS: SWC) has purchased 225 Bitcoin for £19.6 million, averaging £87,096 per BTC, bringing its total holdings to 1,825 BTC at an average cost of £80,466. The acquisition is part of its 10 Year Plan focused on Bitcoin treasury strategy. The company's Bitcoin holdings have achieved a year-to-date yield of 43,787% and a 30-day yield of 189%. CEO Andrew Webley stated that Bitcoin is 'the best asset the world has ever seen.' The company, which started accepting Bitcoin payments in 2023, now holds over £1 million in cash with zero debt and has roughly £1 million in reserves for further BTC purchases. It went public on the Aquis Growth Market in April 2025, raising up to £2 million through institutional and retail subscriptions.

The Smarter Web Company (AQUIS: SWC | OTCQB: TSWCF) announced the purchase of an additional 275 Bitcoin for £21.88 million, bringing its total holdings to 1,275 BTC valued at over £100 million. The average purchase price was £79,563 per BTC, raising the overall average cost to £78,516. The firm reports a 31,263% year-to-date BTC yield and a 30-day yield of 497%. The company, which began accepting Bitcoin payments in 2023, went public on the Aquis Stock Exchange Growth Market in April 2025, raising £2 million. CEO Andrew Webley hopes to inspire other UK firms to adopt similar treasury strategies.

The Smarter Web Company (AQUIS: SWC | OTCQB: TSWCF) announced the purchase of an additional 104.28 Bitcoin at an average price of £77,751 per BTC, totaling £8.1 million. This brings its total Bitcoin holdings to 346.63 BTC, now valued at £27.2 million. The company has adopted a Bitcoin treasury policy since 2023 and views Bitcoin as a core part of the global financial system. Alongside the acquisition, the company completed a £29.3 million capital raise, causing a 7.39% dilution for existing shareholders. Director shareholdings were updated, with major holders seeing their percentage decline. Additionally, the company signed a Subscription Agreement for up to 21 million new ordinary shares, with the first tranche of 7 million shares available immediately.

This article provides an in-depth analysis of the Nakamoto Strategy, a novel framework that uses Bitcoin as the base layer of value paired with public equity leverage. It explains how the strategy creates Bitcoin treasury companies in jurisdictions with constrained BTC access, capitalizing on mNAV arbitrage and BTC yield to compound Bitcoin-denominated value. The piece covers the 40% rule under the Investment Company Act of 1940, the use of Bitcoin-denominated convertible notes, case studies like Metaplanet and The Blockchain Group, and responses to criticisms around tax, premium sustainability, and governance. With over $750 million raised, Nakamoto is executing a repeatable model to bridge institutional capital markets and Bitcoin adoption globally.

The Smarter Web Company (AQUIS: SWC | OTCQB: TSWCF) announced the purchase of 104.28 Bitcoin at an average price of £77,751 ($104,451) each, totaling £8.1 million, as part of its long-term treasury strategy. The company now holds 346.63 Bitcoin valued at £27.2 million. CEO Andrew Webley emphasized Bitcoin's role in the future financial system and hopes to inspire other UK companies. Following a £29.3 million capital raise on 16 June 2025, existing shareholders experienced a 7.39% dilution. The company also signed a Subscription Agreement for up to 21 million new Ordinary Shares, with an initial tranche of 7 million shares available immediately.