Smarter Web swings to profit as bitcoin holdings grow
Smarter Web Co PLC on Friday said it swung to a pretax profit in the 2025 financial year due to one off gains and fair value adjustment credit.
The Bristol, England-based website design agency with a bitcoin treasury strategy had started trading on the Aquis Exchange in late April 2025 and transferred to the Main Market earlier this month.
It swung to a pretax profit of £2.8 million in the 12 months to the end of October, swung from a loss of £504,701 a year prior.
Smarter Web reported revenue of £70,029 for the year, compared to none for the previous year.
It reported other gains of £4.3 million from one off gains and fair value adjustment credit. Without this, the result would have been a pretax loss of £1.5 million.
Smarter Web said it raised £225.2 million during the financial year, comprising £209.4 million in equity capital and £15.8 million in bitcoin-backed convertible notes. The company said it was holding 2,660 bitcoin at the end of the year with a market value of around £220 million.
As of Thursday, the company was holding 2,689 bitcoin.
‘The group’s operating business has continued to perform in line with our expectations during the year. Our underlying operations are stable, and we remain confident in the long-term potential of the operating business,’ the firm said.
‘While we acknowledge that bitcoin is a volatile asset, the board remains confident in its long-term strategic role within the group’s balance sheet framework. The Board believes bitcoin offers a uniquely scarce, secure and globally liquid store of value, supporting its position as a core long-term asset,’ it added.
Smarter Web said it enters financial 2026 with confidence ‘supported by a strengthened balance sheet, an expanding operating platform and a clear strategic roadmap for long-term value creation’.
Shares in Smarter Web closed down 4.3% at 32.50 pence on Friday in London, with a market cap of £148.9 million.
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