Two listed Bitcoin (BTC) holders have reported changes to their reserves this week. The Smarter Web Company PLC, a UK digital services business, said on Thursday, October 15, 2026, that it bought 83 BTC for £5,202,111, bringing its holdings to 2,830 BTC. Singapore-based miner BitFuFu Inc. said it held 1,388 BTC at the end of September, up 15 BTC from August.
Smarter Web Adds 83 Bitcoin a Day After MORE Listing
Smarter Web disclosed the purchase at 7:00 a.m. British Summer Time (BST), or 06:00 UTC, in a Regulatory News Service (RNS) announcement. RNS is the London Stock Exchange’s channel for price-sensitive company disclosures. The company paid an average of £62,676 per Bitcoin. This is its first disclosed purchase since its new MORE preferred shares began trading on October 14.
After the purchase, the net average purchase price across all holdings stands at £81,979 per Bitcoin. Gross purchases to date total £240,747,000. Gross sales total £8,745,918, which leaves net purchases of £232,001,082. The company also reported a quarter-to-date BTC Yield of 1.98%, measured as of September 30. BTC Yield is a key performance indicator (KPI) that tracks the change in Bitcoin held per fully diluted share.
The 2,830 BTC total is not a new high. Smarter Web reported the same figure in its May 12, 2026 filing, and holdings fell afterwards because of the sales shown in today’s announcement. Working from the filing’s own numbers, the company held 2,747 BTC before this week’s buy, at an average cost of about £82,562. The new coins were bought about 24.1% below that average, which lowered it by roughly £583 per coin.
That gap also means the treasury is carrying a paper loss. At this week’s purchase price, the 2,830 BTC would be worth about £177.4 million, compared with £232.0 million in net purchases. These figures are The Crypto Times calculations based on the filing, not company valuations.
Preferred Share Proceeds Reduce Coinbase Loan
Smarter Web said it used part of the net proceeds from its preferred share fundraise to reduce drawings on its Coinbase strategic credit facility from about £17 million to about £16 million. The loan is secured against the company’s Bitcoin and can be repaid at its discretion without extra charges. Measured against the estimated £177.4 million value of its Bitcoin, the remaining balance equals roughly 9% of the treasury.
The fundraise came through an initial public offering (IPO) of preferred shares under the ticker MORE. According to the results of the offer published on October 12, the company raised £10.0 million gross. Retail investors supplied £7.6 million and institutions £2.4 million. Net proceeds came to £8,346,006 after expenses.
The company issued 111,112 shares at £90 each. It also placed 100,000 shares into an at-the-market (ATM) facility held by or on behalf of Tennyson Capital, which allows new shares to be sold into the market over time. The total fell short of the £15 million lower end of the prospectus range, as The Crypto Times reported when Smarter Web raised £10 million in its MORE preferred share IPO.
Of the net proceeds, Smarter Web set aside £4,000,000 for Bitcoin. It allocated £3,846,006 to working capital, including cash reserves for dividends, and £500,000 to its operating business. This week’s £5.2 million purchase is larger than the £4 million Bitcoin allocation, and the company did not say how the difference was funded.
MORE was admitted to the Main Market of the London Stock Exchange (LSE) at 8:00 a.m. on October 14, under the International Securities Identification Number (ISIN) GB00C0HJ0D12. In an early-afternoon snapshot on its first day, the stock traded at £95, about 5.6% above the offer price.
MORE is a perpetual preferred share, meaning it has no maturity date. It carries a cumulative variable-rate dividend paid weekly, a liquidation preference and no voting rights. “Cumulative” means any missed payments carry forward. The initial rate is 12% a year on a £100 reference amount, or about 13.3% at the £90 offer price. The first weekly payment of £0.2301 per share has an ex-dividend date of October 22, a record date of October 23 and a latest payment date of November 9.
Chief Executive Officer (CEO) Andrew Webley said the company believes this will be “the first weekly dividend paid by a London-listed commercial company,” according to the October 12 announcement.
SWC Share Price
Smarter Web’s ordinary shares, which trade on the LSE under the ticker SWC, closed at 51.40p on October 14. The “p” stands for pence, and 100p equals £1. On Thursday morning, delayed data showed the stock at 51.55p. The shares have fallen about 39% from their 52-week high of 84.51p, set on October 2, 2026, although they remain well above the 24.00p low of June 29.
With 378,240,705 ordinary shares in issue, Tuesday’s close gives a market value of about £194 million. That is roughly 1.1 times the estimated value of its Bitcoin. The shares also trade in the U.S. on the OTCQB Venture Market as TSWCF and in Frankfurt as 3M8. Law firm Orrick has described Smarter Web as the largest London-listed Bitcoin treasury company. The company first set out its Bitcoin strategy in “The 10 Year Plan,” published on April 28, 2025.
BitFuFu Bitcoin Holdings Rise to 1,388 BTC
BitFuFu, which trades on Nasdaq under the ticker FUFU, published its unaudited September update on October 13 at 17:00 ET through GlobeNewswire. The company held 1,388 BTC on September 30. It produced 167 BTC during the month, down 4.0% from 174 BTC in August, while daily output stayed steady at 5.6 BTC.
The mix of that output shifted. Self-mining, where BitFuFu runs machines on its own account, rose to 98 BTC from 88 BTC. Cloud mining, where customers rent computing power, fell to 69 BTC from 86 BTC.
Hashrate under management, the computing power used to mine Bitcoin, slipped to 19.4 exahashes per second (EH/s) from 20.6 EH/s. Of that total, 3.8 EH/s is self-owned. Fleet efficiency held at 16.7 joules per terahash (J/TH), where a lower number means less energy used. Power capacity fell to 324 megawatts (MW) from 344 MW.
Chairman and CEO Leo Lu said September reflected “the stability of our operating platform.” Even so, holdings remain below the 1,959 BTC the company held a year earlier. They are also below the 1,671 BTC reported for June 2026, a drop BitFuFu linked to client receipts and upfront payments for future hashrate.
BitFuFu Flags Risk to Ethiopia Deal
The same release disclosed a material risk that BitFuFu’s planned majority stake in an 80 MW mining facility in Ethiopia may not close. The target company is in a contract dispute with its electricity supplier. On September 28, the supplier issued a 10-day notice threatening to take possession of collateralized equipment.
BitFuFu has already paid the sellers $4.1 million. It has also deployed about 13,700 machines at the site, which produce about 1.57EH/s and carry an estimated book value of $1.74 million. The company said it is reviewing its options, including ending the agreement and starting arbitration.
BitFuFu shares closed at $1.34 on October 13, up 3.88%, before the update was released. They were quoted at $1.24 in pre-market trading on October 14, down 7.46%. At the October 13 close, the company was valued at about $223.4 million. The stock has traded between $1.18 and $4.05 over the past 52 weeks.
Two Routes to a Bitcoin Treasury
The two updates show different ways listed companies build Bitcoin reserves. Smarter Web buys coins on the open market with money raised from ordinary shares, preferred shares, and a secured loan. BitFuFu adds Bitcoin from its own mining output, so its balance depends on production levels and on how it uses the coins it mines.
Both approaches leave shareholders exposed to Bitcoin’s price. Smarter Web’s filing notes that the UK Financial Conduct Authority (FCA) considers Bitcoin investment high risk. It also states that an investment in the company is not an investment in Bitcoin.
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