Smarter Web's MORE rally is the digital credit success Saylor says he wants to see

Michael Saylor has published an essay on X that makes a case for Bitcoin-powered “Digital Credit” issuers, stating that they strengthen one another rather than cannibalize each other’s investors.

The essay was shared on Wednesday, September 30, the same day that one of those issuers, UK’s The Smarter Web Company (LON: SWC), has seen its share price go up by 66.4% for the year. A major reason for this boost is its plan to sell a new preferred share called MORE.

Saylor’s article puts rival issuers on the same side

Saylor’s post, titled “Why Digital Credit Issuers Strengthen One Another,” opened with a line of support, which read, “I want Strive to succeed,” extended to “every well-managed issuer of Bitcoin-powered Digital Credit.” 

He wrote that Bitcoin is “Digital Capital.” Preferred instruments such as Strategy’s STRC and Strive’s SATA are “Digital Credit,” and common shares like MSTR and ASST are “Digital Equity.”

This is not the first time that he has made this distinction like this. In a post made on X in August, Saylor labeled Bitcoin as “Digital Capital,” STRC as “Digital Credit,” the SR-strcUSX token as “Digital Money,” and Tether’s USDT as “Digital Currency.”

In his latest post, he made reference to corporate competition using the familiar examples such as the competition between “Nike and Adidas, Coke and Pepsi, Target and Walmart,” stating that such competition does not necessarily happen among Bitcoin treasuries. 

According to Saylor, the treasuries hold the same reserve asset, and this means that a rise in Bitcoin’s prices lifts the holdings of every firm that holds the asset.

Saylor wrote, “The value of our core capital is linked through a common market.” 

He wrote that there is an opportunity for what connects the firms to become a “triple amplifier” of Bitcoin appreciation, credit adoption, and equity recognition. Citing SIFMA data, Saylor noted that global equity markets reached $157.8 trillion and fixed-income debt reached $160.7 trillion at the end of 2025.

Saylor cited Strive’s $50 million STRC purchase on March 11, 2026, as an example of that complementarity.

Why does MORE fit the digital credit label?

The Smarter Web Company’s MORE share is the kind of instrument Saylor is describing in his essay. The Bristol-based firm, which sells web design and marketing to small businesses and reinvented itself last year as a Bitcoin treasury holder, said on September 11 it would list the first preferred share issued by a UK corporate Bitcoin holder. It is targeting £15 million to £25 million in gross proceeds. 

MORE pays a cumulative variable weekly dividend, carries a liquidation preference and a redemption option, and grants no voting rights. In practice, it lets a buyer hold a fixed-income-style claim against a Bitcoin balance sheet without owning the coin or the common stock.

That is digital credit by Saylor’s own definition, and The Smarter Web Company has been building the trading record he says the category needs. 

Corporate and investment bank TD Cowen reportedly raised its price target on the stock to £0.73 from £0.64 on September 14, keeping a Buy rating, with analyst Lance Vitanza focused on how MORE widens the company’s access to long-term capital. 

The Smarter Web Company reported a BTC yield of about 11.5% from the start of the year through September 2, absorbing the drag of selling 178 Bitcoin on July 23 to repay a TOBAM convertible.

A company Saylor already knew by name

The link between Saylor and The Smarter Web Company is not new. Back in June 2025, The Smarter Web Company CEO Andrew Webley posted that Saylor had “spoken kindly” about the company at the BTC Prague conference, adding that he had met Saylor in Las Vegas a month earlier. 

The Smarter Web Company has since spent more than $300 million acquiring Bitcoin. It held 2,747 BTC as of early September to rank 29th among public corporate holders per Bitcointreasuries.net.

The rally and the reasons to stay cautious

SWC closed at GBX69.49 on September 30, taking it close to the top of a 52-week range that runs from GBX24 to GBX78. It gave the firm a market value of around £261 million. 

Shareholders approved the resolutions clearing the preferred listing at a late-September general meeting. However, MORE’s offer still needs the Financial Conduct Authority (FCA) to sign off on its prospectus before it can trade.

Saylor’s warning that “Individual purchases do not guarantee higher prices,” and “a premium must be earned” on equity valuations, also applies to The Smarter Web Company.

The sector’s volatility is not a myth, with a report showing that The Smarter Web Company’s Bitcoin position swung to roughly a $100 million paper loss earlier in 2026 when the price fell below $78,000. Currently, Bitcoin trades around $84,300. 

MORE clearing its FCA hurdle, and how investors price a weekly variable dividend backed by a swinging asset, will go a long way in deciding if this particular success holds.

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