Treasury asset: Bitcoin · holdings 2,850 BTC as of 2026-10-23 (RNS) · updated 2026-10-25 17:27 UTC · prices delayed
Shares: Total voting rights RNS (Oct 12, 2026): 378,240,705 ordinary shares in issue, none in treasury. Includes 36,416,788 shares issued into the ordinary ATM and unsold as of Oct 22 (ATM update RNS).
Enterprise-value mNAV not shown: no dated cash figure for SWC in PrefWatch's inputs. Free float: not reported in the RNS PrefWatch uses, so not shown.
Prices refresh hourly on market days; share counts and debt update when new filings or issuer figures are added. The homepage commons cards show this same mNAV.
| Ticker | Price | Rate | Eff. yield | Next payment | Shares out | Market value | Notional |
|---|---|---|---|---|---|---|---|
| MORE | £90.90 | 12.00% variable | 13.20% | £0.2301 on 2026-11-09 (declared) | 111,137 as of 2026-10-22 | £10.1M | £11.1M |
Prices delayed (Yahoo Finance). Effective yield = rate × stated amount ÷ price. Market value = price × shares out; notional = shares out × stated amount (MORE: LSE, priced in GBP; all figures £). Each ticker links to its own page.
| MORE | 111,137 × £100 × 12.00% | £1.3M |
These are separate measures — never added together. Cash coverage: not sourced. No dated cash figure in SWC's RNS since the IPO. All SWC figures are in GBP (£).
SWC figures are in GBP: BTC valued at CoinGecko's BTC/GBP price; MORE dividends at £100 × 12%. Never mixed with USD figures.
Same inputs and formulas as the homepage coverage cards: annual preferred dividends = shares × stated amount × rate (latest filings); treasury value = filed holdings × BTC price (CoinGecko, BTC/GBP, as of this build); amplification = (preferred notional + debt principal) ÷ treasury value.
Holdings, preferred dividends and debt are held fixed at the latest filings; only the BTC price moves. This shows the mechanics, not a forecast, and is not investment advice. Cash coverage does not depend on price and is unchanged.
Not sourced: no dated cash figure in SWC's RNS since the MORE IPO.
3 dated points, 2026-09-30 to 2026-10-23, each from an RNS announcement (London Stock Exchange regulatory news). Nothing is interpolated: lines just join filed points. BTC prices: Yahoo Finance daily closes (UTC day, BTC-GBP) on each filing's as-of date; all figures in GBP (£). Dashed vertical lines mark when each preferred was first issued. Dividend rates are those in effect on each date. Coinbase credit facility drawings as stated (approximate) in RNS, in GBP; carried forward between announcements.
| As of | Holdings | Preferred shares | Coverage (yrs) | Amplification | |
| 2026-10-23 | 2,850 BTC | MORE 111,137 | 129.54 | 15.69% | filing |
| 2026-10-15 | 2,830 BTC | MORE 111,112 | 131.37 | 15.48% | filing |
| 2026-09-30 | 2,747 BTC | none | — | 10.98% | filing |
Machine-readable: history.json
| BTC held (Oct 23, 2026) | 2,850 BTC |
| Net average purchase price | £81,837 per BTC |
| Quarter-to-date BTC Yield (Oct 23) | 2.41% |
| Coinbase credit facility drawn (after Oct 15) | ≈ £16M (GBP) |
| MORE in issue / dividend-entitled (Oct 20) | 211,112 / 111,112 |
| MORE unsold in preferred ATM (Oct 22) | 99,975 |
| Weekly MORE dividend (12% of £100) | £0.2301 per share |
| IPO proceeds (Oct 12) | £10.0M gross / £8.35M net |
| Fully diluted EV-to-BTC (Sep 30, issuer) | 1.56× |
Prices: Yahoo Finance (delayed). BTC: CoinGecko. Holdings, shares, cash and debt: issuer RNS announcements; LSE prices and all figures in GBP (£). History: history.json. PrefWatch is independent and not affiliated with any issuer. Not investment advice.
All preferreds, the dividend calendar and the income modeler on PrefWatch