Podcast Summary: The Bitcoin Treasuries Podcast with Tim Kotzman

Episode: Building Bitcoin Treasuries in Britain with Andrew Webley & Jesse Myers of Smarter Web Company

Date: February 18, 2026
Guests: Andrew Webley (Founder & CEO, Smarter Web Company), Jesse Myers (Bitcoin Analyst & Smarter Web Company Board Member)
Host: Timothy Kotzman

Overview of the Episode

This episode features an in-depth discussion with Andrew Webley and Jesse Myers of Smarter Web Company, the UK's leading public Bitcoin treasury company, recently listed on the London Stock Exchange. Tim Kotzman explores their backgrounds, the vision behind Smarter Web, the evolution of the Bitcoin treasury model, and the future of digital capital markets. The conversation covers the practicalities and philosophy behind building a Bitcoin treasury company in Britain, lessons from global counterparts, the significance of recent milestones, and what lies ahead for both the business and the broader movement to integrate Bitcoin into public markets.

Key Discussion Points & Insights

1. Origins and Personal Journeys with Bitcoin

[00:12–04:49, 04:49–11:45]

• Andrew Webley’s Background:

  • Started career in 1999 at Hargreaves Lansdowne, the UK’s biggest retail broker.
  • Founded Smarter Web 16 years ago to remotely develop websites, well before remote work was the norm.
  • Entered Bitcoin nearly a decade ago, inspired by Michael Saylor's "Bitcoin strategy" for public companies:

    “The ultimate model was a public company and bitcoin smashing the two things together. And that's what really did it for me.” (C, 02:28)

• Decision to List Smarter Web and Launch a UK Bitcoin Treasury:

  • Motivated by the lack of a UK equivalent of MicroStrategy or MetaPlanet.
  • Listed on the Aquis Exchange in April 2025, the junior UK stock market, prioritizing speed and affordability.
  • Despite skepticism, grew swiftly to become the largest UK bitcoin treasury company and the 29th largest worldwide.
  • Smarter Web listed on the London Stock Exchange just weeks prior to the episode.

• Jesse Myers’ Journey:

  • US-native, with a Stanford MBA and background in accounting and consulting at Bain.
  • Initially drawn to Ethereum and altcoins, learned the primacy of scarcity through “The Bitcoin Standard.”
  • His published analyses attracted attention from Michael Saylor, leading to Saylor’s “Bitcoin24” model (valuing Bitcoin at $13M in 20 years).
  • Conversations with Saylor and Dylan LeClair shifted his perspective to Bitcoin as both a cold storage and risk asset in corporate treasuries.

2. The Evolution of Bitcoin Treasury Companies

[11:45–16:30]

• Early Skepticism and Inflection Points:

  • For years, MicroStrategy was seen as the only viable model, thought to be “unreplicable” because of its unique cash flows and scale.
  • MetaPlanet's successful pivot in Japan disproved this, showing small companies could replicate the model—with “bitcoin for everyone” becoming reality.

  “Bitcoin is for everyone. Bitcoin’s for every individual, company and government. And it’s a tailwind you can opt into or not.” (B, 13:39)

• Philosophy and Transparency:

  • Smarter Web focuses on transparency, putting shareholders first.
  • The business model is simplified: maximize Bitcoin per share and overall holdings. Belief in 30% annualized Bitcoin returns means outpacing traditional businesses, assuming conviction in Bitcoin’s long-term success.

3. Corporate Adoption: Models and Opportunities

[16:30–21:46]

• Varieties of Bitcoin Treasury Models:

  • Companies may prioritize maximizing “bitcoin per share,” overall bitcoin holdings, scale, or pursue new approaches as the ecosystem evolves.
  • Corporate Bitcoin adoption is in its infancy; future models remain to be discovered, especially in the developing world.
  • Digital credit products and other financial services atop a solid Bitcoin balance sheet are expected to become major value drivers.

• Smarter Web’s Approach:

  • Draws parallels to building on the “Internet of Money”—the Bitcoin network.
  • Envisions future products to smooth volatility and serve a broader range of investors.

4. Macro Landscape: Gold, Silver, Bitcoin, and Digital Capital

[22:08–32:28]

• Bitcoin & Gold in the Global Asset Mix:

  • Gold and silver's recent strong performance is “catching up” after Bitcoin’s impressive 15-year outperformance.
  • Macro context: Governments likely to "inflate away" debt, eroding bondholder value—hard money assets like gold and especially Bitcoin will benefit.

  “There’s a huge case to be made that you want to hold gold or you want to hold hard money assets. … Individuals and entities worldwide [realize] that math points to debasement and inflating away debt. So you don’t want to be holding 30-year treasuries.” (B, 25:06)

• Why Bitcoin Stands Out:

  • Limited supply, permanence, global portability.
  • Underestimated qualities—Webley warns, in hindsight, people will regret missing out due to not appreciating the effect of fixed supply.

• Shift from Analog to Digital Value:

  • Only 0.2% of global wealth is “digital” (Bitcoin); rest is analog, ripe for transformation.

5. Digital Credit, Preferreds, and the Amplification Flywheel

[32:31–40:16]

• How Digital Credit Works:

  • A new “pipe” into capital markets: Bitcoin treasury firms tap bond and fixed-income markets by offering Bitcoin-backed yields (e.g., 10% coupons), attracting capital previously reserved for traditional assets.
  • As the value of Bitcoin rises, debt relative to assets shrinks—amplifying returns for shareholders.
  • Jesse:

    “Bitcoin treasury companies … are the plumbing of hyperbitcoinization. … It’s powered by Bitcoin and you can offer more [yield] and that ends up winning market share.” (B, 34:18)

• Bull Market Dynamics:

  • In a Bitcoin bull run, these companies can dramatically scale via amplification (using rising asset values to fund more purchases and product offerings).
  • This model, just beginning to play out, is predicted to reshape market expectations of fair value and capital market performance.

6. The “Secret Sauce” of Liquidity and Community

[41:15–51:53]

• Capital Access and Consistent Buying:

  • Ongoing Bitcoin purchasing requires access to capital, achieved via retail and institutional support, ATM-style share issuance, and effective business management.
  • Despite market downturns, Smarter Web’s focus on efficiency and transparent communication enables continued growth and buying.

  “Our job as a bitcoin treasury company is to try and grow the bitcoin per share. And to do that, you do have to buy bitcoin.” (C, 43:20)

• Liquidity as a Competitive Advantage:

  • Outlasted 26 other UK firms aiming for similar strategies—liquidity, scale, and community support are keys to survival.
  • The "intangible network effect" of a robust, engaged shareholder base ensures ongoing capital flow.

• Culture of Integrity and Communication:

  • Relentless work ethic, strong communication, and transparency build trust, which in turn builds shareholder loyalty.
  • Weekly updates, public podcasts, direct engagement—proactive approaches to keeping investors informed.

7. Listing on the London Stock Exchange: Behind the Scenes

[53:01–59:38]

• Milestone Moment:

  • Smarter Web listed on the LSE after 7-8 months of preparation (legal, regulatory, prospectus, audits).
  • Emotional highlight for Andrew:

    “You slog your guts out for many, many years … you don't necessarily expect that in less than 12 months … you'd be standing opening the London Stock Exchange with a crowd of 100 people.” (C, 55:22)

• Strategic Impact:

  • Seeing LSE branding and the company’s “bitcoin is digital capital” slogan marked a cultural shift—Bitcoin earns a spot in a premier capital market.
  • Ambition: Become one of, then the biggest, companies in the UK by building on the Bitcoin balance sheet, focusing on the long term.

• Symbolic Acceptance:

  • Listing signals Bitcoin’s growing legitimacy in British finance and globally, advancing the vision of digital capital markets.

8. Building the Bitcoin Treasuries Community

[60:44–65:54]

• Upcoming Bitcoin Treasuries Unconference UK (May 29, 2026, Bristol):
  • Inspired by US events, particularly one in New York hosted by Tim.
  • Designed as an industry-wide, collaborative event:

    “This is a Bitcoin Treasury's unconference, powered by the Unconference team and Smarter Web. It's not just a Smarter Web event, it's a Bitcoin Treasuries event.” (C, 62:40)

  • International and UK firms invited; mix of virtual and in-person keynotes.
  • Mission: foster ideas, collaboration, and best practices in the rapidly developing Bitcoin treasury landscape.

9. Final Thoughts and Looking Ahead

[66:24–end]

• Where to Find More:

  • Everything—company info, conference, analytics—available at smarterwebcompany.co.uk

• Vision for the Future:

  • Webley urges listeners to judge not just by achievements so far, but the trajectory and ambition for the future.
  • Both Andrew and Jesse emphasize that if Bitcoin grows at 30% per year, the Bitcoin treasury company model could outperform all traditional capital market benchmarks.

  “If our balance sheet is built of an asset that grows at 30% a year, and we're seeking to increase bitcoin per share … then what's going to be the best performing company in the UK capital market over the next decade?” (B, 68:20)

• Upcoming Appearances:

  • Both attending Bitcoin for Corporations conference in Vegas, with international panels including Meta Planet, Capital B, and other global leaders.

Notable Quotes & Memorable Moments

• On Conviction:

  “…if no one else is going to have a UK version of strategy, then I'll do it.” – Andrew (03:11)

• On the Model:

  “Bitcoin treasury companies … are the plumbing of hyper bitcoinization.” – Jesse (34:18)

• On Company Philosophy:

  “The only place that success comes before work is in the dictionary.” – Andrew (48:52)

• On the LSE Milestone:

  “It was quite surreal … opening the London Stock Exchange with a crowd of 100 people … you almost don’t even see it when it’s there.” – Andrew (55:22)

• On Digital Capital’s Future:

  “Bitcoin is digital capital and Smarter Web is here to bring that to portfolios on the London Stock Exchange.” – Jesse (59:38)

• On Community:

  “Our shareholders are out there talking about Smarter Web and what we're doing and excited about it. That's the secret sauce.” – Jesse (45:10)

Key Timestamps

• 00:12 – Andrew’s background, early career, founding Smarter Web, and entry to Bitcoin
• 04:49 – Jesse's introduction and transition to Bitcoin
• 13:09 – The “MetaPlanet moment” and corporate Bitcoin adoption inflection
• 16:51 – Smarter Web’s focus and comparing treasury strategies
• 22:08 – Macro landscape: Bitcoin, gold, and inflation
• 32:31 – Digital credit, preferreds, and amplification explained
• 41:15 – The mechanics (and challenge) of consistently buying Bitcoin
• 47:07 – The “secret sauce” behind shareholder support and trading liquidity
• 53:01 – Behind the scenes: listing on the London Stock Exchange
• 61:19 – Launching the Bitcoin Treasuries Unconference UK
• 66:24 – Closing thoughts and where to learn more

Takeaways for Listeners

• Smarter Web’s journey reflects both the technical and cultural shifts needed for Bitcoin treasuries to become mainstream.
• Transparency, work ethic, and shareholder-first mentality distinguish leaders from competitors in this emerging industry.
• The digital capital thesis—migrating wealth from analog to digital assets—is playing out fastest within open-minded capital markets.
• The model’s power and future scalability hinge on community, execution, and strategic engagement with global investors and regulators.
• Key moments like the London Stock Exchange listing are not just corporate milestones, but signals of Bitcoin’s incorporation into the heart of traditional finance.
• The field is early—big ideas, big risks, but even bigger potential for those building today.