BTC245: The Next Metaplanet? (Smarter Web Company) w/ Jesse Myers and Andrew Webley

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 30 July 2025

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Andrew and Jesse join Preston to discuss Smarter Web’s transformation into a major Bitcoin Treasury firm, UK market dynamics, valuation strategies, and future growth plans, including preferred shares. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 14:02 - What is MNAV and why is it a crucial metric for valuing Bitcoin Treasury firms? 35:20 - How does Smarter Web plan to maintain its lead in the UK Bitcoin market amid rising competition? 49:52 - What are the benefits and risks of investing in a Bitcoin Treasury company versus Bitcoin directly? Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Slides presented (Part 1). Slides presented (Part 2). Smarter Web Company's Website. Smarter Web Company's X Account. Andrew’s X Account. Jesse's ⁠X Account⁠. Check out all the books mentioned and discussed in our podcast episodes ⁠⁠here⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠Premium Feed⁠⁠. NEW TO THE SHOW? Join the exclusive ⁠⁠TIP Mastermind Community⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: ⁠⁠X (Twitter)⁠⁠ | ⁠⁠LinkedIn⁠⁠ | | ⁠⁠Instagram⁠⁠ | ⁠⁠Facebook⁠⁠ | ⁠⁠TikTok⁠⁠. Check out our ⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠here⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠TIP Finance Tool⁠⁠. Enjoy exclusive perks from our ⁠⁠favorite Apps and Services⁠⁠. Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠The Intrinsic Value Newsletter⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠best business podcasts⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠sponsors⁠⁠: Hardblock AnchorWatch Cape Intuit Shopify Vanta reMarkable Abundant Mines Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.7	Hey everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals podcast.
0:07.1	In this episode, we dive into the rise of Bitcoin Treasury companies with the spotlight on a company called SmarterWeb, one of the UK's fastest growing public firms embracing a Bitcoin native balance sheet.
0:19.1	Andrew and Jesse, who's been on the show a bunch of times,
0:21.9	join me to break down SmarterWeb's Rapid Ascent,
0:24.6	how valuation models like MNAV are changing investor expectations,
0:28.9	and why preferred stock backed by Bitcoin may become the next frontier.
0:33.0	We also explore what it takes to become the dominant Bitcoin treasury company
0:36.3	in a global market
0:37.7	still waking up to the opportunity.
0:39.8	Okay.
0:40.8	So as a Warren Buffett and Ben Graham student for many years, one of the things that I learned
0:48.0	in that process was this, Ben Graham was really big on growth companies versus value companies. And Ben's biggest issue with a growth
0:56.9	company was, how do you know at what level is a pertinent level to pay for it? And when you look at
1:03.7	some of these treasury companies, like the one we're talking about today, it just reminds me of
1:07.7	this quandary or this dilemma that Ben Graham faced because if that
1:12.6	growth dies down is the premium that you paid, you're going to kind of get obliterated in it.
1:17.8	And so when I look at this company and the discussion that you're about to hear, this is
1:22.1	first and forefront in my mind.
1:24.6	And you can look at Metaplanet and you can see the huge premium that's
1:29.4	being paid over the MNAV of the company and it continues to persist, but it's very volatile.
1:35.1	And so I just caution, I just, I'd want to put this discussion point right here in the
	...

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