Michael Saylor published a long post on X, endorsing issuers of "Bitcoin-driven"Digital Credit" (Digital Credit), saying that these issuers reinforce each other rather than competing for investors.
The article was published on September 30 (Wednesday). On the same day, one of these issuers, the UK company The Smarter Web Company (LON: SWC), saw its share price rise 66.4% year to date, one of the main drivers being the company's plan to issue a new type of preferred stock called MORE.
Saylor: Competing Issuers Are Actually on the Same Side
Saylor's article is titled "Why Digital Credit Issuers Reinforce Each Other," and it opens by stating: "I want Strive to succeed," extending that support to "every well-managed Bitcoin-driven digital credit issuer."
He wrote that Bitcoin is "Digital Capital"; preferred instruments such as Strategy's STRC and Strive's SATA are "Digital Credit"; and common stocks such as MSTR and ASST are "Digital Equity."
This is not the first time he has made this distinction. In an X post in August, Saylor called Bitcoin "Digital Capital," STRC "Digital Credit," the SR-strcUSX token "Digital Money," and Tether's USDT "Digital Currency."
In the latest article, he uses familiar examples such as "Nike and Adidas, Coca-Cola and Pepsi, Target and Walmart" to discuss corporate competition, but points out that the relationship between Bitcoin treasury companies is not necessarily like this. According to Saylor, these treasuries hold the same reserve asset, so a rise in Bitcoin's price increases the value of every coin-holding company's holdings. "The value of our core capital is linked to each other through the same market," he wrote.
Saylor believes that what connects these companies has the potential to become a "triple amplifier": Bitcoin appreciation, the spread of credit instruments, and the value recognition of equity. Citing SIFMA data, he said that by the end of 2025, the global stock market will be worth $157.8 trillion, and fixed-income debt will be worth $160.7 trillion. He also cited Strive's purchase of $50 million of STRC on March 11, 2026, as an example of this complementarity.
Why MORE Fits the Definition of "Digital Credit"
The Smarter Web Company's MORE is exactly the type of instrument described in Saylor's article. The Bristol-based company mainly provides web design and marketing for small businesses, transformed into a Bitcoin treasury holder last year, and announced on September 11 that it would issue the first preferred stock among UK corporate Bitcoin holders, with a target fundraising total of £15 million to £25 million.
MORE pays an accumulating weekly floating dividend, has liquidation preference and redemption options, and carries no voting rights. In practice, it gives buyers a fixed-income-like claim on a Bitcoin balance sheet without holding Bitcoin or common stock.
By Saylor's own definition, this is digital credit, and The Smarter Web Company has also been building the track record he says this category needs.
According to reports, corporate and investment bank TD Cowen raised its target price for the stock from £0.64 to £0.73 on September 14, maintaining a "Buy" rating, with analyst Lance Vitanza focusing on how MORE broadens the company's access to long-term capital. The Smarter Web Company disclosed that from the beginning of the year to September 2, its BTC yield was about 11.5%, having absorbed the drag from the sale of 178 Bitcoins on July 23 to repay the TOBAM convertible bond.
Saylor Already Knew the Company's Name
The connection between Saylor and The Smarter Web Company did not begin today. As early as June 2025, the company's CEO Andrew Webley posted that Saylor had "kindly mentioned" the company at the BTC Prague conference, adding that the two had met in Las Vegas a month earlier.
Since then, The Smarter Web Company has spent more than $300 million buying Bitcoin. According to Bitcointreasuries.net data, as of early September, the company held 2,747 Bitcoins, ranking 29th on the public corporate coin-holding list.
The Rally and Reasons to Remain Cautious
SWC closed at 69.49 pence on September 30, near the upper end of its 52-week range of 24 pence to 78 pence, corresponding to a market value of about £261 million.
Shareholders passed the relevant resolutions at the shareholders' meeting in late September, clearing the way for the preferred stock listing. But the issuance of MORE still requires approval of its prospectus by the UK Financial Conduct Authority (FCA) before trading can begin.
Saylor's warning also applies to The Smarter Web Company: "A single purchase does not guarantee a higher price," and the "premium" on equity valuation "must be earned through strength."
Volatility in this sector is not a myth. Reports show that when Bitcoin's price fell below $78,000 earlier in 2026, The Smarter Web Company's Bitcoin holdings briefly showed a paper loss of about $100 million. Bitcoin is currently trading around $84,300.
Whether MORE can cross the FCA threshold, and how investors will price a weekly floating dividend backed by a highly volatile asset, will largely determine whether this success can continue.
