Smarter Web Company Modeler

⚙ Adjust Inputs

BTC PRICE $—

$10K$1M

mNAV MULTIPLE 1.00×

🔀 Value Waterfall

🎯 Price Sensitivity Matrix

⚖ Capital Structure Comparison

💰 Wrapper Cost Analysis

ANNUAL PUBLIC COMPANY OVERHEAD

RECURRING WRAPPER

£2.09M

per year

COST PER BTC

£787

per BTC held

% OF NET ASSETS

~1.0%

MONTHLY BURN

£136K

CASH RUNWAY

~9 mo

COST BREAKDOWN

Board compensation	£1,110,000
Professional & legal	£368,514
Listing & compliance	£331,400
Non-director staff	£183,373
Social security & pension	£98,602
Total recurring	£2,091,889

BOARD DETAIL

NAME	ROLE	BASE
A. Webley	CEO	£450K
A. Soleiman	CFO	£300K
S. Wade	Chairman	£150K
T. Evans	NED	£75K
R. Casson	SID/NED	£75K
M. Thomas	NED	£60K

Source: SWC Annual Report FY2025 (year ended 31 Oct 2025). Audited by PKF Littlejohn LLP. Wrapper decomposition is CEBE Tracker analysis using Notes 5, 6, 7 and the remuneration report. FY2025 one-off costs (~£7.4M, mostly £5.6M share issue costs from IPO/raises) excluded from recurring total.