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If Strategy slips or pukes, Smarter Web Collapses, here’s the maths on how Strategy shares could dive

Tom Winnifrith
Sunday 27 July 2025
Strategy (MSTR) is the big daddy of bitcoin in treasury companies and its success is seen, by believers, as proof that The Smarter Web Company (SWC) can go only one way. But even Strategy trades at less than 2 times NAV whereas the Smarter Web company, at 217.5p, trades at more than five times fully diluted NAV. So, if one accepts that Strategy is cheap, which I am not sure I do, then that does not make Smarter Web anything but expensive. But what if Strategy shares were to puke? Could that happen?

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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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