Michael Saylor has published an essay on X arguing that issuers of Bitcoin-powered "Digital Credit" strengthen one another rather than cannibalizing each other's investors. The essay appeared on Wednesday, September 30 — the same day that one such issuer, the UK's The Smarter Web Company (LON: SWC), saw its share price stand 66.4% higher for the year. A major driver of that gain is the company's plan to sell a new preferred share called MORE.

Saylor's essay puts rival issuers on the same side

The post, titled "Why Digital Credit Issuers Strengthen One Another," opened with a line of support — "I want Strive to succeed" — which Saylor extended to "every well-managed issuer of Bitcoin-powered Digital Credit."

In the essay, he described Bitcoin as "Digital Capital." Preferred instruments such as Strategy's STRC and Strive's SATA are "Digital Credit," while common shares like MSTR and ASST are "Digital Equity."

This is not the first time Saylor has drawn these distinctions. In a post on X in August, he labeled Bitcoin "Digital Capital," STRC "Digital Credit," the SR-strcUSX token "Digital Money," and Tether USDT "Digital Currency."

In his latest post, he invoked familiar corporate rivalries — "Nike and Adidas, Coke and Pepsi, Target and Walmart" — to argue that this kind of competition does not necessarily play out among Bitcoin treasuries. Because the treasuries hold the same reserve asset, a rise in Bitcoin's price lifts the holdings of every firm that owns it.

"The value of our core capital is linked through a common market," Saylor wrote.

He added that what connects the firms could become a "triple amplifier" of Bitcoin appreciation, credit adoption, and equity recognition. Citing SIFMA data, Saylor noted that global equity markets reached $157.8 trillion and fixed-income debt reached $160.7 trillion at the end of 2025 — the anchor of his argument that credit-style instruments give Bitcoin exposure a route into a pool of capital that rivals global equities, so each new issuer deepens the channel rather than dividing it. As an example of that complementarity, he pointed to Strive's $50 million STRC purchase on March 11, 2026.

Why MORE fits the digital credit label

The Smarter Web Company's MORE share is precisely the kind of instrument Saylor describes in his essay. The Bristol-based firm, which sells web design and marketing services to small businesses and reinvented itself last year as a Bitcoin treasury holder, said on September 11 that it would list the first preferred share issued by a UK corporate Bitcoin holder. It is targeting £15 million to £25 million in gross proceeds, according to its official retail offer announcement.

MORE pays a cumulative variable weekly dividend, carries a liquidation preference and a redemption option, and grants no voting rights. In practice, it lets a buyer hold a fixed-income-style claim against a Bitcoin balance sheet without owning the coin or the common stock. That middle-ground placement — paying out ahead of common stock but standing behind bondholders — is the traditional role of preferred shares, and it is what lets a treasury company reach yield-focused buyers without giving up ordinary-share control.

That is digital credit by Saylor's own definition, and The Smarter Web Company has been building the kind of trading record he says the category needs.

Corporate and investment bank TD Cowen reportedly raised its price target on the stock to £0.73 from £0.64 on September 14 while keeping a Buy rating, with analyst Lance Vitanza focused on how MORE widens the company's access to long-term capital.

The Smarter Web Company reported a BTC yield of about 11.5% from the start of the year through September 2, absorbing the drag of selling 178 Bitcoin on July 23 to repay a TOBAM convertible.

A company Saylor already knew by name

The link between Saylor and The Smarter Web Company is not new. Back in June 2025, CEO Andrew Webley posted on X that Saylor had "spoken kindly" about the company the BTC Prague conference, adding that he had met Saylor in Las Vegas a month earlier.

The Smarter Web Company has since spent more than $300 million acquiring Bitcoin. It held 2,747 BTC as of early September, ranking 29th among public corporate holders according to Bitcointreasuries.net.

The rally and the reasons to stay cautious

SWC closed at GBX69.49 on September 30, taking it close to the top of a 52-week range that runs from GBX24 to GBX78. That gave the firm a market value of around £261 million.

Shareholders approved the resolutions clearing the preferred listing at a late-September general meeting. However, the MORE offer still needs the Financial Conduct Authority (FCA) to sign off on its prospectus before it can trade. The next observable markers are concrete ones: FCA clearance, final proceeds against the £15 million to £25 million target, and how the cumulative weekly dividend is set once MORE begins trading.

Saylor's own warnings — that "Individual purchases do not guarantee higher prices," and that "a premium must be earned" on equity valuations — also apply to The Smarter Web Company. The sector's volatility is no myth: a report showed the company's Bitcoin position swung to roughly a $100 million paper loss earlier in 2026 when the price fell below $78,000. Bitcoin currently trades around $84,300.

Whether MORE clears its FCA hurdle — and how investors price a weekly variable dividend backed by a swinging asset — will go a long way in deciding whether this particular success holds.