We Study Billionaires - The Investor’s Podcast Network BTC245: The Next Metaplanet? (Smarter Web Company) w/ Jesse Myers and Andrew Webley
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Jul 30, 2025 
Jesse Myers, an investor in the Bitcoin space with a focus on SmarterWeb's strategy, teams up with Andrew Webley, CEO of Smarter Web Company, a leading Bitcoin treasury firm in the UK. They dive into the key metric of MNAV for valuing Bitcoin treasury firms. The duo discusses Smarter Web's innovative transition amid rising UK competition and explores the benefits and risks of investing in Bitcoin treasury companies compared to direct Bitcoin investments. Their insights highlight the evolving dynamics of capital markets and financial innovation.
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Andrew's Entrepreneurial Journey
- Andrew Webley started his company building a content management system 15 years ago.
- He transformed it into a Bitcoin treasury company and listed it publicly to capitalize on Bitcoin's growth.
MNAV: Crucial Valuation Metric
- MNAV measures the multiple of Bitcoin plus cash value that a treasury company trades at.
- Higher MNAV indicates demand and growth potential, making it a crucial valuation metric for Bitcoin treasury firms.
Bitcoin Firms' Unique Value Delivery
- Bitcoin treasury companies deliver value by growing Bitcoin per share, not through income statement profits.
- The MNAV multiple acts like a PE ratio indicating how fast Bitcoin accumulation pays off.