Nick

Every week we start with one objective: to move the business forward in a way that increases Bitcoin per share over the medium to long term. This week we added a further 35 Bitcoin to our treasury, taking total holdings to 2,840 and Quarter-to-Date BTC Yield to 14.26%. Our two Bitcoin purchases this week were funded through a combination of existing cash and debt from our Coinbase facility. Following this week’s purchases, our leverage ratio now stands at approximately 10.7% (£16.5m). Our view is that the market is increasingly rewarding Bitcoin treasury companies that can demonstrate responsible and manageable leverage / amplification. For example: - Strive operates at approximately 41% amplification and trades at around 1.33 mNAV - Strategy operates at approximately 34% amplification and trades at around 1.26 mNAV Just over a month ago, The Smarter Web Company operated with no leverage. Between late October 2025 and early April 2026, the Company traded between ~0.7 and ~1.15 mNAV, only occasionally sustaining a premium above 1.0 mNAV for short periods. Over the past month, we have introduced measured leverage and seen our shares trade around the 1.0 mNAV level, at times with a small premium allowing equity issuance. Our interpretation of this data is that the market increasingly wants Bitcoin treasury companies to utilise their balance sheets efficiently. Traditional leverage can achieve this to a certain point, and preferred equity structures may allow companies to extend amplification further with less risk when compared with other structures. At a simple level, the mathematics behind amplification are straightforward. If a Bitcoin treasury company issues “obligations” and uses the proceeds to acquire additional Bitcoin, net asset value is initially broadly unchanged (or potentially slightly harmed), as the newly acquired Bitcoin is offset by the associated liabilities. However, if Bitcoin subsequently appreciates in value, the fiat-denominated obligations remain fixed, as the Bitcoin appreciates. Over time, the relative size of those obligations shrink compared to the growing Bitcoin treasury, meaning a greater proportion of the upside accrues to equity holders. In practice, this can lead to meaningful shareholder value, if managed prudently, particularly when paired with disciplined equity issuance. Of course, leverage also increases risk and must therefore be approached carefully. Our focus remains on maintaining what we believe is a sensible and manageable level of amplification while continuing to prioritise long-term growth. Importantly there is a cost to our debt: a variable interest rate of between 6.75% to 7.25%. Preferred equities also have a cost. In simple terms the business case is if that cost is less, or significantly less, than the asset we are buying then there is an arbitrage opportunity between the cost and the potential return. More broadly, we believe one of the defining characteristics of Bitcoin treasury companies is the ability to access capital and financing not typically available to individual investors. Increasingly, the market appears to be rewarding companies that can utilise that capability, while maintaining discipline around risk management. Our shares closed the week down ~10.3% versus Bitcoin down ~3.5% and continued to trade within the 36 to 40p range. Volatility remains an inherent feature of both our stock and the broader sector, but we remain confident that we are continuing to take the right steps forward. I was also encouraged to see further progress around the Clarity Act in the US, alongside Strive’s announcement on its updated perpetual preferred equity structure. The industry is evolving rapidly, with new developments emerging almost weekly. I am excited by the pace of innovation and the growing institutional infrastructure being built around the sector, which I believe will support greater capital participation over time. On Monday we announced that we had raised approximately £900,000 through our ATM-style facility following a strong week of trading volume and a small premium to mNAV. Please note that we update the market on this facility every Monday but only when shares have been sold in the previous week. At the same time, @the_desert_ape was in Madrid presenting at the MadBitcoin Summit 2026. Jamie spoke on how Bitcoin on the balance sheet can create strategic growth opportunities for operating companies, particularly through the ability to use equity as acquisition currency. For newer shareholders or those less familiar with our strategy, the Squarebird acquisition remains a useful example of how we think about growth opportunities. Using approximately 1% of our balance sheet value, we acquired a business with strong economics and a strategic fit that increased group revenues significantly, demonstrating how Bitcoin-backed equity can be used to accelerate operating business growth. It is important to recognise that Bitcoin is not just an asset for preserving value. For public companies like ours, with a balance sheet of 2,840 Bitcoin, it can also become a strategic tool for creating shareholder value. Also on Monday, @Croesus_BTC appeared on Roxom TV to discuss digital credit instruments and broader developments within the Bitcoin treasury sector. On Tuesday we announced the purchase of 25 Bitcoin. Jamie also attended a dinner in London, which provided a valuable opportunity to deepen relationships across the Bitcoin ecosystem and wider capital markets community. On Wednesday, TD Cowen published an updated research note on the Company. We continue to believe that institutional research coverage from leading investment banks remains an important differentiator and something we hope expands further over time. I am pleased that the analyst, Lance Vitanza, will be speaking at our conference in Bristol in a little under 2 weeks’ time and there are still a few tickets available if you visit our website. On Friday we announced the purchase of an additional 10 Bitcoin, our second Bitcoin purchase announcement of the week, bringing total Bitcoin acquired in 2026 to 176 Bitcoin - approximately 1.3 Bitcoin per day. More broadly, as the Company continues to scale, an increasing amount of work is required behind the scenes which is not always immediately obvious externally. This work is essential to support the next phase of growth. As always, I want to thank our shareholders for the continued support throughout the week. Building a company like The Smarter Web Company in the UK public markets is a long-term process and we do not take for granted the money, time, energy and trust that so many people invest in the journey. The level of engagement is incredibly valuable and remains one of the Company’s key strengths. Progress is rarely linear, particularly in a sector evolving as quickly as this one, but we are confident in the direction of travel and focused on executing our 10-year plan to build one of the leading companies in the UK. As always, thank you for being part of the journey. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

The Bitcoin treasury sector continues to be one of the fastest evolving areas in global capital markets and over the last month it feels as though the industry has really started to converge around what the next phase of the model will look like. One of the clearest themes emerging, particularly evident from @Strategy’s earnings call, is the growing focus on building simpler and more resilient capital structures. Many of the instruments introduced over recent years, including converts, various forms of preferred equity and other financing structures, were a natural part of building, testing and scaling an entirely new treasury model within the public markets. Each served an important purpose at a particular stage of development. However, as the sector matures, it increasingly feels like the long-term winners will be the companies able to combine meaningful Bitcoin scale and continued accumulation via capital structures that are cleaner and simpler to understand, primarily centred around: - Ordinary equity (or common equity as it is referred to in the US) - Perpetual preferred equity (“digital credit”) - Bitcoin In other words, fewer moving parts, less complexity around refinancing cycles or maturities, and structures that are simple and easy to explain, particularly to institutions. The other topic generating a lot of noise this week was Strategy's comments regarding the possibility of occasionally selling Bitcoin. Predictably, this generated strong reactions across parts of the market, but in my view, it reflects the continued maturation of the sector rather than any philosophical shift away from Bitcoin itself. The key point here is that people need to separate “selling Bitcoin” from “mismanaging a Bitcoin treasury.” We already accept, without much controversy, that companies actively manage treasuries built around property, equities, commodities or fiat currencies. Bitcoin treasury businesses will be no different if they are going to succeed over decades rather than just across a single market cycle. The companies that endure will be those that combine real conviction in Bitcoin with the kind of disciplined capital management that institutional markets can understand and support. What they are signalling is not a change in philosophy. They are simply acknowledging that a treasury built for the long term may occasionally take sensible steps to optimise its structure, manage obligations or improve shareholder outcomes. It is also a concept worth stating more broadly: every company should reserve the right to adapt its approach as the model develops and as market conditions change. The metric that matters is not whether a company has ever sold Bitcoin but whether management is growing Bitcoin exposure per fully diluted share over time. A business oriented around that objective remains structurally aligned with net accumulation regardless of occasional balance sheet activity around the edges. Moreover, demonstrating that level of treasury maturity is likely to strengthen institutional confidence. At Smarter Web, we believe there is sophistication in simplicity and over the last few months we have continued refining our capital structure as we prepare for the next phase of our 10-year plan. That has included initiatives such as the pre-IPO warrant buybacks, with the broader objective of reducing complexity and building a structure we believe is more scalable, durable and institutionally attractive over the long term. Performance Bitcoin appears to be taking a bit of a pause at current levels after moving steadily higher over the last month or so. In the short term my view remains that the path toward $90,000 is still very much intact and, assuming broader macro conditions remain supportive, I would not be surprised to see that level reached relatively quickly from here. Against that backdrop, our shares are now approximately 50% above the recent lows and it has also been encouraging to see our mNAV trading around the 1.0x level. Our current view remains that the market is increasingly rewarding companies able to demonstrate responsible and manageable amplification. Since mid-March, we have increased our leverage ratio from 0.4% to approximately 10% through our Coinbase facility and have received constructive feedback from investors on this approach. Whilst we do not have a publicly disclosed leverage target, our view remains that with Bitcoin still trading materially below recent all-time highs, introducing responsible leverage at this stage of the cycle is an appropriate strategic step. We will continue to manage the balance sheet prudently and dynamically in response to both market conditions and opportunities available to the Company. Importantly, as and when Bitcoin appreciates, the leverage ratio would naturally decline relative to the size of the balance sheet. As we continue into year two of our 10-year plan, one of the things that continues to give me confidence is the strength of our balance sheet. We currently hold 2,805 Bitcoin, representing approximately £168m of pristine collateral, a term I think will start becoming more widely adopted. If and when Bitcoin returns to previous all-time highs, that would represent more than £250m of value on the balance sheet - a quarter of a billion pounds of balance sheet strength. As we continue to grow and evolve our capital structure over time, our view is that this balance sheet can continue to expand alongside it, further strengthening our flexibility, optionality and the ability to solidify our position as the UK’s leading Bitcoin treasury company. Weekly activity Monday was a UK Bank Holiday, however @Croesus_BTC appeared on @RoxomTV to discuss how we see the Bitcoin treasury company model evolving over time. On Tuesday, we announced the acquisition of a further 27 Bitcoin (approximately £1.5m), taking total holdings to 2,805 Bitcoin. We have now added 141 Bitcoin during 2026 across eight separate purchases, bringing our quarter-to-date Bitcoin yield to 13.58% today. Owning 129,383 shares in SWC is now equivalent to one Bitcoin. For context, that figure was approximately 14.2 million shares in May 2025, which we believe highlights the scale of progress made in growing Bitcoin per share over the last twelve months. We also announced approximately £0.1m via our ATM facility from the previous the week. On Wednesday, our one-year anniversary merchandise officially began shipping. A huge thank you to @LauraStH1991 for the significant amount of work involved in organising and distributing everything. There are still a limited number of items available via our website, and, for a bit of fun, we are giving away two tickets to our upcoming conference for the most creative community photo submissions. On Thursday, our recently appointed Group Financial Controller, Oliver Hewett, invested approximately £502k of personal capital into the Company via a direct subscription, purchasing 1,283,975 shares at 39.1p, being the closing bid price the previous evening. I continue to believe that when senior management are willing to commit meaningful personal capital alongside shareholders, it demonstrates strong alignment with the long-term vision of the business and confidence in what we are building as the UK’s largest Bitcoin treasury company. This followed my own recent purchase last week, where I invested a further approximately £48k into the Company for myself and my family. Friday was a particularly busy and intense day, involving a number of conversations with key stakeholders, including potential investors and several important service providers as we continue strengthening the Company’s long-term foundations. Community The community energy this week has been brilliant, and I’ve genuinely enjoyed seeing how creative a lot of the content has become. Like many of you, I’ll be sad to see the X Community page disappear at the end of the month. We built one of the largest communities in the Bitcoin treasury sector completely organically and watching that grow over time has been something I’ve always been extremely proud of. I know there are already lots of conversations happening around what the right next step is and how the community should evolve from here. My feeling is that what’s been built over the last year is much bigger than any single feature or platform. The people, relationships and shared energy don’t just disappear overnight. One thing I’ve always particularly enjoyed in these weekly letters is being able to highlight members of the community and some of the content being created around the Company. As the platform evolves and new formats emerge, we’ll continue thinking about the best ways to do that - but the support and engagement from so many people certainly will not go unnoticed as we continue to grow. I’m very confident the community will adapt, evolve and ultimately come out of this even stronger over time. Closing comment After what has been a very challenging six months or so for the sector, my view remains that sentiment is starting to gradually improve, something that is increasingly being reflected not just in the Bitcoin price, but also in our share price and the quality of conversations we are having across the market. I appreciate it has not been an easy period for many people, but my hope is that we are now moving closer to the point where a lot of the hard work put in starts to become more visible. What continues to drive me, and the rest of the team, is the belief that we are building something special at The Smarter Web Company. Something ambitious, long term and ultimately something the UK can be proud of within this emerging sector. Your continued support, engagement and belief in what we are trying to build remains hugely appreciated and never taken for granted. Thank you again, as always, for the continued support. I hope everyone has a great weekend and I look forward to continuing the momentum together next week. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

As we move into a new month, it’s a good time to reflect on April which marked another strong period of progress for The Smarter Web Company. Some key highlights were: 1) Purchased 83 Bitcoin, taking total holdings to 2,778 2) Delivered BTC Yield of 12.98% during the month 3) Introduced measured leverage as part of our Bitcoin acquisition strategy (current ratio ~9.1%) 4) Reduced our pre-IPO warrant overhang by 39m warrants, simplifying the capital structure 5) Raised £1.5m gross through the ATM programme 6) Strengthened the team with the appointment of Oliver Hewett as Group Financial Controller 7) Granted LTIP awards aligned to long-term shareholder value creation 8) TD Cowen launched institutional research coverage as part of a 100-page sector report 9) Marked our 1-year anniversary as a public listed company It’s been encouraging to see our recent progress begin to be reflected in both the share price and mNAV. Since the April low, coinciding with the end of the UK tax year, the shares are up ~35%, while mNAV has improved from ~0.7x to ~0.96x. During April Bitcoin increased in value by around ~12%. I am watching with interest to see when it can break through the $80,000 level. For Bitcoin treasury companies the environment is still quite challenging with many companies finding it difficult to consistently trade above 1.0x mNAV and liquidity levels relatively low. Increasingly, it is clear that those that have been able to sustain a premium are those with some form of “amplification”. As the sector evolves, our focus remains on two core areas: maintaining a clean and transparent capital structure, and introducing the right level of amplification, in our case currently via debt/leverage, to hopefully support a more consistent premium to mNAV, with less reliance on short-term market sentiment. Against that backdrop and in response to investor feedback, we updated our Bitcoin treasury policy last week to enable the use of our Coinbase credit facility to acquire Bitcoin and start introducing a measured level of leverage to the balance sheet. On Wednesday, we announced the purchase of a further 28 Bitcoin, taking our leverage ratio to approximately 9.1%. We’ve been encouraged by the constructive feedback following this step, particularly given the terms of the facility (6.75–7.25% annual interest rate, an open-term and repayable at our discretion with no further charges). While we do not disclose a fixed leverage target, our view remains that with Bitcoin still ~40% below recent all-time highs this is an appropriate step at this point in the cycle. As always, we will continue to monitor market conditions closely and any further increase will be measured and underpinned by extensive internal modelling and conversations across a range of scenarios. On Monday we announced the appointment of @Oliverhewett3. This is a key role for the business, ensuring everything runs smoothly from a financial perspective behind the scenes. Oliver will work closely with Mario Visconti (Interim CFO and Head of Projects), which will also allow Mario to focus on other strategic initiatives. Oliver brings years of experience with a strong mix across both institutions and SMEs. He's been a long-time supporter of Smarter Web and understands our vision, values and the type of company we’re building. He’s made a strong start, and I’ve been impressed with both his attitude and approach - I’m confident he’ll add real value to the team. On Tuesday, we announced our LTIP, which marks an important step as we continue to build the business. From the outset, our ambition has been to create a company of real scale over the next decade and that requires a team that’s fully aligned not just on what we’re doing, but how we approach it. The LTIP will reward outcomes achieved over time, rather than near-term performance, with no early vesting and a clear emphasis on sustained execution. The milestones are deliberately ambitious and linked to the development of the business, and we’ve taken a transparent approach in setting out all participants and award levels. Ultimately, this is about ensuring that as we grow, incentives across the team remain aligned with the interests of our shareholders and that if we win, we win together. Something that I was particularly looking forward to was announcing the results of the 1-year anniversary raffle. We had set aside 21 complimentary tickets to our conference but due to overwhelming demand and as a gesture of goodwill, we decided to give everyone who entered a ticket (and refund those who had already bought). Bitcoin treasury companies are still a relatively new and fast-evolving sector globally. We see education, awareness and open dialogue as key to supporting its development. If we can help more people understand the space, and take part in it, that’s something we’re very keen to do hence the decision. Above all, this was a thank you. The support we’ve received over the past 12 months from shareholders, partners and the wider community hasn’t gone unnoticed. This is a small way of recognising that and making sure more people can be part of what we’re building. As noted above, on Wednesday we also announced a further Bitcoin purchase, marking our 7th acquisition this year and taking total purchases, so far, in 2026 to 114 Bitcoin. The core objective of a Bitcoin treasury company is to increase Bitcoin per share. So far this quarter, we’ve delivered 12.98% growth using the Bitcoin per share metric. A question we’ve had is how debt factors into that. Bitcoin per share itself is a simple snapshot - total Bitcoin held divided by shares outstanding – it does not directly include debt. Other metrics such as mNAV do include debt as we use the fully diluted enterprise value divided by the net asset value (which factor in debt). For this reason, it is important to also view other metrics and through our Bitcoin treasury analytics dashboard you can see a range of metrics that give a full view of our treasury. Over the longer term there are various options for how you manage debt combined with its impact on Bitcoin per share and, in the future, I will write some thoughts on this. The topic is extensive and there are multiple options. On Thursday @Croesus_BTC, @the_desert_ape and myself did a livestream. We’re planning to do these regularly and we enjoyed sharing our latest developments. If you missed it, the replay is available on our website. On Friday I announced that my family and I had bought a further 136,402 shares for £48,365. For me, this reflects continued alignment with shareholders and a clear conviction in our strategy. We remain early in executing our 10-Year Plan, and I continue to view current levels, with the shares trading just below 1.0x mNAV, as an attractive entry point relative to where we believe we can take the business. As always, the community spirit has been excellent, and I’ve enjoyed reading all the comments in response to our various RNS’s this week. As always, a shout out to: @andysmith_asap @SWC_Wiki @JohnCoo70815409 @80IQConviction @HenryBTCchef @doublediamond65 @Toffeebdm @matthewkerridge @Michaeljdobbin @Boutiquecapital @mattoshi21 @TuftyRaul @BitcoinPlebUK @Morpheus_DX @BitcoinCartoon_ @bitcoin_philos @jay_dee_ex @CloughsStuff @InvestorSmarter @DrBitcoinM50862 @the_desert_ape @PlutusSaysHodl @ZynxBTC @wildgoosejon @SmarterBuildBTC @ourgoodlifeuk @AFCB12 @Britcoiner62 @SophieSatoshi @levyuk @butler_np @Raj_Devsi @Frank54703905 @SmarterBuildBTC @DivBy21 @BitcoinBee21 and @smarter_dash. A few weeks ago, I mentioned that the team were entering a particularly intense period across several projects and that very much remains the case. This week we’ve been right in the thick of it, and it’s been a good reminder of how important organisation, clear communication and strong relationships are in keeping things moving at pace without compromising on quality. Attending the recent dinner hosted by @HenryBTCchef was, as always, a great opportunity to connect with the community and see first-hand how much Smarter Web means to so many people. At a time when there’s a lot happening behind the scenes, that support really matters and gives the team extra energy to keep pushing forward. It is a bank holiday weekend in the UK. Following some friendly advice, many of you will be happy to hear that I am having a fairly work free start to the weekend but I’m then looking forward to getting back to my desk and have some meetings on Monday with some partners outside of the UK. Thank you for your continued support and, if you are in the UK, I hope that you have a great bank holiday weekend. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

Day 54 of buying £10 of SWC shares every trading day until SWC enters the FTSE 100. ATM potentially running in the background today. Not a bad day. #atm-live" target="_blank" rel="nofollow noopener">thesmarterinvestmentguy.com/#atm-live

This week’s update has been harder to write than usual. As we mark our first anniversary as a public company, it’s hard not to feel a little emotional trying to capture everything we’ve experienced over the past year. The progress, the challenges, the highs, the lows and everything in between is tough. When I first had this idea, many people said it couldn’t be done. I heard all the reasons why it would fail. Despite that, I chose to take a significant personal risk because I believed not only that it was possible, but that the UK needed something like Strategy. Twelve months on, it’s hard to fully take in how far we’ve come - listing on Aquis, rapid early growth, raising ~£250m, becoming one of the largest Bitcoin treasury companies globally, speaking at industry conferences, meeting Michael Saylor, uplisting on the London Stock Exchange, acquiring Squarebird, leading research coverage and being included in the FTSE indices are just some of the highlights. All of those are solid achievements, but what I’m most proud of is the investor support that we have received. People matter and through Smarter Web, we’ve brought together individuals around a shared mission – building what I hope will be one of the largest companies in the UK, built on a Bitcoin balance sheet. As we enter year two, I’ve been reflecting on the values that have guided us so far and will continue to define us - integrity (doing what’s right, not what’s easy), transparency (clear, timely communication), accountability (owning outcomes), and stewardship (advancing the industry responsibly). These values aren’t just statements - they underpin how we operate day to day. They guide our decision-making, how we communicate, and how we think about long-term growth. In a rapidly evolving industry, maintaining trust and consistency is key, and we believe staying anchored to these principles will be an important differentiator. Everything ultimately comes back to a simple question - what is best for our shareholders. It’s also important to take a step back and reflect on where we could have improved. Overall, I believe we’ve taken the right steps, though there are areas where we could have moved slightly faster - for example, we could have shaved a few weeks off the London Stock Exchange uplisting. My view has always been that you can do almost anything if you believe in it and apply yourself. That will continue to guide us as we look to grow and break new ground. We’re not complacent and, as a team, we know there’s still a lot of work to do. We’re working hard to keep moving things forward. It isn’t always easy, but the continued support from our investors, and seeing how much Smarter Web means to so many, gives us real motivation to keep pushing on. Data and metrics Data and analytics are important. As I mentioned last week, it’s an area I’m personally very passionate about, and where I believe, Smarter Web can help lead efforts to improve transparency and standardisation across the sector. I remember in the early days the community-built tools and dashboards were crucial in helping us raise awareness. We’ve been working closely with several dashboard providers, including @StrategyTracker and @BitcoinPowerLaw, to ensure our data is accurately reflected. Through this, we’ve identified that some of our share information is not yet being correctly displayed on certain equity brokerage platforms, due to issues with their underlying data providers. We’re actively engaging with them to resolve this, and I appreciate the support from the community mid-week in helping bring attention to it. It was also great to see @AdamBLiv using @Croesus_BTC’s P/BYD metric to discuss a valuation framework for Strategy and @Toffeebdm exploring sats per $1,000. This kind of analysis is exactly what helps the space mature and become better understood. Weekly activity Monday - it was great to announce £1.5m of proceeds from our subscription agreement, the largest since 15 January (£1.7m). Jesse also spoke on @roxom - many thanks to Roxom for their continued support. Tuesday and Wednesday was a busy 48-hour period, with of back-to-back calls with various stakeholders as we progressed several ongoing projects. Thursday - we announced our Block Admission Application. This is a standard administrative process relating to how shares are issued when pre-IPO warrants are exercised and does not impact the fully diluted share count (available on our website). As a reminder, there are approximately 54m warrants outstanding, with around 27m held by myself, my wife, and directors/employees of the company. The exercise window runs from 24 April 2026 to 24 April 2028, and all warrant holders have been notified of the process. As already stated, we will provide updates at set intervals on the number exercised, ensuring full transparency. We also released our one-year anniversary t-shirt. We had a lot of fun designing it and thank you to @aw_smarterwebuk for the work on this. Our view remains that there is sophistication in simplicity, and we wanted this to come through in this limited-edition piece of merch, which I’m pleased to say has been well received. Finally, @the_desert_ape and I caught up with @BTCBULLRIDER, a long-time supporter. It was our first conversation in many months and came at a good time. As always, he asked thoughtful questions, and I’m looking forward to our next chat. On Friday we added 44 Bitcoin, taking our total Bitcoin treasury to 2,750 and the quarterly Bitcoin yield to 11.84%. We also announced an update to our Bitcoin Treasury Policy to allow the use of our strategic credit facility with Coinbase to fund Bitcoin purchases over time. It’s important that shareholders understand the rationale behind this decision. The facility allows us to increase leverage in a responsible manner with an attractive cost of capital. This is particularly important when you consider our long-term view on Bitcoin. We expect Bitcoin to annualise at c.29% CAGR over time and therefore see selective use of leverage at this stage of the cycle as an effective way to accelerate accumulation and hopefully help support a sustained mNAV premium. The purchase was funded in part through that facility. With Bitcoin still ~40% below its October highs and our leverage previously at ~6.4%, we believe this represents a measured and disciplined approach. More broadly, we see measured leverage (or “amplification”), when used responsibly, as an important component of a modern Bitcoin treasury strategy - one that we expect to become increasingly common across the industry, with levels actively managed through the cycle. Following this purchase, total drawings under the facility are £12m, with leverage at ~8.1%. The facility is secured against our Bitcoin holdings and has no fixed maturity, giving us full flexibility over repayment timing. For full transparency, we have decided to disclose the current variable interest rate we are paying, which is between 6.75% and 7.25%. We believe this represents a considered and responsible approach, forming part of our ongoing capital structure optimisation strategy. We were also encouraged by the supportive and constructive feedback from shareholders. Finally, we released a short 30-second film highlighting some of our key moments from the past year, which I enjoyed filming mid-week with Alex and @jonwbird. It felt like a fitting way to reflect on how far we’ve come. I ended the week travelling to Stroud with Jamie and Jon for @HenryBTCchef’s “Feast + Bitcoin” event to mark our one-year anniversary. It was a fantastic evening with great food and a real pleasure to meet so many of our shareholders. Online interaction is good, but nothing beats meeting in person and hearing people’s stories and hopes for Smarter Web. Shout out to: @andysmith_asap @johnsthor1 @JohnCoo70815409 @80IQConviction @HenryBTCchef @doublediamond65 @Toffeebdm @matthewkerridge @Michaeljdobbin @Boutiquecapital @mattoshi21 @TuftyRaul @BitcoinPlebUK @Morpheus_DX @BitcoinCartoon_ @bitcoin_philos @jay_dee_ex @CloughsStuff @InvestorSmarter @DrBitcoinM50862 @the_desert_ape @PlutusSaysHodl @ZynxBTC @wildgoosejon @SmarterBuildBTC @ourgoodlifeuk @AFCB12 @Britcoiner62 @SophieSatoshi @levyuk @butler_np @Raj_Devsi @Frank54703905 @SmarterBuildBTC @DivBy21 @BitcoinBee21 and @smarter_dash. Looking ahead, our focus remains clear - to build Smarter Web into one of the leading companies in the UK over the course of a ten-year plan. The past 12 months have been about laying the right foundations, and I’m proud of what we’ve achieved together as both a company and an investor community. My conviction in Bitcoin, in what we’re building, and in the opportunity ahead is absolute. If we continue to execute with discipline and patience, I believe we have a clear path to becoming a FTSE 250 company and, in time, a FTSE 100 company. Before I sign off, I’d like to thank my family for their continued support and patience while the Company takes up so much of my time. Jo, Josh and Jess - I’m incredibly grateful for your understanding. I would like to thank our growing team of amazing people working together to grow The Smarter Web Company. And I want to say thank you to all our shareholders for your continued support. The best is yet to come. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8