DP_Capital

Weekend Notes on Smarter Web $SWC KEEP GOING KEEP GROWING

@RichLassiterMD @ChrisCamillo I am sorry but if anyone finds losing 12% of their portfolio incredibly painful, they are clearly not cut out for investing.

@SatSideQuest @ChrisCamillo Bitcoin is not going to zero, but “if it did” that would be incredibly painful. Instead bitcoin is going to keep on making blocks, and people will keep on learning about it, and therefore increasing demand and purchasing power.

Owning Bitcoin is fine. Bitcoin owning you is not.

@ChrisCamillo I actually find your response a bit patronising to Graham.

@SatSideQuest No that would be incredibly painful for him

@ChrisCamillo Come off it! Are you for real? The guy is worth well over $10m ....and Bitcoin going to zero is an extreme tail event. The rest of his portfolio would make it back within a year. Hardly a life changing impact.

@the_desert_ape Thanks for the update Jamie! Good to be on this journey with you!

The Smarter Web Company: Weekly Investor Snapshot: Week ending 22 May 2026 Share price performance SWC LN closed the week down 14%, making it the 3rd largest faller in the FTSE All Share over the period. As a reminder, SWC continues to exhibit a high realised volatility profile (30-day RV: 78%) vs other FTSE All Share stocks, a characteristic we have discussed openly with the market and one that reflects both the current stage of our development and the broader nature of the sector. While volatility of this magnitude can be uncomfortable during weaker periods, it has also historically contributed to significant upside during stronger market conditions. Volatility remains vitality. Volume Despite the weaker share price performance, trading activity remained elevated which was constructive - 7.98m shares traded across our three listings during the week, equivalent to 2.63% of the Company’s effective share count*, versus 6.8m the prior week (2.26% of effective share count). Feedback / market colour Bitcoin price action was softer across the week, while continued momentum in ASST appears to have driven some rotation away from other names in the sector, including SWC. In addition, there may also have been some selling related to warrant exercises. As a reminder, the Company expects to provide a further update regarding how many warrants have been exercised through the usual TVR RNS process in early June. Disclaimer: Personal market observations only * Effective share count = Issued shs (353,203,102) - ATM unsold (49,721,640) = 303,481,462 See our our analytics website for more details

@HODL15Capital Cannot believe that Naka is currently tied with Smarter Web......Smarter Web clearly has the most upside of all these with the best team and transparency.

🗳️ If you could only invest in 1 of these Bitcoin treasury companies, which would you pick for the next 3 years?

@btc_overflow Is MetaPlanet no longer your largest position?

Sheer size and flexibility of the US market make it nearly impossible for non-US BTCTCs to rival their US counterparts. Non-US markets move slower with greater complexity on less liquidity. I predict US businesses building on top of STRC will be larger than many non-US BTCTCs.

@crptAtlas 😂😂 what a joker!

JP Morgan headhunted a trader for $500K/year after he predicted Lehman Brothers' collapse under $600B in debt Goldman hired the same guy at 20 and gave him $100M to manage in his first week 27 minutes. He explains exactly what strategies he runs The core answer: he never relies on one signal He combines weak views into a single high-conviction position - exactly the framework I broke down in the article below. Watch the video Then read the article below and you'll understand exactly how he was thinking

@GerberKawasaki @mcuban ETF defeats the purpose of bitcoin 😂.....these are the people who manage money for a living! Yep......

@orangeyield @the_desert_ape If your shares traded at a discount perpetually, you basically have a money printing machine. Of course, the market will figure it out and stop selling shares below NAV eventually.

@SatSideQuest @the_desert_ape Until you run out of BTC.

Good afternoon all, hope everyone’s had a good week. As always, I’ve been following the comments here and in the chat over the last few days and really appreciate the support, feedback and engagement everyone continues to provide. The share price has obviously been a little frustrating given the steps forward made this week - it’s important to remember that it remains just one measure of progress as we focus on our 10-year plan. Moreover, the team continues to work extremely hard behind the scenes across a number of initiatives and we remain very focused on long-term execution and building the business the right way. I personally really enjoyed @Croesus_BTC’s piece on the UK asset landscape and would recommend reading it if you haven’t already (see his profile page or our website). I think it does an excellent job outlining the long-term capital markets opportunity for a UK Bitcoin treasury company. @asjwebley will publish his usual weekly update tomorrow, but I just wanted to say thank you again for the continued support and engagement. We will always aim to respond where and when we can, whilst obviously remaining mindful of what we are permitted to say publicly. Hope everyone manages to touch some grass this weekend and then we go again next week. Jamie LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

@orangeyield @the_desert_ape No, you don't sell BTC to buyback shares. You borrow the money. As BTC increases in value, your leverage falls, you borrow more, buyback shares, rinse and repeat.....

@orangeyield @the_desert_ape You literally increase BPS by doing a buyback. In theory you could do this into perpetuity.

@SatSideQuest @the_desert_ape Not necessarily; look at NAKA. It’s the market saying, you have no way of increasing my BPS, so I’m going to discount the BTC I your balance sheet.

@orangeyield @the_desert_ape Shares below mNAV are an opportunity if the company chooses to take advantage.

@the_desert_ape Share price will suffer until prefs are issued.

@asjwebley @StrategyTracker Absolute bargain! Once prefs arrive, these discounts will be thing of the past!

The Smarter Web Company quarter-to-date Bitcoin yield is 14.26%. With 778 sats per share, equating to ~£0.45 BTC per fully diluted share with a leverage ratio of 11.1%. Our current fully diluted mNAV is 0.89. 37 Bitcoin purchases in our ~56 weeks as a public company, equating to approx one Bitcoin purchase every 1.5 weeks. Orange is my favourite colour. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

Make 12% (1/0.89) in bitcoin terms with virtually no risk on the return to 1 mNAV, which is purely valuing SWC assets at par. Then whatever SWC does over the coming days, weeks, months and years is additional. 12% for zero risk. Not financial advice, but certainly worth some financial consideration...

@Croesus_BTC @AdamBLiv 💯

the scary part is it not working out and the call option expiring worthless. one alternative approach could be to go further out on the risk curve with a smaller, well-positioned BTCTC that could see heightened upside. but if the high upside scenario doesn't work, you still own a share of the existing BTC balance sheet (rather than an expired call option)

🚨HOW TO OUTPERFORM BITCOIN BY 3X AND OUTPERFORM MSTR BY 2X🚨 I found the most deranged way to express the Bitcoin bull case without personally levering my house, my dog, and my remaining emotional stability. The trade: Buy the MSTR Dec 2028 $275 call for about $6,200. Yes. A call option on Michael Saylor’s publicly traded Bitcoin refinery, funded by preferred stock, wrapped in CEBE math, floating through the fiat hospice ward like a radioactive orange hearse. Here’s the setup. Bitcoin is around $76,500. Strategy owns 843,738 BTC. MSTR trades around $165. Strategy has roughly: $8.25B of debt $15.48B of preferreds $2.25B of cash Net senior claims: $21.48B. Using CEBE, you subtract the senior claims from the Bitcoin stack because common shareholders do not economically own the whole pile. They own what is left after the capital structure’s velvet-rope vampire lounge gets paid. At today’s BTC price, those senior claims equal about 280,824 BTC. So Strategy’s common equity has claims-adjusted exposure to roughly: 562,914 BTC. That is the real common equity Bitcoin base. Now here’s where the trade goes full financial Chernobyl. Assume Strategy issues $2B/month of STRC for 30 months. Think that's a bullish assumption? Hardly. They issued MORE THAN THAT during both April AND May. This is BEARISH. Correct... this is assuming STRC growth SLOWS DOWN. Over the 30 months until your option expires, that is $60B of new preferred stock. They use it to buy Bitcoin every month while Bitcoin moves linearly from $76,500 to $250,000 by Dec 2028. By the way, that is $110,000 UNDER the Bitcoin power law fair value. ANOTHER bearish input. That $60B buys about 409,437 BTC. So Strategy’s stack grows from: 843,738 BTC to 1,253,175 BTC. (they'll have close to that a year from now actually, LOL) But the new $60B senior claim, at $250k BTC, equals only: 240,000 BTC. That means the $60B STRC machine buys 409,437 BTC, while the claim against common is only 240,000 BTC by the end. Net new common CEBE created: 169,437 BTC. That is the whole game. Saylor borrows in fiat-brained preferred stock, buys apex collateral, waits while the dollar claim shrinks in Bitcoin terms, and common shareholders get the spread. It is like taking out a mortgage on a burning retirement home and using the proceeds to buy Manhattan before the zoning board discovers fire. Now model the outcomes. Bitcoin goes from $76,500 to $250,000. BTC return: 3.27x (+227%) MSTR, under the CEBE model with the same current claims-adjusted multiple, goes from about $165 to about $886. That's correct... ZERO multiple expansion: MSTR return: 5.38x (+438%) Already disgusting. Bitcoin buys you the orange ark. MSTR buys you a seat in the engine room with a man in a suit converting preferred shareholders into escape velocity. But the option? The Dec 2028 $275 call costs about $62/share. One contract costs $6,200. Breakeven: $337. If MSTR hits $886, that call is worth: $886 minus $275 = $611/share. Contract value: $61,100. Return: 9.86x (+886%) So in this model with BEARISH ASSUMPTIONS: Bitcoin goes 3.27x. MSTR goes 5.38x. The call goes 9.86x. That means the option outperforms Bitcoin by roughly 3x. And outperforms MSTR common by roughly 2x. This is the financial equivalent of discovering the casino built a second casino inside the first casino and the fire exit is priced as a long-dated derivative. STRC is basically Saylor saying: “Give me your fixed income money, I will buy Bitcoin with it, and if the monetary system continues behaving like a raccoon trapped in a Federal Reserve air duct, my common shareholders keep the upside.” The option is the most violent version of that thesis. You are not buying Bitcoin. You are not even buying MSTR. You are buying a long-dated claim on the possibility that: Bitcoin goes to $250k (under power law fair value) Strategy keeps issuing preferred stock (slower than they already are) The market keeps valuing MSTR at a premium to claims-adjusted BTC exposure The fiat system continues speedrunning late-stage empire cosplay Risks? Obviously. If BTC underperforms, the preferred stack becomes a fat guy sitting on the common equity’s chest. If MSTR premium compresses, the option gets its teeth kicked in. If volatility collapses or timing fails, the Greeks drag you into the alley behind Robinhood and harvest your organs. This is not a safe trade. This is not a retirement plan. This is not financial advice. This is financial entertainment. This is a leveraged bet on Saylor turning the preferred stock market into a Bitcoin particle accelerator before the fiat priesthood realizes the altar is on fire. But if the model is right? BTC: +227% MSTR: +438% MSTR $275 Dec 2028 call: +886% That is how you potentially outperform Bitcoin by 3x and MSTR by 2x. Welcome to the preferred era. Please keep your arms and legs inside the capital structure at all times.

@Croesus_BTC Another banger from Jesse!

In the last year, the world has printed 9.3% more money. Global M2 money supply has reached $141T in 2026. When inflation starts to run hotter again, they will blame it on Iran and other proximate factors. But the root driver is the money printer has been running hot for the last year. Where? China increased their money supply by 13.6% in the last 12 months. Their M2 is now $50T, making it the largest global driver of fiat inflation. US growth in M2 is just 4.6% over the last 12 months, making the US comparatively responsible. (But make no mistake, this means your dollars have been debased by almost 1/20th of their value in just a year.) Since we live in a global economy, we're subject to the aggregate impact of GLOBAL money printing. The US has been accustomed to being the largest monetary base and therefore largely controlling global debasement. But China's money supply is now 2x as large as the USA's. Your savings are being debased by Chinese monetary policy decisions and you have no control. Nobody asked your permission. Nobody told you it was happening. But your savings just got diluted by 9.3% in one year. Note: I'm currently updating the Global Asset Landscape for 2026 (see prior tweet). It will be out in the next few weeks, stay tuned!

@ZynxBTC Who is selling so much Bitcoin? That is the question on my mind....

Bitcoin is deeply out of favour right now. The tourists have left and the wider investing community has moved on. It barely gets a mention these days. Despite this, Saylor has accumulated 4% of the entire supply. Only the true believers remain. Whatever happens from here, whether this goes to $0 or $1 million, it will be written about for generations. I'm betting big on Bitcoin going to $1 million.

@80IQConviction @moving_charlie @garyseconomics Such a great point. The focus is never really on making lives better for the people who have less, it's just simply about taking away from people who have more. If the net result is that everyone is poorer, that is mission accomplished in their minds. It's pretty evil actually.

@moving_charlie @garyseconomics They don’t actually care about using the money for anything productive or making a difference. They just hate anyone with more than them and want to make them suffer. Politics of envy.

The ONLY way to stop the far right from taking power in your country