SmarterBuilder

Being the CEO of a public company means managing multiple priorities at once; balancing short-term execution while continuing to build and deliver on our long-term strategy. Much of the work that ultimately results in an announcement has often been underway for weeks, or even months behind the scenes. What the market eventually sees as a single update is typically the outcome of many moving parts coming together - planning, structuring, discussions and coordination across the team. In an environment where markets and sentiment can shift quickly, an important part of leadership is learning to block out some of that short-term noise and remain focused on the fundamentals of the business and the strategy we are executing. Our approach remains disciplined and consistent: continuing to build the company while aiming to increase long-term Bitcoin per share for shareholders which I feel we have done this week. Firstly, a few thoughts on the markets. It has been encouraging to see Bitcoin trade modestly higher over the past week despite the ongoing geopolitical tension and macro uncertainty. At the time of writing, it sits around $71,000, compared with roughly $68,000 when I wrote my previous weekly update. In the very short term, $70,000 is a level I have been watching closely. If Bitcoin can hold this level with conviction, it could act as a stepping stone toward higher levels although I recognise sentiment for many remains cautious. Focusing only on short-term price levels risks missing the bigger picture. When assessing a younger asset like Bitcoin, it is important to consider both its long-term value proposition within the broader environment in which it trades. The broader macro backdrop this week has been far from quiet. Conflict in the Middle East continues to dominate headlines, contributing to heightened uncertainty in global markets. At the same time, oil prices have been notably volatile, reflecting the market’s sensitivity to geopolitical developments and potential supply disruptions. Meanwhile, the Nasdaq index - often compared to Bitcoin and sometimes described as a less volatile proxy for technology equities - ended the week slightly down. While Bitcoin can at times appear correlated with risk assets, I continue to believe that over the long term it will increasingly differentiate itself from other traditional markets. Overall, Bitcoin is becoming less correlated with other assets, even though short-term correlations will always appear from time to time. Moving on to this week’s developments at The Smarter Web Company. On Monday, we announced an update to our ATM facility, which continues to provide us with flexibility as we execute our strategy. Maintaining access to efficient capital markets tools remains an important part of how we operate, particularly as we continue to grow the company and expand our Bitcoin treasury. We raised £62,793 (before expenses), equivalent to approximately £0.37 per share. On Tuesday, we announced another Bitcoin purchase. It was a relatively small addition, but every Bitcoin matters. Our strategy is consistent and disciplined - continuing to accumulate Bitcoin over time while maintaining strong operational foundations within the business. I also did a livestream with @Croesus_BTC where we discussed a variety of different topics. On Thursday, we launched a voluntary purchase offer for our pre-IPO warrants. These warrants have been a topic of discussion among since our listing and something that the team has been evaluating for some time. It is worth remembering that when we took The Smarter Web Company public, very few people believed this model would work in the UK. To successfully complete the pre-IPO fundraising, we offered those early investors warrants as an incentive for backing the vision at a time when there was considerable scepticism. Today, it is clear that the model does work. With our shares currently trading at 0.83 mNAV, and investors accepting a discount to the current share price in exchange for immediate proceeds, the voluntary warrant purchase offer provides the Company an opportunity to reduce the number of fully diluted shares at an attractive rate. This in turn improves our key metrics for the quarter, helps clean our capital structure while also helping to mitigate potential equity overhang. There was a significant amount of work behind the scenes to make this possible, with multiple moving parts needing to align. Periods of more challenging sector sentiment require us to think creatively about how we can continue increasing long-term Bitcoin per share within the regulatory framework we operate in and our current size. I believe this initiative is a good example of that approach, and I want to thank everyone involved for moving quickly and efficiently to make it happen. We will announce the results on Monday via a regulatory announcement, and I look forward to sharing the outcome with you then. As I mentioned at the start, our focus remains on building long-term value, even if some of the work that contributes to that value only becomes visible once it is ready to be announced. I am pleased with how well the team continues to navigate this dynamic environment - progressing multiple initiatives across the business while maintaining a strong operational foundation. As we continue to grow, I am confident in the team we have built and moving forward in our ability to attract world class talent to support the next phase of the company’s development. The last few months have not been easy for our community, but they are a valued part of our team. When we are working hard to deliver value it is pleasing to see many comments from the community that also share our vision. 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 @jorddd_ @ZynxBTC @wildgoosejon @SmarterBuildBTC @ourgoodlifeuk @AFCB12 @Britcoiner62 @SophieSatoshi @levyuk @butler_np @Raj_Devsi @Frank54703905 @SmarterBuildBTC @DivBy21 @BitcoinBee21 and @smarter_dash. Looking ahead to next week, I will be spending several days in London, with @Croesus_BTC, for some important meetings. I hope to be able to share more with you, on some of these discussions, in the near future. We are also looking forward to doing a podcast with someone that we have not recorded with before - more of that soon. It is also now around one week until our inclusion in the FTSE indices, which is a milestone that still feels somewhat surreal. When we first set out on this journey, reaching this point was certainly an ambition, but to now be so close to it becoming reality is incredibly exciting. It will be interesting to see what impact this has on our stock over time as index inclusion often brings increased visibility and, in some cases, new institutional participation. Adjacent to this, I have also been encouraged by our overall volumes which continue to improve. We also have our AGM taking place on Thursday. If you have not yet voted, please do take a moment to do so. Shareholder participation is an important part of the governance of the company, and we appreciate the continued engagement and support from our investors. It is now just over two months until we host the first dedicated Bitcoin treasuries unconference UK. I am very pleased with the line-up we have assembled. We will have representation from many of the leading Bitcoin treasury companies in the UK, alongside several excellent international speakers who are helping shape the global conversation around Bitcoin on corporate balance sheets. The event is also being supported by a number of sponsoring companies, whose backing we are very grateful for. Bringing together businesses, investors and industry leaders in this space is something we are excited about, and we look forward to welcoming everyone to what should be a very interesting and important event for the UK Bitcoin ecosystem. I hope to release the agenda for the Bitcoin treasuries unconference UK in the next week and please do not forget that you can buy tickets for the event by visiting our website. To conclude; The Smarter Web Company was listed in the UK as I could not find a UK company following this strategy. It is a business that I am immensely proud to manage and one that is run, to the best of my ability, for the benefit of all shareholders. I appreciate your support and I am very much looking forward to both the week ahead and the future beyond that. Thank you. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

Bitcoin has been interesting this week. We have seen Bitcoin trade between ~$63,000 and ~$74,000 and it is a good reminder that whilst some, including myself, believe that it is the best asset the world has ever seen, it does also come with some volatility. I wanted to spend a little time talking about mNAV and whether a Bitcoin treasury company should trade at a premium to the value of the Bitcoin it holds. Our stock currently trades below a mNAV of 1, on a fully diluted basis, which naturally leads to the question: why should a premium exist at all? To answer that, it helps to look at three of the ways investors can gain Bitcoin exposure: ETFs, holding Bitcoin directly, and investing in a Bitcoin treasury company. First, Bitcoin ETFs provide simple, accessible exposure, particularly for institutional investors. In the UK holding this is more complex and not fully accessible to all. However, the key drawback is fees. Even a relatively modest 0.5% annual fee steadily erodes the amount of Bitcoin exposure over time. If an investor starts with exposure equivalent to 1 Bitcoin, after ten years a 0.5% annual fee would reduce that exposure to roughly 0.95 Bitcoin. ETFs therefore can offer convenience, if you can access them, but structurally they slowly dilute the underlying exposure. Second, there is direct Bitcoin ownership. One Bitcoin will always equal one Bitcoin. There are no management fees, and the investor maintains full control over the asset. For many people this remains the purest form of exposure and will always have an important place in portfolios. However, the number of Bitcoin owned does not grow unless additional capital is invested. The third model - and in my view the best - is the Bitcoin treasury company. If managed well, a treasury strategy can increase Bitcoin per share over time. In this structure, shareholders are not just holding Bitcoin passively; they own an operating business holding Bitcoin, for the benefit of the company strategy, designed to grow the Bitcoin backing each share. To illustrate the potential difference over time, consider a simplified ten-year example starting with exposure equivalent to 1 Bitcoin. With a 0.5% annual ETF fee, that exposure declines to about 0.95 Bitcoin after ten years. Holding Bitcoin directly remains exactly 1 Bitcoin. But if a Bitcoin treasury company were able to increase Bitcoin per share by 20% per year - which is a low figure only used for illustration - the equivalent exposure after ten years would be roughly 6.2 Bitcoin. The compounding impact over long time horizons is therefore significant. Over five or ten years, even moderate annual increases in Bitcoin per share can dramatically change the value delivered to shareholders. This is ultimately why the market sometimes assigns a premium to well-managed Bitcoin treasury companies: investors are not buying Bitcoin - they are buying an operating strategy designed to grow the Bitcoin behind each share over time. Please note that the 20% Bitcoin per share growth is not a projection – it is a low figure picked to illustrate potential using a figure that I believe can be exceeded by a well-run Bitcoin treasury company averaged over a period of several years. Moving on to this week’s highlights. One notable point is that I spent much of the week following up with some of the new contacts I met at Strategy World last week. Having the opportunity to meet and speak with some of the leading companies in the world at such a well-organised event was incredibly valuable and a good reminder of why some travel is worthwhile. While so much of modern work happens over video calls and messaging platforms, nothing quite replaces the value of a face-to-face conversation and the relationships that can be built from it. We take a similar approach within our own team. Although we speak daily and collaborate constantly through group messages and calls, bringing the team together in person remains important. These moments allow us to step back, align properly, and strengthen the relationships that ultimately help us work more effectively together. Our next opportunity to do this will be around our AGM on Thursday 19 March at the Concorde Museum in Bristol, and I am very much looking forward to it. I hope that some of you will also be able to join us on the day. This week also included two announcements. On Monday we announced a further, albeit small, Bitcoin purchase. So far this year we have added 28 Bitcoin to our balance sheet. Alongside this we also completed the acquisition of a business which is accretive to the Group, although this progress is not always immediately visible when people focus purely on Bitcoin treasury statistics. Perhaps more structurally important, however, is the progress we have made as a public company over the past month. We recently completed our up-listing to the Main Market of the London Stock Exchange, which is an important step in the long-term strategy we are building. The goal is not simply to hold Bitcoin, but to build a durable public company that can access capital, grow responsibly and compound value for shareholders over many years. After the close on Wednesday, we received confirmation of another major milestone: the Company will be included in the FTSE UK Index Series, becoming a constituent of both the FTSE All-Share Index and the FTSE SmallCap Index, effective from Monday 23 March 2026. Index inclusion is significant. It increases visibility, broadens the potential shareholder base and brings participation from passive index funds that track the FTSE indices. More importantly, it represents another step in the structural journey of the Company. Only a month after joining the Main Market, we are already becoming part of the core UK equity indices - and that is exactly the direction we want to continue moving in as we build the company for the long term. On Thursday I spent the day interviewing applicants for the two roles we have recently been recruiting for, with help from our Chief of Staff @LauraStH1991, which we also shared on our website. Building the team in the right way is another structurally important part of what we are doing at The Smarter Web Company. As we continue to grow, having the right people in place will be critical to delivering on our long-term mission. I am pleased to say that we believe we have identified an excellent candidate for one of these roles. We are still looking for the right person for the Project Coordinator role; a junior role in our team but one that we believe offers an attractive long term career opportunity for the right person. As the business continues to develop and we need to bring additional talent into the team, we will continue to share new opportunities through our website. It has also been encouraging this week to see progress across our two operating businesses. I am particularly excited about providing greater visibility on the performance and development of these businesses over the coming months. To support this, we plan to begin issuing quarterly investor updates, giving shareholders more regular insight rather than relying solely on the biannual financial reports. The first one of these updates should be released in April. Our community has been in good spirits this week and I was pleased to see the positive reaction to the index inclusion announcement. We are building this company for you all and your support means everything. 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 @jorddd_ @ZynxBTC @wildgoosejon @SmarterBuildBTC @ourgoodlifeuk @AFCB12 @Britcoiner62 @SophieSatoshi @levyuk @butler_np @Raj_Devsi @Frank54703905 @SmarterBuildBTC @DivBy21 @BitcoinBee21 and @smarter_dash. Looking ahead to the coming week, my diary is looking busy. By the end of the week, we will be just one week away from our official index inclusion, so I will also be paying close attention to any impact this may have on the stock. Our research suggests that index inclusion is typically a positive development, and it is certainly encouraging to have reached this milestone in what is, in the context of public markets, a relatively short period of time. While it is an important step for The Smarter Web Company, I remain conscious that it is just one stage in a much bigger journey. My focus is firmly on continuing to build the business so that, in time, we can progress further up the market - with the FTSE 250 next and then the FTSE 100 being the index I ultimately want us to be part of. @Croesus_BTC and I have scheduled a catch up for Tuesday at 14:00 UK time and he posted this online yesterday so we hope that some of you can join us then. I appreciate your support, as always, and look forward to updating you all next week. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

Visit our website to find out more and buy tickets: smarterwebcompany.co.uk/bitcoin-treasu…

This week we were pleased to announce two significant developments. I also spent several days in Las Vegas attending Strategy World, where I had the opportunity to meet a wide range of high-quality participants. I committed at the start of the year to be selective with travel so I could remain focused on executing key initiatives but this event more than justified the investment of time. The quality of conversations was excellent, and we left with multiple concrete follow-ups that are already moving forward. On Monday we announced the proceeds from our ATM style facility. We raised £26,745 (before expenses), at an average price of approximately £0.36 per share. Please note that we provide a weekly market update only in weeks where shares have been sold, as required under the applicable disclosure rules, regardless of the amount raised. On the same day we announced our first acquisition, Squarebird, a transaction the team has been working hard on for several months and one that aligns closely with our 10-year plan. Squarebird meets our disciplined acquisition criteria: a profitable, cash-generative web design agency with strong margins and an attractive 3-to-4-year payback profile. The acquisition meaningfully scales our operating platform, increases recurring cash flow and enhances financial resilience by helping to support Group overheads through market cycles. I am particularly pleased with how we structured the transaction, made possible by the strength of our Bitcoin-backed balance sheet. We acquired Squarebird at approximately 2.5x EBITDA for the 12 months ended 30 April 2025, or closer to 3x on a more conservative basis, as detailed in the announcement. This reflects a disciplined approach to capital allocation, balancing our view on Bitcoin with the commercial realities of acquiring high-quality cash-flowing businesses. Viewed though another lens, the total consideration represented just over 1% of our balance sheet - a measured and prudent deployment of capital. In exchange for this the acquisition significantly increases our revenues. As our balance sheet continues to grow, we expect to evaluate other opportunities. As always, any future acquisitions will be subject to a rigorous evaluation process, and we will proceed only where we believe it clearly enhances long-term shareholder value. While our analytics page centres on Bitcoin treasury metrics, the Squarebird acquisition adds value beyond what is visible in Bitcoin yield alone. We are considering how best to reflect this accretive operating contribution within our broader performance framework. On Tuesday, we announced a $30 million credit facility with Coinbase. The purpose of this facility is to enhance both our operational and financial flexibility. It reduces the time lag between issuing equity and deploying capital - particularly important in volatile markets where equity may be issued at levels close to 1x mNAV. It’s important to note that the facility is not intended to be a source of long-term funding for outright Bitcoin purchases. Tuesday was the first full day at Strategy World attending numerous keynote sessions and participating in roundtable discussions across several important themes. I also had the opportunity to meet personally with @Saylor to discuss our recent developments and the direction we may take in the future. Wednesday continued in a similar format, culminating in our presentation as part of a series focused on international Bitcoin adoption. A recording of the presentation is available via the link on my timeline, and the full deck can be found on our website. I would like to thank the entire @Strategy team for hosting such a well-curated event and for making us feel extremely welcome. The breadth and quality of participants spanning digital capital, digital credit and digital money was impressive. AI was another prominent theme, and I am encouraged by the innovation underway among those building the future of finance on Bitcoin. Despite the challenging backdrop for Bitcoin and treasury conditions, the longer-term outlook remains constructive and I left feeling incredibly optimistic. On Thursday, I joined an early X Spaces session with @ZynxBTC and @the_desert_ape to discuss our recent announcements, particularly around Bitcoin-related M&A. This was followed by a series of meetings before I headed to the airport to return home. I spent much of the journey reflecting on the conversations and insights from the week. Our team has a strategic debrief scheduled for Monday to consolidate those learnings and determine how best to translate them into action. I want to thank the whole Smarter Web team for their support this week. While @Croesus_BTC and I were at Strategy World maximising every opportunity, the broader team ensured the business continued to move forward across multiple fronts. Leadership is about setting direction, but execution depends on the quality and commitment of the people around you. I’m proud to have such a passionate hardworking team and am grateful for the energy they bring every day. Due to commitments this week, I’ve spent less time on X than usual. That said, the strength of our community was a recurring theme in conversations and remains a meaningful differentiator in our equity story. 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 @jorddd_ @ZynxBTC @wildgoosejon @SmarterBuildBTC @ourgoodlifeuk @AFCB12 @Britcoiner62 @SophieSatoshi @levyuk @butler_np @Raj_Devsi @Frank54703905 @SmarterBuildBTC @DivBy21 @BitcoinBee21 and @smarter_dash. Attending Strategy World generated several valuable ideas for our own Bitcoin Treasuries Unconference on 29 May. Further details and tickets are available on our website. It promises to be a highly focused day of insight and meaningful connections, and I hope to see many of you there. I often reflect on a simple question at the end of each week: are we stronger than we were at the start? This week, I firmly believe the answer is yes. We have taken another meaningful step forward whether through strengthening infrastructure or deepening relationships, all aligned with our objective of increasing long-term Bitcoin per share. I’m looking forward to spending some time with my family this weekend before what is shaping up to be another busy week. I remain confident in our strategy, the opportunity set in front of us in the UK, and the strength of our differentiated equity story. Thank you, as always, for your continued support. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

Bitcoin treasuries unconference UK: early bird ticket discount ending soon. Buy tickets for the Bitcoin treasuries unconference UK with a 10% discount until Friday 06 March. Visit our website today to find out more or buy tickets (link in comments). LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8