allinonthechair

This week, I want to go back to basics: what actually is a Bitcoin treasury company? There are still a lot of misconceptions around the concept, and in many ways the market’s understanding is still developing. Like many things in finance and technology, it can easily be overcomplicated. But at its core, it is actually very simple: a Bitcoin treasury company is an operating business with a Bitcoin treasury. There are, of course, different approaches to Bitcoin treasury management, and over time we will likely see many more variations emerge. Some companies may simply hold a portion of their reserves in Bitcoin alongside cash and other assets. In my view, that is a sensible approach because Bitcoin represents a superior long-term store of capital compared to many traditional alternatives. Others, like us, take a more active approach by aiming to grow the balance sheet in a way that benefits shareholders over the medium to long term. A strong balance sheet creates optionality. Historically, companies with strong balance sheets have been able to expand more effectively, make acquisitions, invest during periods of uncertainty and move faster than competitors. We believe Bitcoin is becoming an increasingly powerful part of that strategy. As the balance sheet grows, it gives the company greater flexibility to pursue acquisitions, access lower-cost or lower-risk capital strategies, and explore additional expansion opportunities, all while continuing to strengthen the treasury position. In that sense, the treasury and the operating business are not separate ideas - they reinforce one another. That combination - a real operating business alongside a long-term Bitcoin treasury strategy - is what makes this model particularly compelling in our view. At The Smarter Web Company, Bitcoin sits at the heart of the company. Bitcoin enables growth, whether through acquisitions, new revenue opportunities or simply through the continued expansion of the balance sheet. When evaluating our performance as management, the primary metric I focus on is Bitcoin per share. Bitcoin per share matters because it ensures we are focused on accretive actions, not simply increasing the headline size of the treasury, although that is important too. As I have discussed previously, other metrics - including leverage or amplification - also matter and need to be understood in the wider context. We believe that by steadily strengthening the balance sheet in this way, we create a foundation for long-term growth that can support both the existing operating business and future strategic opportunities. We are still in the early stages of broader market understanding around Bitcoin treasury companies, and I expect both the conversation and education around the sector to evolve considerably. Some people will focus only on the Bitcoin. Others will focus only on the operating business. I believe the real opportunity lies in understanding how the two work together. At The Smarter Web Company, our aim is to continue building a strong operating business, supported by a strengthening balance sheet, while simultaneously growing Bitcoin per share. We see that as a modern approach to corporate finance, capital allocation and long-term shareholder value creation. On Monday this week we announced the appointment of @jonwbird as Head of Marketing. Marketing is an important function within our Company as to succeed we must increase the number of people that know about The Smarter Web Company and understand the value proposition we offer. Jon joins from Squarebird, a recent acquisition, and is not only a talented marketing professional but also an entrepreneur and someone who understands Bitcoin. On Monday @Croesus_BTC also joined @RoxomTV for a weekly update discussing Bitcoin treasury companies. On Thursday we announced our latest Bitcoin buy. We added another 19 Bitcoin to our treasury and our quarter-to-date Bitcoin yield stands at 15.02%. Put another way we have increased our Bitcoin per share by 15.02% since the start of April. I would like to suggest, again, that people need to look at leverage / amplification ratios when viewing Bitcoin yield figures and currently our ratio is around 11.8%. The final point I will make on leverage / amplification in this update is that the structure is important and this is why companies like Strategy and Strive can have much higher ratios, although just using our current structure I believe there is sensible scope to increase this ratio higher. On Thursday Jesse also appeared on @DailyStackHQ to talk about Bitcoin and Bitcoin treasury companies. He talked about the “UK asset landscape” and on our website under “presentations and media” you can see the note he wrote about this under the title of “SWC perspectives”. Today’s update is being published slightly earlier than usual as I am heading to the airport now to travel to the @BitcoinconfIRL, where I will be delivering a keynote titled “Bitcoin Treasury Companies in the UK: From Adoption to Amplification.” I am looking forward to meeting people at the event, so if you are attending, please do come and say hello. If you are unable to attend, I plan to deliver the same keynote next week at our Bitcoin Treasuries Unconference UK, in Bristol on 29 May. @LauraStH1991 has done an amazing job of organising this event and we still have a small number of standard tickets available via our website. Since becoming a public company, just over a year ago, every decision I have made has been focused on our shareholders. We have built a talented and highly committed team, all aligned in our ambition to deliver meaningful shareholder value over the medium to long term. We believe the foundations we are putting in place, and the strategic direction we are pursuing, position the Company strongly in our ambition to become one of the leading companies in the UK. Alongside progress already communicated, there is a considerable amount of work taking place behind the scenes which cannot yet be disclosed publicly. We look forward to sharing further developments at the appropriate time. Thank you for your continued support, trust and patience. 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

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