©️HUK

Strategy has added 145,834 BTC in 2026. A 22% increase from EOY 2025, generating a 9.4% increase in Bitcoin per share. This week will belong to STRC, and deservedly so. Strategy will be the world's most valuable company one day. One of the interesting and exciting things about working for a BTCTC much smaller than Strategy is how much we can move the needle. @smarterwebuk currently trades at ~1.0x mNAV, yet has increased Bitcoin per share by ~13.5% in 2026. We hold 2805 BTC, so a 22% increase in Bitcoin holdings would mean adding just 617 BTC. And as the UK's leading BTCTC still early in its growth journey, hopefully we can deliver many, many +22% increases after that. Further out on the risk curve, no doubt. But perhaps most compelling when a new Bitcoin bull market appears to be forming.

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

The core value proposition of a Bitcoin treasury is its ability to increase Bitcoin exposure over time. A common bear case, however, is how this can be achieved in more challenging market conditions, particularly when equity issuance is limited or the company is trading below 1x mNAV. This week, we demonstrated that this can be achieved in more difficult market environments. By using a prudent level of debt, we executed our second capital markets transaction in a month to repurchase a significant portion of pre-IPO warrants at a discount. Over the past month, the company has now acquired 42,000,000 warrants at an effective ~0.67x mNAV. This has reduced our fully diluted share count by ~10.5%, resulting in a QTD Bitcoin yield of 10.9% (currently the highest globally) and increased Bitcoin per share to 755 satoshis. To own the equivalent of 1 Bitcoin, you now need 132,482 shares. Viewed through a different lens, this transaction was economically equivalent to acquiring Bitcoin at ~$49,000. Importantly, this demonstrates that Bitcoin per share can be increased even in less favourable market conditions Importantly, it also represents a material step in simplifying our capital structure. We have been conscious of the market’s focus on pre-IPO warrants as a potential overhang, and removing a significant portion (including the largest warrant holder) helps alleviate concerns on how this could impact our trading. There is sophistication in simplicity, and a simpler capital structure puts us in a much stronger position to raise capital and scale. Over the course of this year, we have made significant progress in addressing the three primary institutional concerns; our listing venue, the scale of our operating business, and the warrant overhang which should allow for more productive conversations with prospective investors. Against that backdrop, I do believe that a sensible amount of debt (or amplification) is needed in a Bitcoin treasury company. The model is, to a degree, about capital structure optimisation, particularly given the long-term return profile we expect from Bitcoin. When used prudently, this allows us to increase Bitcoin exposure at a cost of capital below that return, accelerating Bitcoin per share growth which we believe is a key driver of trading at a premium and ultimately sustaining the flywheel. Today, the company has approximately £9.5m of debt, equivalent to ~6.9% of NAV. For context, across the sector, Metaplanet is operating at an amplification ratio of ~13.5%, Strategy at ~33%, and Strive at ~45%. We’re in the fortunate position that the current scale of our balance sheet gives us access to these options, and over time our focus will be on determining the right level and form of debt (or amplification) as market conditions evolve. We have also been deliberate in how we deploy debt. Rather than using it simply to increase Bitcoin holdings, our focus has been on cleaning up the capital structure of the company. In our view, increasing scale without strengthening these fundamentals is not optimal. In summary, we felt this transaction was in the best interest of our shareholders and the level of engagement and feedback received following the announcement has been very encouraging. Sector developments There have been two notable developments for the Bitcoin industry this week. First, Morgan Stanley has expanded access to Bitcoin ETFs across its platform. This is particularly significant given current market sentiment. Eric Balchunas (analyst at Bloomberg) highlighted, with a network of ~16,000 advisors and trillions in client assets, even modest allocation rates could drive meaningful inflows - potentially reaching ~$5 billion in AUM within the first year. For context, BlackRock’s IBIT ETF has grown to approximately $55.9 billion since its launch in January 2024. Second, TD Cowen published a comprehensive 100-page sector report titled “Digital Gold, Digital Picks & Shovels.” As early supporters of the space, particularly Bitcoin treasury companies, and having played a key role in raising over $50 billion for Strategy, their perspective is a meaningful contribution to the sector. The report initiated coverage on four treasury companies, including us, and we were very proud to be included. For a smaller UK-listed company, coverage particularly from a large US Investment Bank plays an important role in broadening visibility, introducing the story to new pools of capital, and reinforcing credibility with a wider institutional investor base as the sector continues to mature. Smarter Web now has official research coverage from Tennyson Securities (UK), Maxim Group (US) and TD Cowen (US). As coverage of the sector continues to build, one way we think about the Bitcoin treasury landscape is through the lens of an adoption curve. This allows investors to decide where they want to position themselves along that spectrum. At the furthest point along the adoption curve, Strategy represents the market leadership phase. In the middle of the curve, Metaplanet and Strive sit in the expansion phase, while at the inflection point, we position ourselves in the emerging growth phase. Each stage offers a distinct risk/reward profile, which is what makes the sector particularly compelling. Over time, I expect investors to increasingly rotate capital across different global players, adjusting allocations based on where we are in the cycle. Market performance This week, our stock was the top-performing equity in the FTSE All-Share, closing +28.5%. Out of ~530 companies across the UK FTSE index series, we ranked #1 over the period. As a result of this combined with the recent capital markets activity, our fully diluted mNAV is now 0.97 - after several months of challenging sentiment for Bitcoin and the broader sector, it was encouraging to see. We also saw a noticeable increase in trading volume over the week. While part of this likely reflects the start of the new tax year, it was nonetheless constructive. Improving liquidity, supported by ongoing awareness, is a key focus for us and an important factor in meeting the requirements of larger institutional investors. Additionally, it was encouraging to see more participation across both our US and European lines. Being at the top of the performance tables naturally drives more attention, which in turn supports that broader objective. Weekly activity Despite it being a bank holiday on Monday, the team used the time productively with an extended strategy session. While execution remains critical, creating space to step back, think and challenge ideas is equally important and the Easter break provided a good opportunity for that. On Tuesday, my podcast with @JayW132 was released. It had been some time since we last recorded together and it was great to reconnect given how much has evolved across both the company and the broader market. Jamie also recorded his first podcast with @InvestorSmarter, who has been a strong supporter of Smarter Web and a vocal advocate for Bitcoin in the UK. Wednesday and Thursday were particularly intense with a significant amount of work focused on the warrant purchase offer. A great deal happens behind the scenes on transactions like this and we’d like to thank all our advisers who were involved. Throughout the week, we also continued to highlight speakers for the upcoming unconference, which is shaping up well. On Friday, much of the attention was on the TD Cowen sector report. Alongside that, @Croesus_BTC, @the_desert_ape and I hosted another X/YouTube session, where we discussed the week’s developments and shared updated thoughts on the company, the market and upcoming agenda. More broadly, the week was spent engaging with a wide range of stakeholders - developing new relationships and strengthening existing ones which remains central to how we execute our strategy. Closing thoughts Looking ahead, Jamie and I will be in London next Tuesday and Wednesday for a series of meetings, continuing that momentum as we focus on deepening engagement and progressing several ongoing initiatives. As always, a big thank you to our community. We recognise how challenging the sector has been for some time. We’re confident that since the start of the year we’ve been taking the right steps to strengthen our foundations, and it was particularly satisfying this week to deliver increased Bitcoin per share for our shareholders. It’s been encouraging to see the positive attitude which remains a genuine source of motivation for me personally as we work to build Smarter Web into one of the leading companies in the UK. 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. Thank you for the continued support and enjoy your weekend. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

$SWC The Smarter Web Company is the best performing stock on the FTSE All Share today however @thisismoney doesn't think so 😮 Please can you look into this @thisismoney

Like many of us, I often see the start of a new quarter as a useful moment to step back, reflect and reset perspective. There is no doubt that this past quarter has been one of the most challenging for markets in some time. The front page of last weekend's FT noted that global bonds and equities had experienced their largest combined sell-off since 2022. Unsurprisingly, this has been felt across asset managers, equities and digital assets alike, with many markets ending the quarter at valuations that, in my view, reflect macro dislocation and extreme risk aversion rather than underlying progress. The Bitcoin treasury sector is a clear example of this. Bitcoin itself was down approximately 25% during Q1 (the worst Q1 performance in 8 years), with many Bitcoin treasury company share prices down 20–40% over the same period. But share price is only one metric. If we step back and look at what has happened across the sector, the industry has collectively moved forward in a meaningful way this quarter - in scale, in capital formation, innovation and awareness. Across the ecosystem, companies continued to raise capital, launch new products, restructure balance sheets, pursue M&A and, most importantly, accumulate or position themselves to accumulate more Bitcoin. @Strategy's STRC success, @Metaplanet's continued capital raising and ecosystem initiatives, @Strive's digital credit products, @H100Group's M&A activity, @_ALCPB's convert restructurings, our own LSE uplisting and FTSE UK Index inclusion plus a growing number of UK-listed companies taking active steps to develop and advance their individual strategies – the underlying direction of travel for the sector has remained positive. For that reason, when I reflect on Q1, I don’t focus on where share prices finished the quarter; I focus on whether the industry has grown in scale, credibility and visibility. By that measure, the answer is clearly yes. Over time, what strengthens the sector and increases institutional understanding benefits everyone operating within it. When I look at the set-up for Q2, having a short-term view on both direction and timing remains extremely difficult, although sentiment indicators suggest we are still close to extreme bearishness, which is normally the point at which prices have bottomed. I remain adamant that the underlying drivers for Bitcoin have not changed. Ongoing global monetary expansion and currency debasement continue to support the long-term case for Bitcoin, and that sentiment will at some point turn again. When it does, investors will return, and the key question they will ask is how they want to express their Bitcoin view - through spot, derivatives, ETFs, equities, or a combination of these. With that in mind, a major focus for us in Q2 is continuing to raise awareness of why an equity can be a compelling way to gain Bitcoin exposure and the different value propositions it offers to different types of investors. It is important to remember that this sector is still very young - less than 12 months old if we consider the summer of 2025 as the genesis. Many retail and institutional investors still do not fully understand the broader value proposition, which in simple terms is that we provide a solution to the question: “How do I get more Bitcoin?” and the various mechanics and nuances around that. Our view is that Smarter Web can appeal to a wide range of investors, and the key is ensuring that message is clearly understood. For UK-only investors who cannot easily access Bitcoin directly, we provide exposure through a listed equity. For value investors, we may offer opportunities to buy Bitcoin exposure at a discount. For hedge funds, we provide directional exposure and volatility. For ECM investors, we offer participation in capital raises. For retail investors and family offices, we provide a vehicle to increase long-term Bitcoin exposure. For digital asset managers, that need to outperform Bitcoin, we provide a more volatile possibility. For ETF managers, we can form part of a relevant thematic basket. And for volatility or momentum traders, our stock provides liquidity and price movement to trade. As part of this process, keeping the market appropriately informed remains very important, and I was pleased that we released our first quarterly update as an LSE-listed company on Thursday. For those who follow us closely, much of what we publish may already be familiar. However, it is important that we communicate consistently and in the appropriate format so that the broader institutional market can understand our strategy, progress and positioning. Publishing investor updates via RNS and building activity around those updates is an important part of increasing awareness, credibility and visibility with institutional investors over time. The update outlined our key developments but also provided additional detail on parts of the group that may receive less attention but are equally important, such as our operating business, which I would like to briefly touch on. My view has always been that a successful Bitcoin treasury company should be supported by a profitable operating business. In February, we had the opportunity to acquire Squarebird, a transaction that “used” approximately 1% of our balance sheet but increased our Group revenue by approximately 10x. Within the update, we shared that during the quarter the Group generated combined unaudited revenue of £439,203 and net profit before tax of £152,326. The Smarter Web Company Operations Limited generated unaudited revenue of £88,041 and net profit before tax of £51,111, while Squarebird Agency Ltd generated unaudited revenue of £351,162 and net profit before tax of £101,215. Building a profitable and expanding operating business remains a key strategic priority. It provides a sustainable source of revenue to support ongoing costs, reduces reliance on external capital and enhances resilience across market cycles. I look forward to being able to report further progress at the end of Q2, and I remain confident that expanding the operating business through disciplined M&A is the right approach for our shareholders over the long term. When I look back at the quarter, I do not think the team could have done anymore. One conviction that strengthened for me during Q1 is that there is real sophistication in simplicity, particularly when it comes to capital structure. As we move into the next phase of our growth, ensuring we have the right type of capital is crucial - we want to grow, but we want to grow in the right way, not at any cost. With that in mind, I feel confident that we have a clear plan for Q2 and beyond as we continue our journey to build one of the most significant companies in the UK. As always, we are only able to share certain things at the appropriate time, and I ask for your patience and trust that when the time is right, we will communicate accordingly. One thing I was very pleased to see this week was that tickets to our conference continue to be sold. This event is not about Smarter Web - it is about a broader mission to educate people on the value of Bitcoin and why it can make sense on a corporate balance sheet, particularly in the UK. Our aim is to bring together as wide a range of speakers and attendees as possible to help grow awareness and understanding. There are still some tickets remaining, and further details can be found on our website. Normally I would go through the week on a day-by-day basis, but given the Easter break and the shorter week, I thought it would be a good opportunity to step back and reflect more broadly. What I will say is that we have been very busy, but much of the work has involved sensitive projects or conversations with key stakeholders where we need to exercise discretion. Next week marks the first trading day of the UK tax year for the stock market and brings us closer to our one-year anniversary. Despite a challenging period for markets globally, I am extremely proud of what we have achieved as a company over the last eleven months. The biggest part of that, for me, remains the community everyone who has supported us through both good periods and more difficult ones, and who continues to believe in what we are building and the mission we are trying to achieve in the UK. As always, I appreciate your support and loyalty, and I look forward to continuing to build together in Q2. As always, a 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. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

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