Mikkel

@Thesecretinves2 This is just a waiting game. DCA & leave it to grow in value until rules finally change then it’s game on.

Every Bitcoin influencer is telling you to borrow against your stack instead of selling. Here's the UK tax reality nobody mentions. A thread on why "buy, borrow, die" is harder in Britain 🇬🇧 than it looks The appeal is obvious: Selling 1 BTC = CGT taxble event, up to 24% to HMRC of gains. Borrowing against 1 BTC = no disposal, no tax, you keep the upside. Right? 🤔 In theory, you never sell. You die holding it. Heirs inherit at uplifted base cost. In practice? It's a minefield. Trap 1: Centralised lenders. When you "lend" your BTC to most CeFi platforms, beneficial ownership transfers to them. HMRC's view: that's a disposal. CGT triggered the moment you deposit collateral. You owe tax on a gain you never realised. Trap 2: DeFi lending. HMRC's published position is brutal. Supply BTC (or wBTC) to a lending protocol and receive a token in return? That's a disposal. Taxed at market value when you deposit. Taxed again when you withdraw. Two CGT events. Per loan. This is the part most people get wrong: The loan itself isn't taxable. It's the COLLATERAL TRANSFER that's taxable, because beneficial ownership moves. So the real question isn't "is borrowing tax-free?" It's "can I post collateral without losing beneficial ownership?" Trap 3: Liquidation. If your collateral gets margin called and sold, that's an unambiguous disposal at the worst possible price. You crystallise the gain at the bottom of the dip. And you still owe the loan principal. Trap 4: Interest isn't deductible. The interest you pay on a Bitcoin-backed loan can't be offset against your CGT or income tax. You're paying 8 to 12% with after-tax money. Your real cost of capital is much higher than the headline rate. Trap 5: Counterparty risk. Celsius. BlockFi. Genesis. Voyager. Every major crypto lender of the last cycle has been through bankruptcy. "Not your keys, not your coins" applies to collateral too. If your lender goes bust, you're an unsecured creditor. So is the strategy dead in the UK? Not quite. There's a narrow path: Lenders where you retain beneficial ownership (multisig escrow) Self-custodial loan structures Conservative LTVs under 25% to survive 80% drawdowns Rare, but they exist. Here's where the UK actually helps: Die holding Bitcoin and there's no CGT on death. Heirs inherit at uplifted base cost. The outstanding loan reduces your estate for IHT. So "buy, borrow, die" CAN work in Britain. Just with different mechanics than the US version. The honest view as a UK Bitcoin & crypto tax accountant: The strategy is real. But it's not the magic bullet Bitcoin Twitter sells. You're trading CGT risk for: Counterparty risk Liquidation risk High after-tax interest HMRC disposal risk on most platforms If you're seriously considering borrowing against your stack and you're a UK taxpayer, get advice BEFORE you deposit anything as collateral. I see this go wrong every month. Follow for more UK Bitcoin tax. DMs open if you need a hand or second opinion.

RNS Announcement: Bitcoin Purchase The Smarter Web Company announces the purchase of additional Bitcoin as part of "The 10 Year Plan" which includes an ongoing treasury policy of acquiring Bitcoin. Please read the RNS on our website (link in comments). LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

@ReloadedPerfect @Thesecretinves2 They may now have better traceability so could find you have undeclared gains from 2018 onwards when the original tax rules came out

@Thesecretinves2 Hold on, why does one have to consider gains from 2018 onwards? What am I missing here? Is it not for current year?

From 1 January 2026, your Bitcoin & crypto exchange has been collecting data for HMRC. Every transaction. Every penny. The first reports have to be filed by 31 May 2027. If you have undeclared UK Bitcoin & crypto gains, this thread is for you 🧵 This is CARF. The OECD Crypto-Asset Reporting Framework. Every UK exchange and crypto service provider must now collect: Full name, address, date of birth Tax residency and NI number Every transaction. Every asset. Every date. Every GBP value. First reporting period: 1 Jan 2026 to 31 Dec 2026. Reports submitted to HMRC by 31 May 2027. HMRC then runs that data against your Self Assessment. The grey zone where most UK crypto holders have lived for the past decade is closing. "But I only swapped some ETH for SOL, I never cashed out." CARF doesn't care. Crypto to crypto swaps, stablecoin conversions, NFT trades, withdrawals to self-custody. All of it gets reported in standardised format, ready for HMRC to reconcile. And it isn't just UK platforms. 40+ jurisdictions are rolling out CARF. Coinbase, Kraken, Bitstamp, OKX, the EU exchanges, Switzerland, Cayman, and more. If your tax residency is UK, the platform is irrelevant. The data finds its way back to HMRC. Now the maths. Failure to declare carries penalties of up to 100% of unpaid tax, plus interest, plus the original liability. A £200,000 undeclared gain at 24% CGT is £48,000 of tax. After max penalties and interest, you can be looking at big bill on a single return. The route out is HMRC's Digital Disclosure Service. Unprompted voluntary disclosures attract dramatically lower penalties. Often 0 to 20%, versus 30 to 100% if HMRC opens an enquiry first. For most holders that's tens of thousands of pounds of difference. Sometimes more. The window is genuinely narrow. Exchanges collect data now. HMRC receives it May 2027. Nudge letters follow. If you have unfiled gains from 2018 onwards, the cheapest time to deal with it is the next 12 months. Not after the file lands on an inspector's desk. None of this changes how Bitcoin or crypto is taxed in the UK. What it changes is whether HMRC knows. From January 2026, the answer is yes. If you want to understand your exposure properly before the data arrives, contact me ASAP and we can review your situation.

@mickyshipo @Thesecretinves2 Will be reported to HMRC but not a taxable event

@Thesecretinves2 Withdrawals to self custody isn't a taxable event, surely ?

$MSTR Kudos to @coffeebreak_YT for actually getting on a live call with @PunterJeff after making his accusations about digital credit products and the @Strategy model. And a massive shout out to Jeff for being extraordinarily composed throughout. That’s where the credit ends. This conversation is a clear example of what happens when influencers jump on a trend without doing the work. Without running the math. Without approaching the topic with even a baseline level of humility. Coffeezilla has built a remarkable career exposing scams. That is genuinely valuable work, and nobody should take that away from him. But there is a significant difference between digging through documentation to expose bad actors and deciding to go against the thesis of someone who has innovated this entire space and thought about it day and night, and then entering a live unedited conversation with someone who has studied and built upon that very thesis in professional practice. @saylor has been publicly advocating for Bitcoin for over five years. The dashboards are public. The thesis is public. The math is public. The entire capital structure has been laid out in exhaustive detail across hundreds of keynotes, interviews, and earnings calls. To assume that reading into all of that in a day, then doubling down with broad public accusations about the model not being viable, is extremely shortsighted. And for someone with millions of followers, it is irresponsible. What this conversation made evidently clear is that when you go up against people who have built their entire professional lives on math and objective reasoning, opinions are not enough. @Strategy is trying to improve the credit market. Trying to give retirees a fighting chance. Trying to innovate in a space where there is no easy alternative path. Doing it transparently, mathematically, and with full confidence in what they have built. That deserves curiosity. Not a camera and a hot take. I am genuinely skeptical this entire video sees the light of day on his channel. Once again, Jeff was exceptional. $BTC $MSTR $STRC

@rikardorichards Haha just saw your last message 🤣

@MikkelTaylor But one was a Covid final so I’ll stick an asterix on that one! 😂

@rikardorichards Grok is doing me dirty then as thinks they’ve won it 3x this century. I think more too, they’ve always had a very strong squad and decent managers.

@MikkelTaylor I think it’s 6 in total which puts them amongst the most decorated European clubs but only 2 wins since 1976. Of course some clubs have never even won it, but when you consider the resources they have, the number of times they’ve qualified and made the last 4 it should be more

@BitcoinRachy No chance.

Okay serious question: If Bitcoin hits $500k this cycle, are you selling some or still HODLing like a psycho? No judgment, just curious how y’all are playing this.

@David__Osland I’m no economist but I think you might find the cost of the beer would also go up if you did that.

@study21million @saylor So STRK then ?

@saylor Dividends are great… but I’d rather hold an asset that compounds without needing to pay me back.

How often would you prefer to be paid dividends?

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

RNS Announcement: Bitcoin Purchase The Smarter Web Company announces the purchase of additional Bitcoin as part of "The 10 Year Plan" which includes an ongoing treasury policy of acquiring Bitcoin. Please read the RNS on our website (link in comments). LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

For STRC, the most recent dividend period had a Record Date of April 15, 2026 for a Dividend Payment Date of April 30, 2026. What that means is that you had to own STRC shares as of April 14th or 15th in order to be entitled to the dividend paid on April 30th. The dividend arbitrage firms, therefore, time their purchases so that the transaction settles just before the Record Date. and then, all too often, they sell immediately after that date. This is why STRC briefly traded below $99 on April 16th. What’s interesting about the proposal to switch to semi-monthly payments is that the payment date for one dividend payment would line up with the record date that determines who’s entitled to the one after that. To be specific, June 30th could become the record date for the July 15th dividend payment and July 15th would be the record date for the July 31st dividend payment and so on. If I assumed that we reach a simple 12% dividend, the current dividend frequency of one month would lend itself to a one point drop on ex-dividend dates whereas the proposed semi-monthly frequency would imply a "fair" drop of only one half point and existing investors would have the opportunity to receive their dividend and plow it back into STRC at any discount which might be available in the market. Theoretically this could be automated by subscribing to a DRIP, otherwise known as a dividend reinvestment plan. As I stated before, I endorse the proposal. @Strategy @Z06Z07 @phongle @jameslavish

Strategy has acquired 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin and has achieved BTC Yield of 9.5% YTD 2026. As of 4/19/2026, we hodl 815,061 $BTC acquired for ~$61.56 billion at ~$75,527 per bitcoin. $MSTR $STRC strategy.com/press/strategy…

Thank you @Ed_Miliband, your red tape and grid bureaucracy have actually done something right. You have made it easier, faster and make more business sense to mine Bitcoin rather than connect to the grid. A Yorkshire gas field that could supply over 10% of Britain’s annual demand is being positioned for early Bitcoin mining rather than immediate supply to the national grid. Reabold Resources plans a small on site gas fired power station using private gas to mine Bitcoin, generate early revenue and help fund further development of the field. Connecting to the grid is slow, costly and tied up in years of approvals, infrastructure build out and negotiations. Using the gas on site allows immediate monetisation from existing wells and creates early cash flow without waiting for the wider system to catch up. When the fastest and most viable route for a domestic energy resource is private on site use rather than supplying the grid, it becomes clear that Bitcoin isn’t the problem. This neatly exposes how misaligned UK energy policy, infrastructure and incentives have become. It’s amazing what businesses can do to stay profitable, even when the government tries to make it almost impossible. Full article: telegraph.co.uk/gift/f18a6bf32…

Hi all, I’m one of the founders of Squarebird (recently acquired by SWC) and thought I’d introduce myself with a bit of the backstory. You might assume my connection to the SWC of today came through a typical acquisition route, or the website industry… but it actually started with my interest in MSTR. I did, incidentally, happen to know Andrew from the past, and it all makes (I think) a great story worth sharing. Back in 2013, I was hired to manage the digital marketing for a leadership development consultancy, where I was introduced to Andrew and Alex at Smarter Web as the company’s recently appointed website providers. I was quickly impressed with their work, and over the next 3 years we delivered several successful web projects together. I enjoyed working with them so much that I very nearly asked Andrew for a job. Around 2015, Squarebird began to evolve for me and Nick (brother and co-founder) from freelancing into a fully-fledged web and marketing agency. Over the years that followed, we infrequently crossed paths with Andrew through mutual clients, passing enquiries back and forth when work wasn’t quite the right fit. Fast forward a whole decade to spring of 2025, Squarebird now a successful 25-person digital marketing agency, I’m in a bar with a friend, about to call it a night, when we get onto the subject of investing. We discovered a mutual love for Bitcoin, MSTR, and Michael Saylor. Safe to say, further night caps were ordered, and our bedtime was put on hold for another couple of hours. We discussed at length how we hoped that someone would soon launch something similar to MicroStrategy in the UK. A few days later, I’ve just woken up, reached for my phone… started scrolling through Instagram (terrible habit I know!) before my morning run… when I see the news. A Bitcoin treasury has gone live on Aquis, and it’s called The Smarter Web Company. I had three immediate thoughts: - my morning run is firmly cancelled. - I need to quickly do my research and invest at the bell. - I must tell Andrew Webley that a PLC is using the same company name as his. Then of course I discover, it IS the SWC I know, and it IS Andrew. It just seemed unthinkable. The first Bitcoin treasury launching in the UK, with an operating business in my industry, in Bristol, being run by someone I know? Those odds have to be pretty wild. The penny dropped. I knew Andrew was incredibly driven and talented from my experience as a user of software he had developed years back, and with his background at HL… of course he would be into Bitcoin, and of course he would have the determination to go all the way to launching a PLC. Once I had some shares in the bag, I emailed Andrew to congratulate him on the IPO and said how excited I was to see him leading the UK’s first Bitcoin treasury. That also marked the start of the conversations that led to SWC acquiring Squarebird. So, it’s always been far more than a typical acquisition. Since we joined the group, every day has been incredibly exciting, and I can honestly say that the SWC leadership team’s reputation for being relentlessly motivated to achieve their short and long-term goals, no matter the conditions, is well deserved and a true reflection of the day-to-day behind the scenes. The buzz is infectious and a privilege to be contributing to. As I said at the beginning, I think it’s a great story, and one that’s only just getting started. Looking forward to building what comes next with the team and everyone here. Politely, LFG. 🚀 @asjwebley @Croesus_BTC @the_desert_ape @aw_smarterwebuk @smarterwebuk

@Fluxuryy Oof that one doesn’t sound fun. GGs!

@MikkelTaylor 200 yard Par 3 up a big hill playing 220 probs, managed to secure the par (doesn't happen often😂)

Course is looking pure 😮‍💨

@ThaDeeDroid @Rajatsoni Ah I assumed you meant they will have problems raising fiat. Would be surprised if fiat stops that soon and at some point I expect Strategy to evolve their business model again .

@MikkelTaylor @Rajatsoni I agree. What I said is that either Fiat stops existing, in favor of a bitcoin standard, or they will have to sell bitcoin to pay dividends. I rather have BTC payments of dividends,.of course. But when that happens the current phase is over. So what's next?

If $MSTR issues $100M of $STRC at 11.5% and buys BTC with the proceeds, and Bitcoin grows at 31% per year - In 2 years, Bitcoin would be back at its all-time high - MSTR would have paid $24.3M in interest - MSTR's Bitcoin would be up $71.6M That's $47.3M of growth for MSTR shareholders