Mega

i hope the larger art lover audiences eventually discover my artwork. i've been here since 2018. it feels like some have blinders on for me.. or i'm not loud enough? i was messaged by @ArtofConviction where he was in awe how my art remained underground since. thankful 2be here.

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