Jon Bird

@asjwebley @smarterwebuk Enjoy! Lots of selfies in front of tall buildings and massive banks plz.

Another busy day with the @smarterwebuk team today. I was pleased to announce an additional 11 Bitcoin added to The Smarter Web Company (#SWC) treasury taking our Quarter-to-Date BTC Yield to 11.38%. An early start tomorrow as I am heading into London for two days of meetings. Looking forward to catching up with our Head of Capital Markets, @the_desert_ape, as we work through a packed schedule. In my opinion Bitcoin is also looking like it wants to go higher. For a Bitcoin treasury company wider investor sentiment in the underlying asset is important. I think there is a good chance that if Bitcoin can break and hold $75k, $100k+ may be closer than many think.

We are pleased to announce that @Croesus_BTC, Head of Bitcoin Strategy, @smarterwebuk will be talking at the Bitcoin Treasuries Unconference UK. Digital Capital. Digital Equity. Digital Credit. Digital Money. Join us in Bristol, UK. Hosted by The Smarter Web Company × Bitcoin Treasuries Media on 29 May 2026. Secure your ticket today (link in comments).

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

@smarterwealth @asjwebley Netflix series would be good! I suppose it’s a bit like Walter White and Jessie Pinkman getting back in touch now I think about it 🤣. Minus the drugs though, more finance and websites of course!

@jonwbird @asjwebley You absolute legend for sharing this story! I can already imagine there will be a movie about the early days of BTCTCs, and this will be a subplot within it.

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

@mrwebleyteach @smarterwebuk Thanks Matt! It’s gert lush it is.

@jonwbird @smarterwebuk Enjoyed reading that nice one Jon! Up the West Country crew!! 🇬🇧🚀

@TuftyRaul 🧡 thanks! And you’re correct! I’ve been in the background, wrapped up by NDAs and alike, but great to now be able to join in the fun.

@jonwbird This is such a Bitcoin type story where mutual respect and the will for everyone to do well for each other shines through. Welcome Jon, but I think you have been there all along!

@80IQConviction 🤝 deal!

@jonwbird LFG Jon 🤝

@Michaeljdobbin @asjwebley 🫡 on the mission!

@asjwebley What a week and what an update. Onwards and upwards. Oh and @jonwbird you are helping drive this winning tteam forward. You are the team. Thankyou for what you do also.

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

@johnsthor1 @asjwebley Thank you ❤️

@jonwbird @asjwebley Happy to have helped. You are now official Jon.

@johnsthor1 @asjwebley It’s just arrived! I was stuck in review. Perhaps you helped nudge it 🤣 - thanks!

@jonwbird @asjwebley Jon. We need a blue tick for you buddy.