This weekās update has been harder to write than usual. As we mark our first anniversary as a public company, itās hard not to feel a little emotional trying to capture everything weāve 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 couldnāt 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, itās hard to fully take in how far weāve come - listing on Aquis, rapid early growth, raising ~Ā£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 Iām most proud of is the investor support that we have received. People matter and through Smarter Web, weāve brought together individuals around a shared mission ā 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, Iāve been reflecting on the values that have guided us so far and will continue to define us - integrity (doing whatās right, not whatās easy), transparency (clear, timely communication), accountability (owning outcomes), and stewardship (advancing the industry responsibly).
These values arenāt 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.
Itās also important to take a step back and reflect on where we could have improved. Overall, I believe weāve 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. Weāre not complacent and, as a team, we know thereās still a lot of work to do. Weāre working hard to keep moving things forward. It isnāt 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, itās an area Iām 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.
Weāve been working closely with several dashboard providers, including
@StrategyTracker and
@BitcoinPowerLaw, to ensure our data is accurately reflected.
Through this, weāve 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. Weāre 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_BTCās 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 Iām 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 Iām 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.
Itās 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 āamplificationā), 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 weāve come.
I ended the week travelling to Stroud with Jamie and Jon for
@HenryBTCchefās āFeast Bitcoinā 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 peopleās 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 Iām proud of what weāve achieved together as both a company and an investor community.
My conviction in Bitcoin, in what weāre 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, Iād 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 - Iām 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
It is remarkable how quickly sentiment can shift. When I wrote my weekly update three weeks ago, at quarter end, I reflected on what had been a particularly difficult period following an already extended phase of weakness.
Fast forward to today and the backdrop looks very different. The S&P 500 and Nasdaq have both reached new all-time highs, Bitcoin has rallied over 20% since the start of the conflict, and markets appear to be pricing in a more constructive geopolitical outlook and improved risk appetite.
At the time of writing, Bitcoin is trading around $77,100 and, more importantly, has broken through a key resistance level. As I mentioned in an X post of Thursday, it feels increasingly likely that Bitcoin has seen the worst of the recent correction - itās still too early to say weāre fully out the woods but I remain optimistic. The news that Goldman Sachs plans to launch its first Bitcoin ETF product was another sign of ongoing institutional support.
London trip
I am based in Bristol but visit London, for work, several times a month. It is one of the greatest cities in the world and regardless of your views on the UK, it remains one of the worldās leading financial centres.
I spent two days in London this week with
@the_desert_ape meeting a range of investors and stakeholders, all of whom play an important role in our continued growth. As with any business, relationships matter and itās critical that we continue to spend time face-to-face, ensuring our strategy is well understood while also listening carefully to feedback.
As always, much of the detail from these discussions is confidential but a few key takeaways I can share are:
1. The UK macro backdrop remains challenging. We spoke with several very smart market participants who discussed the current monetary, fiscal and social issues weāre facing. Whilst I acknowledge that Bitcoin cannot solve all these problems, itās a reminder of the work we need to do to raise awareness and how it can be part of the solution.
2. There is still work to be done in explaining the Bitcoin treasury model. This is something that I have commented on repeatedly, and although interest is growing, it will remain a key focus area as the sector continues to evolve.
3. The TD Cowen research initiation was very well received. Having a large investment bank take the time to publish research on the sector and feature our company adds meaningful credibility.
4. Our community continues to be a key strength. Maintaining and growing that base of liquidity is critical - retail drives awareness, while institutions bring depth and scale.
Industry development
Across our recent meetings, a consistent theme has been that Bitcoin treasury companies are still viewed as a new asset class / sector, with a significant amount of education still to be done - an exciting dynamic that presents a clear opportunity.
Against that backdrop, Iāve been thinking a lot about the data and analytics available to both institutional and retail participants when trying to understand the sector. At present, there is a notable degree of fragmentation and inconsistency in the data, which can impact transparency and the ability to draw accurate conclusions.
Many of you will know that weāve spent considerable time developing our own analytics page, with a focus on accuracy and clarity. Our ambition is to help set the standard for how the sector is understood and analysed.
As part of this, we are keen to work closely with leading data and dashboard providers to improve consistency and transparency across the sector. Given my background, this is an area Iām particularly passionate about, and one where we believe Smarter Web can play a meaningful role as the industry continues to evolve.
Weekly activity
On Monday, I spent much of the day pushing a variety of projects forward ahead of a busy few days in London. We had a particularly constructive call with a large, well-known name in the Bitcoin space, who we hope to confirm soon as a main sponsor for the VIP dinner at our conference. It was also valuable to hear their perspective on the sector and explore potential areas of collaboration.
On Tuesday, we announced the purchase of 11 Bitcoin, taking our quarterly yield to 11.38%. Our core objective remains consistent - to increase the Bitcoin exposure per share over the long term. You now require 131,944 shares in SWC to represent one Bitcoin.
On Wednesday, I caught the early train into London to begin two days of meetings. These trips are always intense, but highly valuable. That evening, we had a great Korean BBQ with a key partner, spending a couple of hours discussing Bitcoin, the broader sector and Smarter Web.
Thursday was another full day of meetings across the City and West End before heading back to Bristol. We also announced a raffle for 21 tickets to our conference to celebrate our one-year anniversary and Iāve been encouraged by the level of engagement.
Iām very proud of the line-up, and this week weāve secured additional speakers and sponsors (to be announced shortly) who recognise the value of coming together to help move the industry forward.
On Friday, it was good to be back at the desk catching up.
@Croesus_BTC,
@the_desert_ape and I spent time in a detailed debrief and strategy session, working through the weekās meetings, key takeaways, feedback and ideas. Creating the space to properly digest this is important - not just to reflect, but to assess some of the key next steps and how we prioritise these as a team.
It was satisfying to close the week as the best-performing stock in the FTSE All-Share on Friday, up 17.8% on the day (~ 18% for the week), and importantly, at 1.01x mNAV based on our analytics page at market close on Friday.
Closing thoughts
I often say weāre busy, but this is a particularly intense period. The team is working across multiple initiatives that we believe will create meaningful and varied forms of value for shareholders.
Alongside this, I try to check our community page on X frequently, and it was great to see us move above the 4,500-member mark. Not everyone may be aware it exists, but itās an important space where people can come together to discuss, learn and engage with the sector.
As mentioned earlier, our community remains a key differentiator, something that came through clearly in several meetings this week. Thereās been a noticeable increase in both energy and participation, and I want to recognise and thank everyone contributing to that.
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.
Looking ahead, next Friday
@the_desert_ape and I will be in Stroud attending
@HenryBTCchefās āFeast Bitcoinā event to mark our one-year anniversary. Iām looking forward to seeing many of you and sharing our latest thinking as we continue to build Smarter Web into one of the UKās leading companies.
Thank you for your support and I wish you all a great weekend.
LSE:
#SWC | OTCQB:
$TSWCF | FRA: $3M8