Joined August 2017
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Mar 10
This is the biggest story in finance. Yet few are aware what's happening.
Record day for $STRC.
$409M - Daily Traded Volume (highest ever)
3% - 30D Volatility (lowest ever)
$99.78 - 1M VWAP (highest ever)
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Jun 12
SpaceX holds 6% of its corporate treasury in Bitcoin.
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Jesse Myers retweeted
Our highlight reel from the Bitcoin Treasuries Unconference UK is now live.
A day of insightful discussions and great conversations, bringing together the people shaping the future of Bitcoin treasury companies.
We’re also pleased to announce that 28th May 2027 will see the event return – this time as the Bitcoin Treasuries Conference UK – at Bristol Beacon.
Tickets are now available (link in comments).
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
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Jun 11
At @smarterwebuk we think "Net Bitcoin per Share" is an important metric to track an Amplified Bitcoin treasury strategy.
For this reason, we have added this metric (alongside "Gross Bitcoin per Share") to our analytics dashboard.
Hopefully the distinction here is clear.
- "Gross" = total BTC in our treasury
- "Net" = (total BTC in our treasury) - (BTC needed to settle fiat obligations at current BTC prices)
In other words, the equity value attributable to Ordinary Shares. (See image of balance sheet for simple view of these relationships.)
We've also added the £ equivalent ("Net Bitcoin Value per Share") as a useful measure of the treasury value per share after subtracting out fiat obligations. We suggest that this measure (currently £0.32) when compared against the market price per share (currently £0.27) may indicate whether the market share price is trading at a premium or discount to the net equity value per share.
The reason that we feel these "Net" metrics are important is that Smarter Web is growing into "Amplified Bitcoin for the UK."
We currently have 15.7% leverage, which we have incrementally established over the last few months. We believe that levered Bitcoin exposure at these relatively low Bitcoin prices creates structural uplift to Ordinary Share value if Bitcoin's price appreciates at greater than our cost of capital. This is the value proposition of an "Amplified Bitcoin" treasury company.
(For a simplified visual explanation of how this could play out, see slide from @asjwebley 29 May presentation from the inaugural Bitcoin Treasuries Unconference UK)
One way to track whether the "Amplified Bitcoin" strategy is working over the coming years will be to observe whether "Net Bitcoin per Share" increases over time as a result of the interaction between static fiat obligations and the (possible) appreciation of Bitcoin assets funded via those fiat obligations.
If Bitcoin enters a sustained bull market in the coming months or years, the "amplified" performance of our Bitcoin treasury may deliver Ordinary Share value growth greater than Bitcoin's growth.
Incidentally, that value proposition may be worth paying a premium for. Currently, SWC shares trade at a 17% discount!
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
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Jun 11
There's only 4.6% of #Bitcoin left to be mined.
In 2 years, it will be just 3.1%.
At this point, new supply issuance will be cut in half permanently.
People are currently focused on when the bear market is over (is it now? in 3 months?)...
but the supply shortage that will fuel the next bull market is already loading.
This is the heart of Bitcoin's game theoretic inevitability.
Bitcoin has increasing scarcity of new supply issuance... terminating in absolute scarcity.
Both of these properties are a first in the world of store-of-value assets (because a set-in-stone supply schedule is not possible in the physical world - only in the digital world).
And yet, 99.9% of the world does not realize these simple truths, and as a result has not yet adopted Bitcoin as their primary savings technology / treasury asset.
They will have to bid for the meager 4.6% of new supply left, or try to buy existing coins from the 0.1% who already understand what Bitcoin is.
All you have to do is remember what you're holding, accumulate if you can, and wait for economic reality to continue to play out.
When the 99.9% come bidding for your coins, at what price will you sell them some?
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Jesse Myers retweeted
Jun 9
To skeptics of Bitcoin treasury companies incurring fiat obligations to accumulate Bitcoin...
Some vintage reading:
- Speculative Attack (2014 @BitcoinPierre ) nakamotoinstitute.org/mempoo…
- Asset DNA (2021 @Croesus_BTC ) bitcoinmagazine.com/culture/…
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Jun 9
In tradfi, mNAV = Market Cap / Net Asset Value.
For BTCTCs, the typical "mNAV" includes neither this numerator nor denominator!
For this reason, @smarterwebuk is upgrading to a more precise metric and nomenclature.
Jun 9
At @smarterwebuk we think "mNAV" creates confusion and non-standardisation.
To date, treasury companies have used varying definitions of "mNAV." For the numerator, some use Market Cap while others use Enterprise Value. For the denominator, some use Net Asset Value while others use Total BTC Value - often while calling it "BTC NAV" rather than something more accurate like "Gross BTC Value."
In tradfi, "mNAV" typically means Market Cap / Net Asset Value, resulting in a multiple of NAV. The typical "mNAV" for a BTCTC includes neither this numerator nor denominator!
In our view, this non-standardisation can create confusion, which becomes more problematic when debt or preferred equity obligations are introduced, making comparisons between treasury companies less meaningful.
For this reason, we are shifting our analytics to a more specific metric that will be more informative and precise to institutional audiences. Our analytics dashboard now shows "Fully Diluted EV vs. BTC Value" which is calculated as = (Fully Diluted Enterprise Value) / (Total BTC Holdings * Current BTC Market Price).
We think this is a much better metric to evaluate the current value of a Bitcoin treasury company, as it more completely and transparently accounts for the real economic impact of debt, cash, warrants, options and all other instruments. We think that it is important to also consider amplification or leverage and then perhaps most importantly the Bitcoin per share change over different time periods (Bitcoin Yield) and understanding how this can continue into the future.
If Bitcoin treasury companies are going to become a recognised asset class, the industry needs transparent and consistent standards. And analytics that institutional investors can immediately understand.
Over the next few months, we will make further changes to our analytics dashboard, alongside working with others in the space, to try and improve consistency between different approaches.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
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Jun 8
Strategy sold 32 BTC the week before this.
With a 1550 BTC buy today, they bought 48x as much BTC as they sold. Average price of ~$65k / BTC.
If they had deployed the same $101m into BTC a week earlier (~$75k / BTC), they would have bought ~1347 BTC.
In other words, selling 32 BTC and the market irrationally panicking about it... allowed Strategy to buy 203 BTC more this week for the same dollars.
Jun 8
Strategy has acquired 1,550 BTC for $101 million to increase our $BTC Reserve to ₿845,256. We have also increased our USD Reserve by $100 million to $1.0 billion. $MSTR $STRC strategy.com/press/strategy-…
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Jun 8
I should clarify that I don't think BTC sold off specifically because Strategy sold 32 BTC. Stocks and all markets sold off hard.
But the narrative ("Saylor is selling") contributed to the sudden BTC market panic last week, simply because people weren't paying attention to how Strategy clearly communicated that they would sell some BTC to inoculate the market.
The market irrationally reacted. Strategy continued accumulating. Now it's clear to all that Saylor is net buying.
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TODAY: Brain chemical linked to breaking bad habits, Nvidia doubles down on South Korea AI, @saylor buys the dip, and all the latest moves across BTC markets.
Join us w/ @hankatroxomtv @Croesus_BTC @AlexandreLaizet @inneroperator @q_liketheletter and @qmbigbeat 🟠📈
x.com/i/broadcasts/1rxmqqzXW…
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Jesse Myers retweeted
Jun 7
I'm imagining the bears who think that Bitcoin is so weak that if you buy 4% of it and talk a lot, you can destroy the whole network.
It's not even a person, but a group. Bought 4%.
Like, somehow the key weakness of Bitcoin is that if someone buys 4% of it, everything fails.
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Jesse Myers retweeted
Jun 5
Bitcoin isn't crashing below $60k because Saylor sold 32 BTC.
It's crashing because $19 trillion of new AI market cap got created in 12 months... 13x the size of Bitcoin.
The most liquid risk asset on earth is being drained to fund the biggest IPO cycle since 2000.
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Jesse Myers retweeted
Jun 5
#Bitcoin 2 week candles
Bottom of the Keltner channels get tapped twice
A parabolic bull run follows
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Jun 5
I didn't mean it
18 Apr 2021
$58k forever
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Jesse Myers retweeted
This is the biggest % fall in a single week for Bitcoin since the collapse of FTX.
The FTX fraud marked the bottom of the bear market in November 2022.
This time? 🤔
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Jesse Myers retweeted
Jun 5
Biggest short-term holder capitulation in the history of bitcoin.
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Jun 4
HODL is not an acronym.
HODL originated as a misspelling from a drunk guy's wisdom.
The spirit of hodl is a recognition that for the vast majority of people, whenever you feel moved to trade your Bitcoin... you end up with less Bitcoin.
HODL is a recognition that you're better off holding. Sit tight, ignore the emotional pull of taking action, especially when Bitcoin is crashing and you want to take action most.
The wisdom is learned experience. Acceptance that unless you're a very experienced and skilled trader, you're better off holding through the pain.
So HODL.
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Jesse Myers retweeted
“If Bitcoin grows at 29% a year … and you're able to add 20% Bitcoin per share on top, those compound together to a 55% annual return. That beats the pants off anything else out there. That’s the potential of a Bitcoin treasury company, above and beyond the already great potential of Bitcoin.”
Yield generation by Bitcoin treasury companies, hosted by Stefania Barbaglio at the Bitcoin Treasuries Unconference UK.
Featuring:
Freddie New, CEO, BHODL plc - @freddienew
Jesse Myers, Head of Bitcoin Strategy, The Smarter Web Company - @Croesus_BTC
Roy Kashi, Chief Executive Office of Falconedge PLC - @roykashife
Stefania Barbaglio, Founder, Cassiopeia - @stefixy (Host)
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
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Jesse Myers retweeted
Jun 4
Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months. Bitcoin ETFs have seen ~$4B of outflows since May 14, pressuring $BTC. This is a capital rotation, not a Bitcoin impairment. Volatility creates opportunity.
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Jun 3
My presentation from the Bitcoin Treasuries Unconference UK last week.
How big is the UK asset landscape?
What's the TAM for a Bitcoin treasury company like @smarterwebuk ?
"There's 6% of the world's value in the UK, 9% of global equities, 10% of the world's money... I think it makes it the perfect jurisdiction to repeat the Strategy playbook of what a Bitcoin treasury company can be."
The UK asset landscape presented at the Bitcoin Treasuries Unconference UK by Jesse Myres, Head of Bitcoin Strategy at The Smarter Web Company.
@Croesus_BTC
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
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