This week, I want to go back to basics: what actually is a Bitcoin treasury company? There are still a lot of misconceptions around the concept, and in many ways the market’s understanding is still developing. Like many things in finance and technology, it can easily be overcomplicated. But at its core, it is actually very simple: a Bitcoin treasury company is an operating business with a Bitcoin treasury. There are, of course, different approaches to Bitcoin treasury management, and over time we will likely see many more variations emerge. Some companies may simply hold a portion of their reserves in Bitcoin alongside cash and other assets. In my view, that is a sensible approach because Bitcoin represents a superior long-term store of capital compared to many traditional alternatives. Others, like us, take a more active approach by aiming to grow the balance sheet in a way that benefits shareholders over the medium to long term. A strong balance sheet creates optionality. Historically, companies with strong balance sheets have been able to expand more effectively, make acquisitions, invest during periods of uncertainty and move faster than competitors. We believe Bitcoin is becoming an increasingly powerful part of that strategy. As the balance sheet grows, it gives the company greater flexibility to pursue acquisitions, access lower-cost or lower-risk capital strategies, and explore additional expansion opportunities, all while continuing to strengthen the treasury position. In that sense, the treasury and the operating business are not separate ideas - they reinforce one another. That combination - a real operating business alongside a long-term Bitcoin treasury strategy - is what makes this model particularly compelling in our view. At The Smarter Web Company, Bitcoin sits at the heart of the company. Bitcoin enables growth, whether through acquisitions, new revenue opportunities or simply through the continued expansion of the balance sheet. When evaluating our performance as management, the primary metric I focus on is Bitcoin per share. Bitcoin per share matters because it ensures we are focused on accretive actions, not simply increasing the headline size of the treasury, although that is important too. As I have discussed previously, other metrics - including leverage or amplification - also matter and need to be understood in the wider context. We believe that by steadily strengthening the balance sheet in this way, we create a foundation for long-term growth that can support both the existing operating business and future strategic opportunities. We are still in the early stages of broader market understanding around Bitcoin treasury companies, and I expect both the conversation and education around the sector to evolve considerably. Some people will focus only on the Bitcoin. Others will focus only on the operating business. I believe the real opportunity lies in understanding how the two work together. At The Smarter Web Company, our aim is to continue building a strong operating business, supported by a strengthening balance sheet, while simultaneously growing Bitcoin per share. We see that as a modern approach to corporate finance, capital allocation and long-term shareholder value creation. On Monday this week we announced the appointment of @jonwbird as Head of Marketing. Marketing is an important function within our Company as to succeed we must increase the number of people that know about The Smarter Web Company and understand the value proposition we offer. Jon joins from Squarebird, a recent acquisition, and is not only a talented marketing professional but also an entrepreneur and someone who understands Bitcoin. On Monday @Croesus_BTC also joined @RoxomTV for a weekly update discussing Bitcoin treasury companies. On Thursday we announced our latest Bitcoin buy. We added another 19 Bitcoin to our treasury and our quarter-to-date Bitcoin yield stands at 15.02%. Put another way we have increased our Bitcoin per share by 15.02% since the start of April. I would like to suggest, again, that people need to look at leverage / amplification ratios when viewing Bitcoin yield figures and currently our ratio is around 11.8%. The final point I will make on leverage / amplification in this update is that the structure is important and this is why companies like Strategy and Strive can have much higher ratios, although just using our current structure I believe there is sensible scope to increase this ratio higher. On Thursday Jesse also appeared on @DailyStackHQ to talk about Bitcoin and Bitcoin treasury companies. He talked about the “UK asset landscape” and on our website under “presentations and media” you can see the note he wrote about this under the title of “SWC perspectives”. Today’s update is being published slightly earlier than usual as I am heading to the airport now to travel to the @BitcoinconfIRL, where I will be delivering a keynote titled “Bitcoin Treasury Companies in the UK: From Adoption to Amplification.” I am looking forward to meeting people at the event, so if you are attending, please do come and say hello. If you are unable to attend, I plan to deliver the same keynote next week at our Bitcoin Treasuries Unconference UK, in Bristol on 29 May. @LauraStH1991 has done an amazing job of organising this event and we still have a small number of standard tickets available via our website. Since becoming a public company, just over a year ago, every decision I have made has been focused on our shareholders. We have built a talented and highly committed team, all aligned in our ambition to deliver meaningful shareholder value over the medium to long term. We believe the foundations we are putting in place, and the strategic direction we are pursuing, position the Company strongly in our ambition to become one of the leading companies in the UK. Alongside progress already communicated, there is a considerable amount of work taking place behind the scenes which cannot yet be disclosed publicly. We look forward to sharing further developments at the appropriate time. Thank you for your continued support, trust and patience. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8

Live May 29 x.com/i/broadcasts/1qGvvvwWm…