"Digital credit is accelerating Bitcoin's monetisation as an asset — and cementing its integration into global finance."
Jesse Myers, Head of Bitcoin Strategy at Smarter Web, on the latest episode of The Income Show by True North.
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The Income Show | Ep. 8 ft. @Croesus_BTC
Our host @IIICapital sits down with Jesse Myers on the recent shakeout in digital credit, where bitcoin:native sentiment and the 4 year cycle stand today, and why he sees Bitcoin accelerating toward becoming the world's dominant form of long term capital.
Tyler Evans, Non-Executive Director at Smarter Web and Chief Investment Officer at UTXO Management, speaking at the Bitcoin Treasuries Unconference UK, on what makes a successful Bitcoin treasury company:
"Ultimately, when we're backing one of these companies, we're making a big bet on the team — that they can navigate the regulatory hurdles, the capital-raising environment, the operating structures needed to find success in their market."
@tylev
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"I focus on the future... I want to get into the FTSE 250, I want to get into the FTSE 100, and I just want to keep trying to do my best for our shareholders."
Andrew Webley at the Bitcoin Treasuries Unconference UK on achievements since listing Smarter Web, and future ambitions.
@asjwebley
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Over the past few weeks I have written about Bitcoin treasury analytics, Bitcoin per share, how I believe the sector is evolving, and how we at Smarter Web are trying to advance.
This week, rather than focusing only on the events of the last seven days, I wanted to step back and reflect on what has been, in my view, the most significant quarter since Smarter Web became a public company.
The reason I think it has been so significant is not because of any single announcement.
Rather, I believe this quarter marks the point where we have started to transition from simply being a Bitcoin treasury company to becoming what is increasingly being described as an “Amplified Bitcoin” company.
Bitcoin itself remains, in my view, the best treasury asset available. However, the opportunity for a public company is not simply just to own Bitcoin. It is to responsibly use the balance sheet and public markets to increase the amount of Bitcoin attributable to each share over time.
That is what I understand Amplified Bitcoin to mean.
Amplified Bitcoin and volatility
Amplified Bitcoin creates a unique value proposition for equity investors. It combines Bitcoin with appropriate capital markets tools, strong operating businesses and disciplined capital allocation to create more long-term value for shareholders than simply holding Bitcoin alone.
Over recent months we have started taking meaningful steps in that direction. We have continued increasing our Bitcoin holdings, introduced measured leverage, simplified parts of our capital structure, strengthened our management team, improved our treasury analytics and reporting, and continued developing our operating businesses.
Individually, none of these developments fundamentally changes the business. Collectively, however, I believe they represent a significant evolution in how we are building Smarter Web.
Amplification naturally comes with volatility. It can magnify Bitcoin’s price moves to the upside, but it can also magnify price moves to the downside. That is part of operating in an emerging sector, and it is important that investors understand both sides of that equation.
Digital credit
One area that has generated considerable discussion recently is digital credit.
Personally, I think some of the debate reflects the fact that these are entirely new securities, and the market is still learning how to understand and therefore value them.
Digital credit investors are typically buying something fundamentally different from ordinary equity investors. An equity investor is seeking capital appreciation. A digital credit investor is generally seeking a yield.
The secondary market price of a digital credit instrument is important for investors buying and selling that instrument, but it does not automatically mean the issuer’s balance sheet has become stronger or weaker. It does also not impact those investors holding the security shorter term as they buy it for a yield as the selling price only impacts when they decide to sell.
A sell-off in these instruments changes the effective yield available to investors in the secondary market, but it does not, in itself, change the issuer’s ability to make dividend payments.
These structures are designed to finance businesses over many years, not to be judged only on weekly movements in secondary market pricing.
Looking ahead
There will undoubtedly continue to be volatility, both in Bitcoin and in Bitcoin treasury companies.
However, my conviction has never been stronger.
Our ambition remains unchanged: to build one of the leading companies in the UK, supported by a growing operating business, an increasingly sophisticated Bitcoin treasury and a balance sheet that creates long-term value for shareholders.
Thank you to our shareholders, our team, our advisers, our partners and the wider Bitcoin community. Building something ambitious takes time, patience and an enormous amount of hard work, but I am excited about what comes next.
Thank you, as always, for your continued support.
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Bitcoin has been more volatile recently, but that's nothing new.
Every major move higher has been accompanied by periods that test conviction. They're uncomfortable, but they're part of Bitcoin's history.
At Smarter Web, we've chosen to build our balance sheet around what we believe is the world's best long-term asset. That means we experience the volatility too.
Bitcoin is digital capital for a digital future. It isn't going away.
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"I was pleasantly surprised to find that the UK is one of the best capital markets in the world to run the Bitcoin treasury playbook."
Jesse Myers, speaking at the Bitcoin Treasuries Unconference UK on the evolution of his global asset landscape model since it was adopted by Michael Saylor.
@Croesus_BTC
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Jesse Myers at the Bitcoin Treasuries Unconference UK, on what makes a successful Bitcoin treasury company:
"Do you serve the interests of shareholders? Do you execute, day in day out, on their behalf? Can you deliver an increase of Bitcoin per share, over time?"
@Croesus_BTC
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Andrew Webley at the Bitcoin Treasuries Unconference UK, on where the model goes next:
"For me, it's all about the amplification of the model. Putting your balance sheet to work, and hopefully growing to be one of the biggest companies in the UK."
@asjwebley
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Leading the UK's listed Bitcoin treasury space, with 2,878 BTC on our balance sheet.
London-listed, GBP-denominated, disciplined. An established operating business with a growing Bitcoin treasury.
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Last week I touched on Bitcoin treasury analytics and how companies like Smarter Web are thinking about the metrics that matter as we scale.
As more companies adopt Bitcoin treasury strategies, I expect the frameworks investors use to assess value to continue evolving. One of the biggest challenges for all of us operating in this space is communicating that opportunity with maximum transparency while recognising that many of these metrics are still new to the market.
Just as investors once had to learn how to value software businesses differently from industrial companies, I believe the same will happen with Bitcoin treasury companies. Understanding Bitcoin-denominated balance sheets and the metrics that accompany them will take time, education and experience. We are pleased to be playing our part in helping develop that conversation and improving investor understanding of the model.
Bitcoin has had a little volatility this week, following the pullback that came after the move up between April and early May. Short-term volatility has always been part of Bitcoin's journey. Every major cycle has included periods of consolidation before continuing its longer-term trend.
When you zoom out, the bigger picture remains unchanged. Bitcoin continues to do what it has always done: experience volatility in the short term while steadily appreciating over the long term. More importantly, away from the day-to-day price action, adoption continues to grow, infrastructure continues to mature and the underlying network becomes stronger with each passing year.
In my view, the progress Bitcoin has made over the last twelve months exceeds anything we have seen previously in its history.
I believe we are living through a pivotal moment. We have the opportunity to rebuild significant parts of the world's financial infrastructure on an open, decentralised monetary network. That opportunity exists because millions of participants – including individuals, institutions, developers and companies - are contributing in different ways towards the same ecosystem. Digital capital for a digital future.
That long-term vision is what motivates everything we are building at Smarter Web.
While I spend much of my time looking forward, I am also incredibly proud of what our team has achieved so far - with the support of our shareholders.
Since our IPO in April 2025, Smarter Web has become one of the UK's fastest-growing and most closely watched public companies. We have successfully raised a little under £250 million to build the UK's largest public company Bitcoin treasury.
Our progress has been driven by a clear strategy and disciplined execution. Just nine months after joining the Aquis Stock Exchange, we successfully uplisted to the London Stock Exchange Main Market, significantly increasing our profile among investors.
We have analyst coverage from major broker TD Cowen and have become one of the UK's most actively traded and widely owned newer retail stocks.
These achievements are milestones, not the destination.
Our ambition is to build a modern British technology company that combines growing operating businesses with a forward-looking balance sheet. We believe Bitcoin will become an increasingly important strategic reserve asset over the coming decades, and we intend to continue growing our treasury responsibly whilst increasing Bitcoin per share.
Ultimately, our goal is to create long-term value for our shareholders. We want to demonstrate that a British public company can innovate, execute quickly and compete successfully on the global stage. We are building a company designed not just for today's digital economy, but for the decades ahead.
Turning to this week, on Monday we announced an update on our ATM-style facility, raising £299,091 (before expenses) from shares sold during the previous week. Later that day I joined Roxom TV on “The State of Bitcoin Markets”. It was my first appearance on the show for some time, but I was pleased to join the show and thoroughly enjoyed the discussion.
On Tuesday we announced the appointment of our new Chief Financial Officer. Oliver Hewett has served as Group Financial Controller since joining us on 27 April 2026 and has quickly become an integral member of our leadership team. His combination of institutional finance experience, previous CFO experience and genuine conviction in Bitcoin makes him the ideal person to lead our finance function as we continue executing our 10-Year Plan.
On Wednesday we held a shareholder meeting. I was delighted that shareholders supported the resolution with 99.94% of the votes cast in support. In simple terms, this allows us to convert part of our share premium into distributable reserves, with the process expected to complete around 15 July 2026.
Alongside these announcements, our team has continued to work on a number of initiatives that we believe will be fundamental to our long-term success. I have often said that leading Smarter Web is a privilege. One of the few frustrations that comes with running a listed company is that we cannot always share everything we are working on until the appropriate time. I look forward to discussing more with you as those opportunities develop.
Finally, I would simply like to say thank you. Your continued support, trust and belief in our vision are greatly appreciated by everyone at Smarter Web.
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If you have not yet joined the email list it is worth doing that today. The link is in the comments.
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Fair play to DDC Enterprise.
Losing a spot on the leader board is never much fun, but our focus remains exactly the same: executing our strategy and continuing to build Smarter Web.
We'll be back climbing the rankings soon enough.
At the end of the day, we're all working for Bitcoin.
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A few weeks ago, I had the pleasure of speaking about Bitcoin treasury companies and Smarter Web at @BitcoinconfIRL.
It was one of the best Bitcoin events I've had the privilege to attend, and the organisers have now released my keynote, which you can watch online.
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"I Met The CEOs Who Put £250M Into Bitcoin"
At the recent Bitcoin Treasuries Conference UK, @4lexanderPetrou produced a fantastic short documentary exploring the rise of Bitcoin and Bitcoin treasury companies.
He sat down with @kwasi_stackbtc, @satmojoe, @freddienew, and myself to discuss Bitcoin and why public companies are adding Bitcoin to their balance sheets.
If you've got 15 minutes, it's well worth a watch. Please like, repost, and share your thoughts.
@smarterwebuk@bitcoinhodlco@stackbtc_
https://t.co/y7QvnAIYnA
JUST IN: British #Bitcoin treasury The Smarter Web Company ($SWC) has appointed Oliver Hewett as Chief Financial Officer.
"His CFO track record and BTC conviction make him ideal to lead Finance as we execute our 10-Year Plan."
We are delighted with Oliver’s contribution to the team to date.
His combination of institutional finance experience, a hands-on CFO track record and personal Bitcoin conviction makes him the ideal person to lead the finance function as we continue to execute on our 10-Year Plan.
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