quote: This has been one of the most exciting weeks since Smarter Web became a public company. On Tuesday, we announced the launch of the IPO of MORE Preferred Shares and the publication of our Prospectus. We have spent a lot of time over recent months talking about capital structure, Digital Credit, the importance of having access to different pools of capital and our ambition to continue developing the Bitcoin treasury model in the UK. It is therefore incredibly exciting to reach the point where we are able to launch MORE. Subject to the IPO completing and Admission, MORE is expected to become the UK's first listed preferred share paying a weekly dividend. I think that is something the entire Smarter Web team, including the Smarter Web shareholders, should be extremely proud of. As I have written previously, I believe the development of new capital markets initiatives around Bitcoin treasury companies has the potential to significantly broaden the market. Not every investor wants the volatility associated with investing in the Ordinary Shares of a Bitcoin treasury company. Different investors have different objectives, different attitudes towards risk and different requirements from their capital. That is one of the reasons I have been so interested in the development of Digital Credit and why I believe having different forms of capital available to Smarter Web can become an increasingly important part of our long-term strategy. For regulatory reasons, I do not want to use this weekly update to go into the details of MORE or the IPO. We have published comprehensive regulatory announcements this week and we have also created a dedicated section on our website where investors can find further information. Most importantly, anyone considering an investment in MORE should read the Prospectus available on our website in full, including the risk factors contained within it, before making any investment decision. What I can say is that I am incredibly proud of the whole team and everyone else who has worked with us to reach this stage. Projects like this do not happen overnight. There has been an enormous amount of work involved over many months. In recent weekly updates I have repeatedly referred to the amount of work taking place behind the scenes that I was unable to discuss publicly. It is extremely satisfying to now be able to share one of the things that so much of that work has been building towards. Turning to the week itself, Monday was another busy day. We held our General Meeting, at which all three resolutions were passed with more than 99.8% of votes cast in favour. Among other things, this gave the Directors the authority required to allot Preferred Shares and resulted in the adoption of our new Articles of Association. Thank you to everyone who took the time to vote. Shareholder support is never something that I take for granted, and I was very pleased to see such strong support for the resolutions. Also on Monday, we provided an update on our Ordinary Share ATM-style Subscription Agreement. Approximately £1.89 million of gross proceeds were raised from the sale of 2,710,442 Ordinary Shares at approximately £0.70 per share. We also announced our intention to use some of the net proceeds to reduce the outstanding balance on our Coinbase Strategic Credit Facility from approximately £20.8 million to approximately £19.0 million. Then came Tuesday. Following FCA approval of the Prospectus, we formally launched the IPO of MORE Preferred Shares. The regulatory announcements and Prospectus contain the information investors should use when considering MORE, including the terms, structure and associated risks. For me Tuesday was an incredibly satisfying day. When we listed Smarter Web in April 2025, we had big ambitions. Since then, we have built the largest public company Bitcoin treasury in the UK, moved to the Main Market of the London Stock Exchange, completed our first acquisition, developed new ways of accessing capital and continued growing the operating businesses that sit alongside our Bitcoin treasury. MORE represents another step in that journey. On Thursday, we published our quarterly investor update for the three months ended 30 September. We work hard to communicate with shareholders consistently. These weekly updates are obviously an important part of that, alongside our regulatory announcements, Livestreams and other communications. However, I also think there is real value in periodically stepping back and looking at what has been achieved across a full quarter. In this update we explained how we simplified and strengthened our capital structure, repaid Smarter Convert early, reduced the potential fully diluted share count associated with it, completed the £210 million capital reduction, reduced the amount outstanding on our Coinbase credit facility and ultimately reached the launch of MORE. At the same time, our operating businesses continued to perform in line with our expectations, serving more than 500 client websites across the Group. Our ambition remains to build a stronger operating business, selectively acquire good businesses, grow our Bitcoin treasury and maintain a balance sheet and capital structure focused on increasing net Bitcoin value per fully diluted share over the medium to long term. Thursday was also a good opportunity to communicate in a slightly less formal way, with Miller and I hosting another Smarter Web Livestream. Unsurprisingly, there was plenty to talk about this week. I enjoy these conversations because regulatory announcements have to be formal and precise, whereas the Livestreams give us an opportunity to have a less formal conversation about Smarter Web, Bitcoin, capital markets and the industry we are helping to build. I think this week demonstrates just how much Smarter Web has evolved since we became a public company. We have built something that is quite different from a traditional operating company, but also different from simply owning Bitcoin. We have operating businesses, a substantial Bitcoin treasury, access to public capital markets and, subject to completion of the IPO and Admission, potentially a new class of Preferred Shares designed for a different group of investors. I hope that, from here, we also begin to see more coverage in the traditional media. I am proud of what we have built so far, and I think there is an important story to tell about what we are trying to achieve. Part of our job is to execute. Another part is making sure people understand what we are building and why we are building it. As always, thank you to our shareholders for your continued support. There is plenty of work ahead of us, but I am happy with what we have been able to communicate this week. We keep building. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8 | I get asked often about where I see the Bitcoin price in the future. Everyone has different timescales in mind when they ask me this question. I certainly do not claim to know with certainty where the Bitcoin price will be next week, next month or even next year. Nobody does. But when I look at previous cycles, the continued growth in adoption, where I believe Bitcoin sits today, and then add in that I believe we have come out of the recent drawdown, I think there is a very interesting period ahead of us. If history is any guide, Bitcoin has tended to move in cycles. Those cycles have historically been closely connected to the four-year halving cycle, with periods of significant appreciation followed by significant, decreasing, corrections. There has been plenty of discussion over whether that four-year cycle is now dead. Personally, with everything I can see right now, I am not convinced that it is; I think it may simply be evolving. As Bitcoin becomes a larger and more widely owned asset, it seems reasonable to me that both the upside and downside volatility should gradually reduce. That does not mean the returns cannot still be extraordinary. I can quite comfortably imagine a scenario where Bitcoin increases more than five-fold during the next major cycle and, if previous cycles are anything to go by, that upward journey could play out over several years including plenty of volatility along the way. Equally, there will be drawdowns. There always have been. The recent correction was around 50%, and perhaps future corrections become progressively less severe as Bitcoin matures and adoption increases. We could therefore continue to see something resembling the four-year cycle, but with lower volatility in both directions as the asset becomes larger, more liquid and increasingly integrated into the global financial system. Of course, this is simply how I think about it today. The market will ultimately tell us whether that view is right. I have never believed that successfully owning Bitcoin requires being able to predict every move in the Bitcoin price. In fact, I think attempting to do that is probably an unwise approach. In my view the best approach is just to buy Bitcoin whenever you have capital to save for the future. On an individual level, I find it uncomprehensible for someone to justify having no exposure to Bitcoin at all. That does not mean everyone should have the same allocation. People have different circumstances, different attitudes towards risk and different time horizons. But when an asset has absolute scarcity, global liquidity, a transparent monetary policy and what I believe is still enormous potential for further adoption, I struggle to understand the argument for not owning Bitcoin. Over time, I think the same question will increasingly be asked by companies, charities, institutions and countries. The appropriate level of exposure will be different for each, but the underlying reasons for owning Bitcoin do not change. If Bitcoin continues to become more widely understood and adopted, I think the number of balance sheets with some Bitcoin exposure will continue to grow. That transition will not happen overnight. Bitcoin remains volatile, it is still relatively young and there are practical, regulatory and governance considerations that will naturally make some move more slowly than others. But I believe the direction of travel is clear. At Smarter Web, we made our decision some time ago. Bitcoin sits at the centre of our balance sheet and our long-term strategy, alongside the continued growth of our operating businesses. We are incredibly proud to have built by far the largest public company Bitcoin treasury in the UK, and we intend to keep building from here. Turning to the week itself, it has been another extremely busy one. As shareholders know, we are working towards the Possible IPO of MORE Preferred Shares and the publication of a Prospectus, subject to FCA approval. There is a limit to what I can say while that process continues, and I do not want to get ahead of the appropriate regulatory announcements. What I can say is that MORE has been a significant focus for us recently. There is a huge amount of work involved in bringing something like this to market, particularly when we are trying to do something that has not been done before in the UK. I know shareholders are keen to hear MORE, and I am equally keen to be in a position where we can say MORE. For now, the team is working incredibly hard and we will continue to update the market when we are able. One thing that times like this reinforce is just how fortunate I feel to have the team we have built around Smarter Web. MORE is an important project, but it is far from the only thing happening. Our operating businesses continue serving clients, the PLC team continues working across the wider strategy, and there are multiple workstreams moving forward at the same time. When there is this much happening simultaneously, having talented people who take ownership and get things done makes an enormous difference. I am grateful to everyone across Smarter Web for the work they continue to put in. On Wednesday evening, I recorded another Bitcoin Treasuries Podcast with Tim Kotzman. Tim was one of the first people I spoke to on a podcast shortly after Smarter Web became a public company, so it was great to catch up and talk about how far things have developed. We are already planning to do another one soon. You can find the conversation on X and YouTube. Then on Thursday, Miller hosted the latest Smarter Web Livestream with Lance Vitanza from TD Cowen. Lance has an enormous amount of knowledge and experience, and I thought it was particularly interesting to hear the perspective of a large financial institution on Bitcoin and Bitcoin treasury companies. This conversation is also available on X and YouTube. Next week I will be joining Miller for the Smarter Web Livestream. I am looking forward to talking about everything Smarter Web, Bitcoin and whatever else seems interesting by Thursday. Finally, thank you, as always, to our shareholders and everyone who continues to support Smarter Web. I look forward to sharing MORE with you soon. LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8(Cloudflare(NET) 上季实际: 2026Q2 净利润 -1.93亿美元 EPS -0.55 Cloudflare(NET) 机构预期: 2026Q3 营收7.45亿美元 EPS 0.3453)