This week gave us the opportunity to step back and reflect on the progress we have made as we published our Interim Results and Quarterly Investor Update. Whilst those results looked back over the last six months, we also supplied commentary on the post period. I hope that people can see that we are advancing Smarter Web continuously and with the level of information that we can provide have a clear path into the future.
Importantly, it is worth highlighting that we are still in the early stages of building an entirely new operating business model around a Bitcoin balance sheet.
Recently I have also shared my thoughts on Digital Credit and why I believe it will become an increasingly important part of the Bitcoin treasury company model. My opinion has not changed, and it was encouraging to see sentiment reverse positively around Digital Credit this week after the previous tough week for this important source of long-term capital for Bitcoin treasury companies.
I believe these instruments have the potential to become one of the most important sources of long-term capital. In my view, the recent volatility reflects a market that is still learning how to value Digital Credit, with price movements likely amplified by relatively high leverage in parts of the market together with some aggressive short-selling activity, rather than any fundamental weakness in the approach.
Turning to the week itself, on Monday our Head of Bitcoin Strategy, Jesse Myers, joined Roxom TV for another discussion around Bitcoin treasury companies and the wider market. Jesse always represents the Company exceptionally well and I enjoyed watching the conversation.
On Tuesday we released our Interim Results, Interim Results Commentary and our Quarterly Investor Update. These provide shareholders with a detailed overview of both our financial performance and the significant progress we have made over recent months.
Whilst accounting results for Bitcoin treasury companies can be distorted by non-cash fair value movements in Bitcoin, I believe the underlying progress of the business has been significant. During the period we continued building our Bitcoin treasury, successfully integrated our first acquisition into the Group, strengthened our management team, refined our Bitcoin treasury analytics and continued executing the strategy that combines a growing operating business, strategic acquisitions and a Bitcoin-backed balance sheet. Our ambition remains exactly the same: to build one of the leading companies in the UK.
Later that day I travelled to London ahead of an event on Wednesday that I was invited to attend, meeting with a number of people during the afternoon before an enjoyable dinner in the evening.
Wednesday was spent at a private event in London, which brought together a number of high-profile speakers from across the Bitcoin ecosystem. I was fortunate to be invited to speak alongside representatives from some of the leading Bitcoin treasury companies globally. The panel itself was one of the more challenging discussions I have participated in recently, with some excellent and difficult questions from the moderator. Personally, I think those are often the best conversations because they encourage deeper thinking rather than repeating well-rehearsed talking points.
I spoke about what I believe are three of the key ingredients behind building a successful Bitcoin treasury company: education, trust and marketing. Which all then lead onto an ability to generate capital. If we all believe Bitcoin will underpin much of tomorrow’s financial infrastructure, then all of us have a responsibility to help educate the market and explain why this matters. It was also great to spend time with so many people helping to build this industry.
On Wednesday I was also pleased to receive a detailed report covering Squarebird’s new business activity during June. Since completing the acquisition in February, the team has continued to perform well and build momentum. Whilst much of the investor attention naturally focuses on our Bitcoin treasury, we have a talented team working every day to grow our operating businesses. Increasing revenues and profitability over the months and years ahead remains an important objective, and I have been encouraged by the progress being made.
On Thursday I was back at my desk in Bristol with a mixture of internal and external meetings before recording a podcast with Tyler from BitcoinTreasuries.net. They continue to do an excellent job documenting and educating the market about Bitcoin treasury companies and I am looking forward to seeing the interview when it is released. True North also released a podcast with Jesse Myers talking with Joe Burnett which is worth watching if you have the time.
On Friday I spent most of the day at Squarebird HQ with Jon Bird, our Head of Marketing, advancing a number of new marketing initiatives. I am looking forward to sharing some of these marketing initiatives with you when I am able.
Looking ahead, next week is already shaping up to be another busy one. As always, one of the frustrations of leading a listed company is that there is often far more happening behind the scenes than we are able to talk about publicly. However, I remain incredibly optimistic about what we are building, and I look forward to sharing more with shareholders as projects develop and announcements are made.
Thank you for being a Smarter Web shareholder. Your continued support is appreciated, and we remain focused on executing our strategy, increasing Bitcoin per share and continuing to build what we believe can become one of the leading companies in the UK.
CEO of The Smarter Web Company, the largest UK Bitcoin treasury company. With 25 years of profitable Internet experience. A developer with creative passion and marketing skills that work.
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