It is remarkable how quickly sentiment can shift. When I wrote my weekly update three weeks ago, at quarter end, I reflected on what had been a particularly difficult period following an already extended phase of weakness.
Fast forward to today and the backdrop looks very different. The S&P 500 and Nasdaq have both reached new all-time highs, Bitcoin has rallied over 20% since the start of the conflict, and markets appear to be pricing in a more constructive geopolitical outlook and improved risk appetite.
At the time of writing, Bitcoin is trading around $77,100 and, more importantly, has broken through a key resistance level. As I mentioned in an X post of Thursday, it feels increasingly likely that Bitcoin has seen the worst of the recent correction – it’s still too early to say we’re fully out the woods but I remain optimistic. The news that Goldman Sachs plans to launch its first Bitcoin ETF product was another sign of ongoing institutional support.
London trip
I am based in Bristol but visit London, for work, several times a month. It is one of the greatest cities in the world and regardless of your views on the UK, it remains one of the world’s leading financial centres.
I spent two days in London this week with Jamie Knowles meeting a range of investors and stakeholders, all of whom play an important role in our continued growth. As with any business, relationships matter and it’s critical that we continue to spend time face-to-face, ensuring our strategy is well understood while also listening carefully to feedback.
As always, much of the detail from these discussions is confidential but a few key takeaways I can share are:
1. The UK macro backdrop remains challenging. We spoke with several very smart market participants who discussed the current monetary, fiscal and social issues we’re facing. Whilst I acknowledge that Bitcoin cannot solve all these problems, it’s a reminder of the work we need to do to raise awareness and how it can be part of the solution.
2. There is still work to be done in explaining the Bitcoin treasury model. This is something that I have commented on repeatedly, and although interest is growing, it will remain a key focus area as the sector continues to evolve.
3. The TD Cowen research initiation was very well received. Having a large investment bank take the time to publish research on the sector and feature our company adds meaningful credibility.
4. Our community continues to be a key strength. Maintaining and growing that base of liquidity is critical – retail drives awareness, while institutions bring depth and scale.
Industry development
Across our recent meetings, a consistent theme has been that Bitcoin treasury companies are still viewed as a new asset class / sector, with a significant amount of education still to be done – an exciting dynamic that presents a clear opportunity.
Against that backdrop, I’ve been thinking a lot about the data and analytics available to both institutional and retail participants when trying to understand the sector. At present, there is a notable degree of fragmentation and inconsistency in the data, which can impact transparency and the ability to draw accurate conclusions.
Many of you will know that we’ve spent considerable time developing our own analytics page, with a focus on accuracy and clarity. Our ambition is to help set the standard for how the sector is understood and analysed.
As part of this, we are keen to work closely with leading data and dashboard providers to improve consistency and transparency across the sector. Given my background, this is an area I’m particularly passionate about, and one where we believe Smarter Web can play a meaningful role as the industry continues to evolve.
Weekly activity
On Monday, I spent much of the day pushing a variety of projects forward ahead of a busy few days in London. We had a particularly constructive call with a large, well-known name in the Bitcoin space, who we hope to confirm soon as a main sponsor for the VIP dinner at our conference. It was also valuable to hear their perspective on the sector and explore potential areas of collaboration.
On Tuesday, we announced the purchase of 11 Bitcoin, taking our quarterly yield to 11.38%. Our core objective remains consistent – to increase the Bitcoin exposure per share over the long term. You now require 131,944 shares in SWC to represent one Bitcoin.
On Wednesday, I caught the early train into London to begin two days of meetings. These trips are always intense, but highly valuable. That evening, we had a great Korean BBQ with a key partner, spending a couple of hours discussing Bitcoin, the broader sector and Smarter Web.
Thursday was another full day of meetings across the City and West End before heading back to Bristol. We also announced a raffle for 21 tickets to our conference to celebrate our one-year anniversary and I’ve been encouraged by the level of engagement.
I’m very proud of the line-up, and this week we’ve secured additional speakers and sponsors (to be announced shortly) who recognise the value of coming together to help move the industry forward.
On Friday, it was good to be back at the desk catching up. Jesse Myers, Jamie Knowles and I spent time in a detailed debrief and strategy session, working through the week’s meetings, key takeaways, feedback and ideas. Creating the space to properly digest this is important – not just to reflect, but to assess some of the key next steps and how we prioritise these as a team.
It was satisfying to close the week as the best-performing stock in the FTSE All-Share on Friday, up +17.8% on the day (~+18% for the week), and importantly, at 1.01x mNAV based on our analytics page at market close on Friday.
Closing thoughts
I often say we’re busy, but this is a particularly intense period. The team is working across multiple initiatives that we believe will create meaningful and varied forms of value for shareholders.
Alongside this, I try to check our community page on X frequently, and it was great to see us move above the 4,500-member mark. Not everyone may be aware it exists, but it’s an important space where people can come together to discuss, learn and engage with the sector.
As mentioned earlier, our community remains a key differentiator, something that came through clearly in several meetings this week. There’s been a noticeable increase in both energy and participation, and I want to recognise and thank everyone contributing to that.
Shout out to everyone in the SWC community.
Looking ahead, next Friday Jamie Knowles and I will be in Stroud attending Henry Herbert’s “Feast + Bitcoin” event to mark our one-year anniversary. I’m looking forward to seeing many of you and sharing our latest thinking as we continue to build Smarter Web into one of the UK’s leading companies.
Thank you for your support and I wish you all a great weekend.
LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8
