Bitcoin has won. Global consensus is that $BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory. The biggest risk is bad ideas driving iatrogenic protocol changes.

Strive for Amplified Bitcoin.

More orange than ever.

Digital Credit built on Bitcoin opens a new chapter in the history of finance. $STRC

₿ears Anonymous

A milestone for Digital Credit: $STRC’s 30-day historical volatility is now 9%, below $SPY. We’re harnessing the power of Bitcoin while reducing price volatility for income investors. This is what financial engineering should do.

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

🔴 Digital Credit - Weekly Close (Oct. 2) Digital credit keeps grinding toward par while the common bases. Things are getting real interesting... 🚀 @Strategy Update • $MSTR: Advanced +0.9% w/w to $160.01. Net mNAV 1.20x, announced another 1,665 BTC added, and the treasury now sits on $7.6B of unrealized gains with $BTC at $84.4K. • $STRC: Climbed +0.9% w/w to $99.46, pressing toward par ahead of the Oct 28 daily-dividend vote. 12.1% effective yield, and another $152M repurchased takes the buyback program to roughly $1.28B retired. @Strive Update • $ASST: Gained +2.0% w/w to $30.03, back above the $27 warrant strike with expiry on Oct 10: 8.7% exercised so far, and roughly $684M of cash comes in if the rest follow. Shorts stayed crowded at 28.1% of float, now 3.0 days to cover. • $SATA: Finished at par, $100.01 (flat w/w), 13.0% effective yield. It was announced another 1,107 BTC added the ATM, taking the treasury to 27,462 BTC, +60.0% BTC yield YTD. What is left of the short pays 27.0%/yr with 0.3 days to cover. Where digital credit closed, updated daily. 👇 treasurytracker.net

Digital Credit is an alloy of capital and currency. $STRC

Just thought I would point out that even though there was a bit of a learning curve pioneering a new product, there have been exactly ZERO dividend payments missed… And every single person who has bought $STRC and held it, is in the profit and getting 2-3x the return of fixed tradfi products

3 months ago, with $STRC trading at $84.99, we published our thesis. Today, $STRC trades at $99.68. Digital credit is here to stay.

Introducing Saturn Institutional. For capital allocators, liquidity providers, and ecosystem partners. • Direct access to the Saturn team • Dedicated support for $STRC-powered digital credit, money, and yield products • Onboarding accommodation Details below.

We had our best overall quarter ever in Q3 - we enrolled a record 188,198 new students and someone enrolled in a course every 27 seconds in Q3 while certificates awarded rose by over 83% year-over-year!💥 Join the fun here👉saylor.org

Since the advent of Bitcoin in 2008, the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure. Unfortunately, our rules and regulations have not kept pace. To that end, today’s proposal would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before—and replacing the grey of uncertainty created by custody rules crafted for a bygone era.

Tutorial on Digital Credit $STRC

AI Agents and The Bitcoin Endgame | True North Podcast | Ep. 81 Featuring @PunterJeff, @IIICapital, and @AdamBLiv. Timestamps: 00:00 True North Loading... 03:15 Balance Sheet Update 05:23 Why Amplification Drives Returns 21:23 Bitcoin Treasuries Conference 31:44 The Future of Digital Credit 44:47 Daily Dividends 50:54 AI Agents and Capital 01:04:06 Warrants 101 01:20:12 Final Thoughts