Last Friday Smarter Web announced the expected intention to float MORE Preferred Shares on the LSE Main Market. Since then, Smarter Web is +58.4% and Bitcoin is +5.8%. Today alone, our stock finished up 20.23% and we finished top of the FTSE All-Share. The past week has been a good one. Our mNAV has expanded from 0.88 to 1.25. Fully diluted market cap has gone from around £120 million to £187 million. Fully diluted enterprise value has gone from £138 million to £207 million. The ordinary shares have gone from a Friday low of 32p to 52.98p. I want to make it clear that I still think the stock is undervalued at this level. 1.26 is a better print than 0.88, but a 26% premium to the Bitcoin is a thin price IMO for the UK's largest listed treasury that has grown Bitcoin per share this year through market lows and has just put a potential second source of long-term capital in front of the market. The week has moved the multiple. It has not, in my view, moved it far enough. The market sets that number. Our job is to keep growing Bitcoin per share. LSE: #SWC# | OTCQB: $TSWCF | FRA: $3M8