Bitcoin held up well in October, and I remain positive on where it goes from here. October gave Bitcoin multiple different kinds of shocks. The US 10-year yield hit 5.34%, its highest since 2002. Brent crude had a fourth straight monthly gain, touching a high above $119 as the Iran conflict and attacks on tankers around the Strait of Hormuz kept supply at risk. CoreWeave and the neoclouds then came under credit stress, with CoreWeave’s bonds yielding 15-16% and its shares down more than 30%. Finally, Binance lost about $6.3bn in the largest hack in crypto history. Until the Binance hack, Bitcoin traded in a range of roughly $80,000 to $87,000, while the Nasdaq fell 5.3% on the month. The hack was a failure at one exchange, not at the Bitcoin network, and Binance has pledged to cover all losses. Although Bitcoin closed October down 7.3%, the low of the month tested the 50-week moving average at around $75,700, a key bull market support. Bitcoin held it and finished above it for the second month running. Despite the biggest crypto exchange hack in history, Bitcoin was hit less than the rest of the market on Friday. The Nasdaq fell 2.9%, the S&P 500 1.8% and gold about 3%, and Bitcoin fell by less than all three. Rising yields, oil above $110, stretched credit and a record hack in a single month is a hostile backdrop. Bitcoin continues to show strong relative strength against each negative catalyst that hits it, and that is why my outlook stays positive. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

"I want to see a lot more (Digital Credit) issuers, because I think it's very good for us, and it's very good for the industry." Smarter Web CEO, @asjwebley, speaking recently with @TimKotzman on the Digital Credit ecosystem. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

Bitcoin held up well in October, and I remain positive on where it goes from here. October gave Bitcoin multiple different kinds of shocks. The US 10-year yield hit 5.34%, its highest since 2002. Brent crude had a fourth straight monthly gain, touching a high above $119 as the Iran conflict and attacks on tankers around the Strait of Hormuz kept supply at risk. CoreWeave and the neoclouds then came under credit stress, with CoreWeave’s bonds yielding 15-16% and its shares down more than 30%. Finally, Binance lost about $6.3bn in the largest hack in crypto history. Until the Binance hack, Bitcoin traded in a range of roughly $80,000 to $87,000, while the Nasdaq fell 5.3% on the month. The hack was a failure at one exchange, not at the Bitcoin network, and Binance has pledged to cover all losses. Although Bitcoin closed October down 7.3%, the low of the month tested the 50-week moving average at around $75,700, a key bull market support. Bitcoin held it and finished above it for the second month running. Despite the biggest crypto exchange hack in history, Bitcoin was hit less than the rest of the market on Friday. The Nasdaq fell 2.9%, the S&P 500 1.8% and gold about 3%, and Bitcoin fell by less than all three. Rising yields, oil above $110, stretched credit and a record hack in a single month is a hostile backdrop. Bitcoin continues to show strong relative strength against each negative catalyst that hits it, and that is why my outlook stays positive. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

Bitcoin Treasuries Weekly Update #11# Strategy bought no ₿itcoin and sold no MSTR between 19 and 25 October, leaving the stack at 848,517. Instead it repurchased another 2,068,459 $STRC shares for $204.9 million, taking the buyback to $2.04 billion. $STRC reached $99.99 on Thursday, a cent off par. Strive made its biggest buy. It disclosed 6,182 ₿itcoin bought between 17 and 23 October for $511.4 million at $82,732, taking holdings from 36,818 to 43,000, just 1,000 behind Metaplanet. It then set up a $1 billion ATM for $SATS. Smarter Web's $MORE went ex-dividend on Thursday for its second weekly payment, £0.2301 per share, due on 16 November. There were no ATM sales this week, and holdings remain 2,850 ₿itcoin. Metaplanet's holdings are unchanged at 44,000, and its US vehicle Super League added 4 ₿itcoin ahead of the deal closing. Capital B still holds 3,538. Spot opened the week near $80,000 and held between about $79,300 and $81,900 through Wednesday's Fed hold. Late on Thursday, Binance disclosed a $6.3 billion hack, the largest crypto theft on record. About $3 billion has been frozen, and Binance will cover all losses. ₿itcoin fell as low as $76,141 on Friday and was near $76,700 at the US close, down about 4% on the week. US spot ETFs took in $440.8 million from Monday to Thursday, but Friday's $643.2 million outflow wiped that out, leaving the week $202.4 million negative. $IBIT still finished the week $176.9 million positive. $ASST $MSTR $SWC $MTPLF $ALCPB

Week 3 $MORE: 26 to 30 October MORE traded 7,867 shares from Monday to Friday, worth about £682,000. That is 7.1% of shares issued. The closing mid price moved from £93.50 on Monday to £81.00 on Friday, a fall of 13%. Friday was the busiest session at 3,582 shares, around 46% of total weekly shares traded. Across the 13 sessions since trading began on 14 October, 25.9% of shares issued has traded. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

There’s a lot of debate in the Bitcoin treasury space right now. Let me share how I think about it, as an investor not a CEO, in simple terms. A Bitcoin treasury company is, fundamentally, a balance sheet. That balance sheet can be managed through different capital structures: ordinary equity, preferred shares, traditional debt, convertibles, and so on. Each comes with trade-offs. Cost of capital, risk, investor appetite and the degree of leverage (or amplification) are all important considerations. There is no single structure that is right for every company, at every point in time. There are always trade-offs. But ultimately, a company belongs to its shareholders. Capital allocation decisions should be made with one objective in mind: maximising long-term shareholder value. For a Bitcoin treasury company, I think it is important to understand: 1) Bitcoin per share: how much Bitcoin does each share represent? 2) Future growth potential / sustainability: how much can that Bitcoin per share grow over time? 3) Risk: what risks are being taken to achieve that growth, particularly over the investment time horizon that matters to you? Different companies will pursue different strategies, and that's absolutely fine. What matters is whether those strategies create value for shareholders over time. And obviously beat Bitcoin performance as that is the benchmark. As an investor, I'll continue to assess both the short-term and long-term implications of management decisions, alongside each company's current valuation, growth potential and risk profile. And I'll allocate my capital accordingly. Ultimately, it's not about which capital structure is best in isolation. It's about which decisions create the most long-term value per share balanced against the risks that you are comfortable with.

Week 3 $MORE: 26 to 30 October MORE traded 7,867 shares from Monday to Friday, worth about £682,000. That is 7.1% of shares issued. The closing mid price moved from £93.50 on Monday to £81.00 on Friday, a fall of 13%. Friday was the busiest session at 3,582 shares, around 46% of total weekly shares traded. Across the 13 sessions since trading began on 14 October, 25.9% of shares issued has traded. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

Today is Bitcoin whitepaper day. On 31 October 2008, Satoshi Nakamoto shared a nine-page paper on a cryptography mailing list, with little fanfare. Eighteen years on, the supply cap is still 21 million. More than 20 million Bitcoin have already been mined. As the world moves towards AI and the abundance it will bring, Bitcoin will offer something different: a scarcity set by code that anyone can verify for themselves. Much about the future is uncertain, but not this: a block will be mined roughly every ten minutes, as it has been since January 2009. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

You are welcome. Yes - we actually use this within our operating businesses - a recent initiative with Smarter Web Operations and for some time with Squarebird Agency. Both of which will be increased, over time, as it is very easy to monitor the spend against revenue. However on the equities (SWC & MORE) it is far more complex under the regulatory regime. We have had lots of discussions around this area with our advisers and being blunt at times it is quite frustrating. Our focus on the equities is a few things which I can not share at present - as much as I would like to - but I am "fairly optimistic" on that front.

Looking back over the last few months, it has been a significant period for Smarter Web. We have continued developing the business, attracted considerable interest and, importantly, launched the first Bitcoin treasury Preferred Share on a main market outside the United States. I am incredibly proud of that achievement and of everyone who helped make it possible. However, I am also very conscious that this has been a difficult period for our shareholders. After a strong rise, SWC, our Ordinary Share, has fallen from around 80p to approximately 40p over the past month. Whilst MORE, our new Preferred Share, closed this week at approximately £80, having been issued at £90 only a few weeks ago. I understand the frustration and disappointment that comes with those movements, particularly for shareholders who have invested more recently. It is not something I overlook or take lightly. Despite these challenges, my confidence in the direction we are taking remains unchanged. I believe we have established the foundations of a capital structure that can support our long-term ambitions, and my focus remains firmly on building Smarter Web into the business I believe it can become. As a significant shareholder myself, my interests are closely aligned with those of our investors. I remain personally very optimistic about the opportunity ahead, although I fully recognise my own bias. But optimism alone is not enough, and neither are ambition or the milestones we have achieved so far. Ultimately, we need to demonstrate through consistent execution, disciplined capital allocation and continued progress that our strategy can deliver long-term value for shareholders. There is still a great deal of work ahead of us, and I do not underestimate the challenges. Markets will not always move in our favour, and we cannot control the price of Bitcoin or our shares. What we can control is how we manage the business, the decisions we make and the discipline with which we pursue our strategy. This week's update is deliberately shorter and different in structure to my usual updates. Given what has been a challenging few weeks for our shareholders and a particularly difficult end to the week for the Bitcoin industry, I felt that was appropriate. My job is to keep advancing Smarter Web. That is what I have worked tirelessly to do since we became a public company, and it is what I will continue to do. We have achieved a great deal in a relatively short period, but there is much more to accomplish. Thank you, as always, to everyone who continues to support Smarter Web and believes in what we are trying to build. Your support is never taken for granted. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

$MORE Day 13: traded 3,582 shares worth £298,000 today, equal to 3.2% of shares issued. Daily average this week: 1,573 shares / £136,000. Closing mid price was £81.00. It was a tough day for price, but it's good to see volume picking up. Onwards. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

EARLY BIRD TICKETS - FINAL CHANCE Early bird pricing for the Bitcoin Treasuries Conference UK 2027 ends tomorrow, Saturday 31 October. If you want to hear how companies are putting Bitcoin on the balance sheet, and meet the investors, executives and thought leaders doing it, now is the time to lock in your place at the lowest price. Once tomorrow's gone, so is the early bird rate. Link in comments. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

The news overnight about the Binance hack is concerning for everyone, but we'd like to confirm Smarter Web has not been impacted. We have relationships with five institutional-grade custodians: Fidelity, Coinbase, Kraken, Anchorage and Xapo, and allocate our Bitcoin between them as our needs require. Smarter Web keeps these arrangements under regular review. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

Smarter Web Livestream: Thursday, 5 November, 14:00 GMT / 09:00 ET. @millercole is joined by Smarter Web CEO, @asjwebley. The conversation will cover the latest developments at Smarter Web, recent Bitcoin accumulation, updates on MORE preferred shares, capital structure, and the broader Bitcoin treasury and Digital Credit landscape. Watch live here on X or YouTube. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

$MORE Day 12: traded 509 shares worth £45,000 today, equal to 0.5% of shares issued. 10-day average volume: 1,935 shares a day. 25,191 shares traded since launch, 22.7% of shares issued. Closing mid price was £88.50 LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

Today’s Smarter Web Livestream has been cancelled. Our guest is unwell and unable to take part. We wish them a quick recovery. The livestream will return next week - we’ll announce the guest tomorrow as usual. Apologies to anyone who was planning to tune in. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

Every Thursday morning, Smarter Web announces the proceeds raised through the Company's at-the-market facilities: - Ordinary Shares ATM Facility - Preferred Shares ATM Facility Today, no RNS was issued, meaning there were no sales under either facility during the reporting period. The ATM facilities provide Smarter Web with flexibility to raise capital. Not just issue shares simply because the facilities are available. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8

PUMP MY BAG! Now it's even easier to see WHO is pumping your Bitcoin Treasury common stock bags the most. Go to my site - tap "TOOLS" then "PUMP MY BAG" and see for yourself. @saylor @CJ_Bitcoin @rohanhirani @ColeMacro @PunterJeff @Werkman @AdamBLiv @asjwebley @millercole

$MORE Day 11: traded 1,013 shares worth £90,000 today, equal to 0.9% of shares issued. 10-day average volume: 2,088 shares a day. 24,682 shares traded since launch, 22.2% of shares issued. Closing mid price was £89.00. LSE: #SWC# #MORE# | OTCQB: $TSWCF | FRA: $3M8