A strong finish on the FTSE All-Share. Smarter Web closed top of the index again, up 35.9% on the day at 72p. The next name on the list was up 11.27%. The wider All-Share finished about 0.8% higher. Smarter Web traded around 8.6 million shares, which is our highest volume day since July 2025. I think those are positive signals. That said, I do not control the share price. I only control the decisions we make as a team. We are working hard and staying focused on executing the plan. Days like this will inevitably bring more interest in the company. I believe they also help institutions take notice, and that the shareholder base will continue to broaden going forward. LSE: #SWC# | OTCQB: $TSWCF | FRA: $3M8

My favourite way to measure mNAV is Fully Diluted Enterprise Value vs BTC Value. On this metric, Smarter Web currently trades at around ~1.07x mNAV. Put simply, the market is currently valuing Smarter Web at a premium of only ~7% to the value of our Bitcoin holdings. At this level, I do not believe the answer is simply to issue MORE Ordinary Shares. I believe our job is to demonstrate why Smarter Web deserves to trade at MORE of a premium. This year to date, in what has been a challenging market, we have grown Bitcoin per share by around ~10%. We need to keep allocating capital intelligently, keep growing Bitcoin per share and keep giving the market reasons to value Smarter Web at a greater premium. The market ultimately decides what that premium should be. I believe there is plenty MORE to come. LSE: #SWC# | OTCQB: $TSWCF | FRA: $3M8

Today’s announcement marks an important step for The Smarter Web Company. Subject to approval of the Prospectus by the FCA, launch, and all conditions to the Possible IPO being satisfied, we expect the proposed Preferred Shares to be the first of their kind in the UK: a pounds sterling-denominated, London Stock Exchange Main Market-listed perpetual preferred share issued by a UK-incorporated commercial company with a Bitcoin treasury strategy. We have been working towards the Possible IPO for some time, and I am very pleased that we are now able to share this exciting development with our Shareholders. The proposed Preferred Shares are designed to provide an additional source of long-term capital, broaden the range of investors able to invest in the Company and further diversify our capital structure. We believe that by providing a differentiated investment option alongside our Ordinary Shares, we can create a capital structure that gives us greater flexibility to pursue our long-term ambitions through different market conditions. This is a natural next step in our 10-Year Plan and supports our ambition to build a stronger, more adaptable business, combining the growth of our operating businesses with the continued development of our Bitcoin treasury strategy to create long-term value for our investors. LSE: #SWC# | OTCQB: $TSWCF | FRA: $3M8

In 2021, the FT said it "refuses to employ anyone who will pump" Bitcoin. In 2022, it called Bitcoin finance's "ultimate black box", reliant on "greater fools". Then in 2025, the FT wrote about Smarter Web. I remember being pleasantly surprised that they seemed to be opening up to the potential of Bitcoin and Bitcoin treasury companies. Now they're covering Bitcoin alongside gold, Treasury yields and dollar weakness - talking about the "debasement trade" and charting it like any other asset. I don't think the FT suddenly changed its mind. It's just that Bitcoin is becoming harder to dismiss. It's interesting to watch that shift. And it's not just the media. Institutional investors have moved a long way over the same period, from dismissing Bitcoin outright to starting to treat it as a legitimate part of a portfolio. But it's worth keeping some perspective. Compared to gold, or to the size of global markets more broadly, Bitcoin's total value is still small. We're only just getting started. LSE: #SWC# | OTCQB: $TSWCF | FRA: $3M8