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