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