Smarter Web Company Bitcoin Strategy Chief Jesse Myers to Leave September 1

TLDR

• Jesse Myers, Head of Bitcoin Strategy at Smarter Web Company, is leaving the company on Sept. 1.
• No successor has been named to take over his implementation and analytics duties.
• The board retains full authority over strategy and risk decisions.
• Smarter Web Company holds 2,712 BTC and has £18.5 million drawn from a Coinbase credit facility.
• Company shares fell 5.8% shortly after the departure was announced.

The Smarter Web Company announced that Jesse Myers, its Head of Bitcoin Strategy, will leave the company on Sept. 1. The company gave no reason for his departure.

The announcement did not name a successor. It also did not explain how his duties will be divided among the remaining team.

Myers held an operational role inside the company. His job included putting the Bitcoin treasury strategy into practice and tracking its performance.

He also managed the company’s data and analytics work. This included producing materials for investors and handling investor relations tasks.

What Myers Managed

In January, Smarter Web Company listed Myers as part of the senior team running daily operations. His work touched several parts of the Bitcoin strategy at once.

That included efforts to improve the amount of Bitcoin held per share. It also included reviewing capital allocation decisions before they were made.

The company said its Bitcoin Treasury Policy will stay the same. The board will continue to oversee it directly going forward.

Directors already hold authority over management, strategy, and risk. They review the treasury policy on a regular basis as part of that role.

The Company’s Bitcoin Holdings

Smarter Web Company reported holding 2,712 BTC in its most recent treasury update on Aug. 3. Net purchases totaled £224.8 million at an average price of £82,886 per coin.

The company also had £18.5 million drawn from a Coinbase credit facility. That figure equals about 17% leverage against its Bitcoin holdings.

The loan carries a 6% variable interest rate. It is secured against the company’s existing Bitcoin.

Smarter Web Company does not hold its own Bitcoin directly. It uses outside institutional custody providers instead.

On July 23, the company sold 177.89 BTC to repay $11.7 million tied to a financing tool called Smarter Convert. That sale wiped out 7,718,551 potential shares.

The Coinbase facility stayed drawn as of the Aug. 3 update. That means the company still carries debt tied to its Bitcoin holdings.

Shares of Smarter Web Company fell 5.8% to 33.20 pence on Aug. 25, according to Alliance News. The drop came shortly after the 7 a.m. departure notice.

It is not clear if Myers’ exit caused the share price move. The two events happened close together, but no direct link has been confirmed.

CEO Andrew Webley thanked Myers for his work in a company statement. He said the company remains focused on carrying out its strategy.

The next update investors may watch for is whether Smarter Web Company names a successor. The company has not said when that decision might come.

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