Smarter Web loses Head of Bitcoin Strategy with no successor announced

Smarter Web, a public company that reported holding 2,712 BTC, disclosed that its Head of Bitcoin Strategy, Jesse Myers, will leave the firm on Sept. 1. The company’s board affirmed that the Bitcoin Treasury Policy will continue under its oversight, but no successor has been named.

Myers’ role and responsibilities

Since January, Myers was part of the senior executive team responsible for the day‑to‑day management of Smarter Web’s Bitcoin treasury. His duties included implementing the treasury strategy, improving Bitcoin‑per‑share metrics, managing data and analytics, and preparing investor‑facing materials.

Board oversight and policy continuity

The board retains overall authority for strategy, risk and capital‑deployment decisions. Directors regularly review the Bitcoin Treasury Policy and monitor the company’s market value relative to its Bitcoin holdings.

Financial snapshot

• Net Bitcoin purchases to date: £224.8 million
• Average purchase price: £82,886 per BTC
• Leverage: £18.5 million drawn under a Coinbase credit facility (≈17% of holdings) at a 6% variable rate, secured by Bitcoin
• Recent sale: 177.8909127 BTC sold on July 23 to repay $11.7 million under a financing instrument called Smarter Convert

Custody and execution risk

Smarter Web does not self‑custody its Bitcoin; it relies on a group of institutional providers. While this reduces key‑person custody risk, the departure leaves the ownership of internal analysis, capital‑allocation support and execution coordination undisclosed.

Market reaction

Shares fell 5.8% to 33.20 pence on Aug. 25, the day the departure notice was released. The timing does not prove causation, but it highlights investor sensitivity to leadership changes.

Open questions

The company has not indicated how Myers’ duties will be reassigned or who will assume operational responsibility. The board’s continued oversight ensures policy continuity, but the lack of a named successor leaves an execution gap unaddressed.