SWC down 4% but important to note this is not a stock specific move and reflects a broader retracement across BTCTCs globally. Last week, several names experienced high single- to double-digit pullbacks, including leaders like MSTR and Metaplanet. This morning we’re seeing a similar pattern, albeit with varying degrees: •ALTBG -15% •COIN -22% •H100 -6% •Metaplanet -1% This appears to be a mix of momentum cooling and profit-taking after a strong run over recent months. Additionally, altcoins are currently having a moment, which may be diverting some social attention and investor capital away from the sector. In times like these, it’s critical to stay focused on fundamentals. SWC had a constructive week, raising capital in a tough market, increasing its BTC holdings, and producing high-quality industry research. The team is executing, leave them to it. Avoid the temptation to check the price every five minutes. Stay long-term focused (SWC is barely three months into execution). BTCTCs are inherently volatile but that volatility is also the source of their vitality. You can’t have the ups without the downs, it’s all part of the game and quality names which have a strong operational business, low cost base, no debt and credibility (like Smarter Web) will be fine.

Thanks for your feedback, Jimmy. This kind of moment was always expected, it’s a natural part of the growth journey that every BTCTC must go through. As you mentioned, they capitalize on positive momentum and a temporary slowdown is perfectly normal. That said, they’re well-positioned: B1600 on the balance sheet, no debt, low operating costs, and a proven approach to ABBs, supported by ongoing dialogue with investors. To me, we are in a relatively fair spot whereby the recent pullback in price and MNAV makes it look attractive to institutions, yet MNAV remains high enough for any raise to be accretive and still compelling for common shareholders. Remember, institutions / HNWIs can also approach the company for a direct subscription if they like the level. Bottom line, I have no concerns and let’s keep sharing thoughts / feedback.