Thoughts on Today’s Price Action — $SWC What a day. The London line closed down 14% at 412.5p (vs. a 480p prior close). Intraday we hit a low of 193p (-60%) followed by a sharp 113% rally off the lows. Despite closing lower, I believe today will be seen as a constructive moment in $SWC’s journey — and here’s why: Firstly, from multiple conversations, consensus is that today’s aggressive sell off was largely flow driven, not news driven. $COIN started rolling over at a similar time driven by one or more sellers who underestimated the impact they would. Clunky trading platforms struggled to quote efficiently, adding to the volatility. But critically, we saw strong buyers step in on weakness, with accumulation continuing all the way into the London close - that’s extremely constructive for sentiment. We’ve now seen multiple 30%+ drawdowns — some intraday, some over several days — but each time, buyers have come in aggressively. When a CEO can say, “Our stock is volatile, but when it’s down, people want to buy that dip,” that’s a powerful signal. I appreciate today’s price swings were uncomfortable, especially for those unfamiliar with this level of volatility. But that’s part of $SWC’s DNA — and part of what makes this story so unique. UK markets have been starved of high-beta, high-volatility names for years, dominated by defensive sectors like staples, pharma, and tobacco. Over time, this type of price action builds a foundation for instruments like convertible bonds, where demand is heavily dependent on liquidity and volatility (CB desks want vol). Finally we also set a new record for volume traded on the London line today, another encouraging sign of engagement in the stock. Looking forward to seeing how the US line trades, but the key takeaway for me is clear — pullbacks are healthy, sharp drawdowns continue to attract buyers, we’ve announced our largest Bitcoin purchase to date, and the fundamentals remain solid.