Jesse Myers, head of Bitcoin strategy at The Smarter Web Company, is leaving on Sept. 1, the firm said this week. No successor has been named and no reason was given for his departure. Shares were down 5.8% at 33.20 pence around noon on Aug. 25.
What Myers oversaw
Myers had an operational role that went beyond strategy. He was responsible for implementing the company's Bitcoin treasury policy, improving Bitcoin per share, managing data and analytics, and producing investor materials. The company's Bitcoin Treasury Policy itself remains unchanged and is overseen by the board, so his exit doesn't shift the official stance.
The bitcoin balance sheet
As of Aug. 3, the company's net Bitcoin purchases totaled £224.8 million, with a net average purchase price of £82,886 per coin. That works out to roughly 2,712 BTC in holdings. But the position isn't fully paid for. The firm had £18.5 million drawn under a Coinbase credit facility, representing about 17% leverage, at a 6% variable interest rate secured against its Bitcoin holdings.
A recent debt repayment
On July 23, the company sold 177.8909127 BTC to repay $11.7 million under a financing instrument called Smarter Convert. That move eliminated 7,718,551 potential shares that could have diluted existing holders. It's a concrete example of the treasury management that Myers oversaw, and it shows the kind of active balance sheet work the board will now have to monitor without a named strategy head.
Custody and governance
The company does not self-custody its Bitcoin. It uses institutional providers under its governance framework. That setup isn't changing, but the board will now be the one signing off on any new moves. With Myers out and no successor announced, the next big decision on the treasury will land on the board's lap.
