Home›Crypto›Market Structure›Smarter Web’s head of Bitcoin strategy exits Sept. 1 w…

Smarter Web’s head of Bitcoin strategy exits Sept. 1 with no successor named

The company said its Bitcoin Treasury Policy stays unchanged under board oversight, but it did not disclose who will take over day-to-day treasury strategy work after Jesse Myers leaves.

Reported · Written up by our desk · Market Structure

Smarter Web Company, which reported holding 2,712 BTC earlier this month, said its Head of Bitcoin Strategy, Jesse Myers, will leave on Sept. 1. The company also said its Bitcoin Treasury Policy remains unchanged, with oversight retained by the board.

In an Aug. 25 notice, Smarter Web did not provide a reason for Myers’ departure, name a successor, or specify how his operational duties will be reassigned. Myers previously had a documented role in implementing the treasury strategy, improving Bitcoin per share, managing the company’s data and analytics repository, and producing investor materials and relations, while the board retained overall strategy and risk authority.

Smarter Web’s latest treasury update also showed financing activity and purchase metrics. According to the company’s Aug. 3 update, it reported net Bitcoin purchases of £224.8 million and a net average purchase price of £82,886 per coin, and it had £18.5 million drawn under a Coinbase credit facility, about 17% leverage, with a 6% variable interest rate secured against existing Bitcoin holdings.

The departure notice follows earlier treasury actions that already affected the capital structure. On July 23, Smarter Web sold 177.8909127 BTC to repay $11.7 million under a financing instrument called Smarter Convert, eliminating 7,718,551 potential shares, while the Coinbase facility remained drawn in the Aug. 3 update, and Smarter Web shares were down 5.8% at 33.20 pence around noon on Aug. 25 after the announcement.

Latest closeBitcoin $78,412.16 ▼0.2%

More like this

Sources