The Smarter Web Company has announced that Jesse Myers, its Head of Bitcoin Strategy, will leave the company on Sept. 1. No reason for the departure was given in the Aug. 25 notice, and no successor has been named to handle his implementation, analytics, and investor-facing duties.
Myers previously held a documented operational role within the senior executive team, managing day-to-day group management. His responsibilities included executing the treasury strategy, aiming to improve Bitcoin per share, managing data and analytics repositories, and producing investor materials.
While the board retains overall authority for management, strategy, and risk, the company has not disclosed an internal arrangement for how Myers' responsibilities will be reassigned following his departure. Smarter Web confirmed that its Bitcoin Treasury Policy remains unchanged under board oversight.
In its latest treasury update on Aug. 3, Smarter Web reported holding 2,712 BTC with net Bitcoin purchases totaling £224.8 million at a net average purchase price of £82,886 per coin. The update also showed £18.5 million drawn under a Coinbase credit facility, which carried a 6% variable interest rate and was secured against existing Bitcoin holdings.
Smarter Web utilizes a group of institutional providers for its Bitcoin holdings rather than self-custodying the assets. Previously, financing decisions impacted the treasury when the company sold 177.8909127 BTC on July 23 to repay $11.7 million under the Smarter Convert financing instrument.
Alliance News reported that Smarter Web shares fell 5.8% to 33.20 pence around noon on Aug. 25 following the departure notice, though the timing does not establish that Myers' exit caused the price decline.
