Smarter Web Bitcoin chief Jesse Myers to leave on Sept. 1

Smarter Web announced in an Aug. 25 notice that Jesse Myers, Head of Bitcoin Strategy, will leave the company on Sept. 1. The notice did not name a successor or explain how Myers’ day-to-day responsibilities will be reassigned.

Myers had been listed by Smarter Web as a senior executive responsible for implementing the company’s treasury strategy, improving Bitcoin-per-share metrics, managing the data and analytics repository, and preparing investor materials and relations work. The company statement noted that directors retain overall authority for management, strategy and risk but did not identify who will assume Myers’ operational tasks.

The company has not disclosed an interim or permanent operational owner for execution, analytics or investor communications tied to the Bitcoin holdings. It also did not say whether responsibilities will be redistributed among existing executives or filled by an external hire.

In its Aug. 3 treasury update, Smarter Web reported net Bitcoin purchases of £224.8 million and a net average purchase price of £82,886 per coin. The firm said it held 2,712 BTC and had £18.5 million drawn under a Coinbase credit facility, equal to roughly 17% leverage on the balance sheet. That facility carries a variable 6% interest rate and is secured against existing Bitcoin holdings.

Smarter Web does not self-custody its Bitcoin positions. The company uses a group of institutional custodial providers and says allocations are reviewed under its treasury governance and risk-management framework.

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. The Aug. 3 update showed the separate Coinbase facility remained drawn.

Market trading reacted following the Aug. 25 notice: Smarter Web shares fell to about 33.20 pence, down roughly 5.8% at midday on Aug. 25. The timing of the price move does not establish a causal link to Myers’ exit.

The company has said the Bitcoin Treasury Policy remains under board oversight but has not provided further detail on who will manage the operational work of implementation, analytics and capital-allocation support after Sept. 1.