Smarter Web Company Loses Head of Bitcoin Strategy Ahead of Key Decision
Smarter Web Company's Head of Bitcoin Strategy, Jesse Myers, will be leaving the company on September 1. The company has not given a reason for his departure or named a successor to take over his duties. Myers was responsible for implementing and analyzing the company's Bitcoin treasury strategy, which includes managing the company's data and analytics work.
The company holds 2,712 BTC and has £18.5 million drawn from a Coinbase credit facility, which carries a 6% variable interest rate. The loan is secured against the company's existing Bitcoin holdings. Smarter Web Company does not hold its own Bitcoin directly but uses outside institutional custody providers instead.
Shares of Smarter Web Company fell 5.8% to 33.20 pence on August 25, shortly after the departure announcement. It is unclear if Myers' exit caused the share price move. CEO Andrew Webley thanked Myers for his work and stated that the company remains focused on carrying out its strategy.