The Smarter Web Company announced that Jesse Myers, its Head of Bitcoin Strategy, will leave the company on Sept. 1. The company gave no reason for his departure.

The announcement did not name a successor. It also did not explain how his duties will be divided among the remaining team.

Myers held an operational role inside the company. His responsibilities included putting the Bitcoin treasury strategy into practice and tracking its performance.

He also oversaw the company’s data and analytics work. That included preparing materials for investors and handling investor relations tasks.

What Myers Managed

In January, Smarter Web Company listed Myers as part of the senior team running daily operations. His work touched several parts of the Bitcoin strategy at once.

That included efforts to improve the amount of Bitcoin held per share. It also included reviewing capital allocation decisions before they were made.

Smarter Web Company is one of a number of smaller listed companies that have adopted Bitcoin treasury strategies in recent years, a model pioneered at scale by Strategy, the company formerly known as MicroStrategy, which holds the largest corporate Bitcoin reserve. Firms following this model frame their performance around how much Bitcoin they hold per share — the same measure Myers worked to improve — which placed his responsibilities at the center of how the company presents itself to investors.

The company said its Bitcoin Treasury Policy will remain unchanged. The board will continue to oversee it directly going forward.

Directors already have authority over management, strategy, and risk. They review the treasury policy regularly as part of that role.

The Company’s Bitcoin Holdings

The UK-listed company reported holding 2,712 BTC in its most recent treasury update on Aug. 3. Net purchases totaled £224.8 million at an average price of £82,886 per coin.

The company also had £18.5 million drawn from a Coinbase credit facility. That amount equals about 17% leverage against its Bitcoin holdings.

The loan carries a 6% variable interest rate and is secured against the company’s existing Bitcoin.

Borrowing against Bitcoin reserves is a feature of several corporate treasury programs across the sector, where such credit facilities are used to fund additional purchases. Because these loans are collateralized by Bitcoin, they tie a company’s financing directly to the value of its holdings.

Smarter Web Company does not hold its own Bitcoin directly. Instead, it uses outside institutional custody providers.

On July 23, the company sold 177.89 BTC to repay $11.7 million tied to a financing tool called Smarter Convert. That sale eliminated 7,718,551 potential shares.

The Coinbase facility remained drawn as of the Aug. 3 update, meaning the company still has debt tied to its Bitcoin holdings.

Shares of Smarter Web Company fell 5.8% to 33.20 pence on Aug. 25, according to Alliance News. The decline came shortly after the 7 a.m. departure notice.

It is not clear whether Myers’ exit caused the share price move. The two events happened close together, but no direct link has been confirmed.

CEO Andrew Webley thanked Myers for his work in a company statement. He said the company remains focused on executing its strategy.

Investors will now be watching to see whether Smarter Web Company names a successor. The company has not said when that decision might be made.