Bitcoin · The Block
‘Not currently the right capital solution’: Smarter Web sells 178 bitcoin to repay $11.7 million convertible instrument
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The Smarter Web Company PLC repaid its Smarter Convert instrument to the TOBAM Group roughly two weeks ahead of maturity, selling 177.89 bitcoin to fund the $11,698,540 payment, the U.K.-listed firm said Thursday.
Key facts
- The Smarter Web Company PLC repaid its Smarter Convert instrument to the TOBAM Group roughly two weeks ahead of maturity, selling 177.89 bitcoin to fund the $11,698,540 payment, the U.K.-listed firm
- Since then, the firm has spent roughly £233 million (around $311 million) acquiring bitcoin, funded mainly by over £225 million in capital raises with nearly all proceeds deployed into its treasury
- The Smarter Web Company began its bitcoin treasury strategy in April 2025, after initially adjusting its corporate policy to accept BTC payments in 2023
- SWC shares gained almost 2% early Thursday despite the BTC sale, price data from the London Stock Exchange shows
Summary
The bitcoin (BTC) disposal cleared at an average price of $65,762 and covered the entire bitcoin position acquired from the original subscription proceeds. Retiring the instrument eliminated a potential issuance of 7,718,551 ordinary shares, per the disclosure. The repayment came at the company's request and with TOBAM's full support, according to the announcement. The Smarter Web Company began its bitcoin treasury strategy in April 2025, after initially adjusting its corporate policy to accept BTC payments in 2023.