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. The bitcoin disposal cleared at an average price of $65,762 and covered the entire bitcoin position acquired from the original subscription proceeds. The August 2025 agreement required at least 98% of the funds to be deployed into bitcoin and the company put in 100%, which obliged it to repay the full amount acquired. The repayment came at the company's request and with TOBAM's full support.
Smarter Web Eliminates 7.7 Million Share Dilution Through Bitcoin Sale
Retiring the instrument eliminated a potential issuance of 7,718,551 ordinary shares. Those shares and the 177.89 bitcoin have been stripped from the company's fully diluted treasury analytics.
CEO States Convertible Instruments Not Currently Right Capital Solution
The Smarter Web Company began its bitcoin treasury strategy in April 2025, after initially adjusting its corporate policy to accept BTC payments in 2023. 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.
"As the Company has evolved, so too has our approach to capital allocation," CEO Andrew Webley said. The CEO added that the company does not currently view fiat or bitcoin-denominated convertible instruments as the right capital solution, while still recognizing their potential benefits. "Looking ahead, whilst we continue to recognize the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company," Webley stated.
Company Retains 2,700 Bitcoin After Transaction
The Smarter Web Company says it still holds 2,700 bitcoin following the disposal. Earlier this week, TD Cowen cut its price target on the stock by 36% on a revised bitcoin outlook. SWC shares gained almost 2% early Thursday despite the BTC sale, price data from the London Stock Exchange shows.
FAQ
What did The Smarter Web Company do with its bitcoin holdings on Thursday?
The Smarter Web Company PLC sold 177.89 bitcoin at an average price of $65,762 to repay its $11,698,540 Smarter Convert instrument to the TOBAM Group roughly two weeks ahead of maturity.
Why did Smarter Web repay the convertible instrument early?
The August 2025 agreement required the company to deploy at least 98% of subscription proceeds into bitcoin, and the company deployed 100%, which obliged it to repay the full amount acquired. The repayment came at the company's request and with TOBAM's full support.
How many bitcoin does The Smarter Web Company currently hold?
The Smarter Web Company says it still holds 2,700 bitcoin following the disposal of 177.89 bitcoin used to repay the convertible instrument.
