Smarter Web Sells 178 Bitcoin to Repay $11.7 Million Convertible
The Smarter Web Company began building a Bitcoin treasury in April 2025, two years after adopting a policy to accept the cryptocurrency for payments. Its August 2025 Smarter Convert agreement with TOBAM Group offered an alternative to traditional leverage, with the subscription proceeds deployed in Bitcoin. The early exit signals a shift in capital allocation while removing a potential source of shareholder dilution.
The London-listed company said on July 23, 2026, that it sold 177.8909127 Bitcoin at an average $65,762 each to repay $11,698,540 to TOBAM, roughly two weeks before maturity. The repayment eliminated the possible issuance of 7,718,551 ordinary shares. Smarter Web retains 2,700 Bitcoin after the disposal, while Chief Executive Andrew Webley said fiat- and Bitcoin-denominated convertible instruments are not currently the right capital solution for the company.
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The history behind this eventSmarter Web Secures $30 Million Coinbase Credit Line to Accelerate Bitcoin Treasury Strategy
The Smarter Web Company is a British Bitcoin treasury company listed on the London Stock Exchange’s Main Market and traded on the U.S. OTCQB market. It holds Bitcoin as its core treasury asset. The company has continued to add to its holdings through equity raises, but settlement delays could cause it to miss buying opportunities during sharp price swings. It therefore arranged short-term credit to bridge the gap before proceeds arrive.
On February 24, 2026, Smarter Web secured a $30 million Bitcoin-backed credit line from Coinbase Credit, collateralized by Bitcoin held in Coinbase custody. The facility allows the company to buy Bitcoin after an equity raise but before the proceeds settle, then repay the borrowing once the funds arrive. At the time, it held 2,689 Bitcoin at an average cost of $112,865 each.
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