Smarter Web sells 178 BTC to repay $11.7M convertible ahead of maturity
In brief
- Smarter Web sold 177.89 BTC at $65,762 each to repay $11.7M convertible to TOBAM Group two weeks early.
- Convertible retirement cancelled 7.7 million ordinary share issuance, avoiding dilution.
- Company retains 2,700 BTC and has deployed £233 million into treasury since April 2025.
- CEO signals fiat and bitcoin-denominated convertibles no longer represent the right capital solution.
Early Repayment Signals Capital Shift
The company sold the bitcoin at the company's request with TOBAM's full support. Retiring the convertible ahead of schedule sidesteps share dilution and reflects a deliberate pivot in how Smarter Web finances growth. CEO Andrew Webley said the company does not currently view fiat or bitcoin-denominated convertible instruments as the right capital solution.
The move underscores a broader strategic reorientation. Smarter Web began its bitcoin treasury strategy in April 2025 and has since deployed roughly £233 million acquiring bitcoin, funded mainly by over £225 million in capital raises. The August 2025 agreement that seeded this capital required at least 98% deployment into bitcoin; the company deployed 100%.
Treasury Resilience Amid Market Headwinds
The Smarter Web Company still holds 2,700 bitcoin following the disposal. Despite the sale, the company's bitcoin position remains substantial relative to its capital raises. SWC shares gained almost 2% early Thursday despite the BTC sale, signaling investor confidence in the treasury model.
The timing arrives amid broader scrutiny. TD Cowen cut its price target on the stock by 36% on a revised bitcoin outlook earlier in the week. Yet the company's willingness to liquidate holdings to retire debt—rather than issue more shares—suggests confidence in its long-term strategy. As the company evolves, so too does its approach to capital allocation.
