The Smarter Web Company PLC, a U.K.-listed firm, sold 177.89 bitcoin at an average price of $65,762 each to repay its $11.7 million convertible instrument to TOBAM Group roughly two weeks ahead of its maturity date. The sale covered the entire BTC position originally acquired from the subscription proceeds, and the repayment totaled $11,698,540.
The August 2025 agreement required at least 98% of the funds to be invested in bitcoin; Smarter Web allocated 100%, triggering the full repayment. By retiring the Smarter Convert instrument, the company eliminated a potential issuance of 7,718,551 ordinary shares, simplifying its capital structure and reducing dilution risk. Both the 177.89 BTC and the associated shares have been removed from the firm’s fully diluted treasury analytics.
CEO Andrew Webley said the convertible instrument helped the company in an earlier phase of its bitcoin treasury strategy. “As the Company has evolved, so too has our approach to capital allocation,” he stated. While acknowledging the potential benefits of fiat and bitcoin-denominated convertibles, Webley added, “We do not currently believe they represent the right capital solution for The Smarter Web Company.”
The company began its bitcoin treasury plan in April 2025 after updating its corporate policy to accept BTC payments in 2023. Since then, it has spent roughly £233 million (about $311 million) on bitcoin, funded by over £225 million in capital raises. Even after the sale, Smarter Web holds 2,700 BTC. Its shares gained nearly 2% in early Thursday trading on the London Stock Exchange, despite TD Cowen cutting its price target by 36% earlier in the week.
