'Not currently the right capital solution': Smarter Web sells 178 bitcoin to repay $11.7M convertible instrument

THE BLOCK · 2026-07-23

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 (BTC) 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. Retiring the instrument eliminated a potential issuance of 7,718,551 ordinary shares, per the disclosure. Those shares and the 177.89 bitcoin have been stripped from the company's fully diluted treasury analytics. The repayment came at the company's request and with TOBAM's full support, according to the announcement. Smarter Web treasury play 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, according to its own disclosures "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 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. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AI 시장 분석

Smarter Web Company sold 177.89 Bitcoins at an average price of $65,762 to redeem $11.7 million in convertible bonds. This action eliminated the potential dilution risk of over 7.71 million shares, and the company still holds 2,700 Bitcoins. Despite the Bitcoin sale, the stock showed a slight upward trend, proving its defensive strength. Investors should closely monitor trends in corporate cryptocurrency-based capital raising.

상승 영향

Bitcoin — Even though the company sold 178 Bitcoins at an average of $65,762 for debt repayment, it maintained a remaining balance of 2,700, minimizing market shock. This proves that corporate crypto assets still function as a sound financial buffer.

하락 영향

Bitcoin — As a listed company resorted to spot Bitcoin sales to resolve $11.7 million in debt, concerns remain that this could act as additional selling pressure when similar companies face debt maturities in the future.

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