The Smarter Web Company, a U.K.-listed firm, said Thursday it sold 177.89 bitcoin to fund the repayment of a convertible financing instrument worth about $11.7 million.
The company said it repaid the "Smarter Convert" instrument to French asset manager TOBAM Group roughly two weeks ahead of its scheduled maturity.
Bitcoin sale funded the full repayment
To complete the repayment, Smarter Web sold 177.89 BTC at an average price of $65,762 per coin, raising $11,698,540. The company said all of the proceeds were used to settle the financing.
Under an agreement signed in August 2025, Smarter Web was required to allocate at least 98% of the financing proceeds to bitcoin. The company said it ultimately used 100% of the funds to buy BTC, which meant it had to repay the full principal.
Early redemption removed dilution risk
Smarter Web said the early redemption of the convertible instrument also eliminated the potential dilution tied to a possible issuance of 7,718,551 ordinary shares in the future.
The company added that the 177.89 BTC sold in this transaction, along with the shares that might otherwise have been issued, have now been removed from its fully diluted financial statements. According to the announcement, the early repayment was initiated by the company and received full support from TOBAM.
Bitcoin treasury strategy remains in place
Smarter Web formally launched its bitcoin treasury reserve strategy in April 2025. The company had already revised its corporate policy in 2023 to begin accepting bitcoin payments from customers.
Company disclosures show that since then, it has raised more than £225 million through multiple financings and spent about £233 million, or around $311 million, to acquire bitcoin. The company said nearly all of the capital it raised was allocated to its bitcoin reserve.
After completing the sale, Smarter Web still holds about 2,700 BTC.
CEO says convertibles no longer fit current capital plans
CEO Andrew Webley said the company’s capital allocation strategy has changed as the business has grown.
"As the company continues to develop, our capital allocation strategy is evolving alongside it," Webley said. "Looking ahead, while we still see certain advantages in convertible instruments denominated in fiat currency and bitcoin, we do not currently believe they are the most suitable capital solution for The Smarter Web Company."
Shares showed little reaction to the sale
Smarter Web’s share price did not show a clear negative reaction after the company sold part of its bitcoin holdings to repay the financing. According to London Stock Exchange data, SWC shares were still up nearly 2% in Thursday morning trading.
Separately, investment bank TD Cowen earlier this week cut its target price on Smarter Web by 36% after revising its outlook for bitcoin, reflecting a cautious stance toward the valuation of bitcoin-holding stocks.