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.
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