On July 23, the London-listed Smarter Web Company sold 177.8909127 bitcoin at an average price of $65,762 per coin, raising just over $11.7 million. The money went straight to repaying its Smarter Convert instrument held by TOBAM-related entities, a structure first put in place back in August 2025. The repayment landed roughly two weeks ahead of the original deadline.
The terms of that convertible instrument required Smarter Web to invest at least 98% of the subscription proceeds into bitcoin. The company went further and put in 100%, which meant the repayment was funded entirely by selling the same coins it had bought with those funds. No extra cash needed. The deal also wiped out a potential dilution event: 7,718,551 ordinary shares that could have been issued under the convertible are now off the table entirely.
After the sale, Smarter Web still holds 2,700 BTC, which puts it at number 28 on the list of public corporate bitcoin holders globally. CEO Andrew Webley said the convertible structure served its purpose in the early phase of the company's treasury build, but no longer fits where the company wants to go. He left the door open to convertibles in principle, just not for Smarter Web right now.
A growing list of bitcoin treasury firms turning sellers
What makes this transaction worth watching is the company it keeps. Smarter Web is far from alone. Strategy, the firm that practically invented the corporate bitcoin treasury playbook, broke its own no-selling rule earlier this year. It offloaded 32 BTC in May for tax-loss purposes, then sold another 3,588 BTC across June and July to fund preferred stock distributions and top up cash reserves. That shift drew attention across the sector, and for good reason: Strategy had spent years positioning itself as a pure accumulator.
Satsuma Technology went even further. Shareholders voted to wind the company down entirely, approving a plan to sell all 668 remaining bitcoin, settle liabilities, and return whatever is left to investors. It is a clean exit from a strategy that, like many others, ran into tighter financing conditions in 2026.
The pattern is hard to ignore. Digital asset treasury firms built their pitch on the idea that holding bitcoin on the balance sheet was a long-term bet worth making regardless of short-term pressure. That thesis is getting stress-tested. Some firms are trimming. Others are folding. Smarter Web, at least for now, is somewhere in between: it cleared a debt early, kept 2,700 coins, and said it is still in the game.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
