Smarter Web Company PLC offloaded 177.89 Bitcoin at an average of $65,762 per coin to repay its $11.7 million Smarter Convert instrument to TOBAM Group roughly two weeks ahead of schedule. The total repayment came to $11,698,540, covering the full amount originally raised through the subscription.
The move was Smarter Web's own call. TOBAM backed the early exit. Once the sale closed, the company removed those coins from its diluted treasury figures and, crucially, cancelled a potential issuance of 7,718,551 ordinary shares that had been tied to the financing structure. For existing shareholders, that means no dilution from this instrument.
CEO signals a change in financing thinking
Andrew Webley said the Smarter Convert instrument served its purpose during an earlier phase of the company's Bitcoin treasury build-out, supporting balance sheet strength when the company needed flexibility. But he was blunt about where things stand now: "We do not currently believe they represent the right capital solution for The Smarter Web Company."
Webley didn't rule out convertible products entirely, noting the company still sees potential value in both fiat and Bitcoin-denominated structures down the line. For now, though, the direction is away from them.
Smarter Web launched its Bitcoin treasury strategy in April 2025, having already updated its corporate policy to accept BTC payments back in 2023. Since then it has spent around £233 million (roughly $311 million) acquiring Bitcoin, with more than £225 million of that funded through capital raises. After the TOBAM repayment sale, the company still holds 2,700 BTC on its books.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
