The Smarter Web Company offloaded 177.8909127 BTC to settle its Smarter Convert instrument roughly two weeks before the scheduled maturity date. The London-listed firm paid back exactly $11,698,540, selling the coins at an average price of $65,762 each.
The Bitcoin disposed of was not part of the company's core treasury. Under the original financing agreement announced in August 2025, at least 98% of the subscription proceeds had to go into Bitcoin. The company actually put the full amount in, which meant those specific coins were always earmarked for repayment. When the time came, that's exactly what happened.
7.7 million shares that will never exist
The early settlement wiped out the potential issuance of 7,718,551 ordinary shares that had been tied to the convertible structure. Those shares, along with the 177.89 BTC used for repayment, have now been removed from the company's fully diluted Bitcoin treasury calculations. The repayment was made with the backing of TOBAM, the investment manager whose affiliated entities held the instrument.
Following the transaction, the company retains 2,700 BTC on its balance sheet.
Chief executive Andrew Webley said the Smarter Convert structure served a purpose when the company was still in the early stages of building its Bitcoin treasury. It gave the firm a way to strengthen its balance sheet while keeping some financial flexibility. But Webley was direct: convertible instruments are no longer the right funding tool for where the company stands today. He credited TOBAM for supporting the structure and helping develop the financing approach from the start.
BTC was trading near $65,700 at the time of the sale, barely flinching on the news.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
