TLDR
- Smarter Web repaid its $11.7 million Smarter Convert instrument about two weeks early.
- The company sold 177.89 BTC at an average price of $65,762 to fund repayment.
- The repayment eliminated a possible issuance of 7,718,551 ordinary shares.
- CEO Andrew Webley said convertible instruments are not currently the right capital solution.
- Smarter Web still holds 2,700 BTC after completing the Bitcoin sale.
The Smarter Web Company sold nearly 178 Bitcoin to repay a convertible financing instrument early, removing a potential share issuance while keeping its long-term Bitcoin treasury plan in place.
Smarter Web Repays TOBAM Instrument Early
The Smarter Web Company PLC repaid its $11.7 million Smarter Convert instrument to TOBAM Group about two weeks before maturity. The U.K.-listed company funded the repayment by selling 177.8909127 BTC at an average price of $65,762 per Bitcoin.
The repayment totaled $11,698,540 and covered the Bitcoin acquired from the original subscription proceeds. The August 2025 agreement required at least 98% of the funds to be invested in Bitcoin, but Smarter Web allocated the full amount.
The company requested the early repayment, and TOBAM supported the move. After completing the transaction, Smarter Web removed the sold Bitcoin from its fully diluted treasury analytics.
The early repayment also eliminated the possible issuance of 7,718,551 ordinary shares linked to the financing structure. That step reduces possible dilution for shareholders and simplifies the company’s capital structure.
CEO Says Convertible Funding No Longer Fits
Chief Executive Andrew Webley said the Smarter Convert instrument helped the company during an earlier stage of its Bitcoin treasury plan. He said the structure supported balance sheet strength while giving the company financial flexibility.
Webley said, “As the Company has evolved, so too has our approach to capital allocation.” He added that the company still sees possible value in fiat and Bitcoin-denominated convertible instruments.
However, Webley said the company does not currently view those products as the right funding option. He stated, “We do not currently believe they represent the right capital solution for The Smarter Web Company.”
The statement marks a shift in financing preference as Smarter Web moves beyond the early phase of its treasury expansion. The company also thanked TOBAM for backing the financing structure and supporting the early repayment.
Smarter Web began its Bitcoin treasury strategy in April 2025 after updating its corporate policy to accept BTC payments in 2023. Since then, the company has spent about £233 million, or roughly $311 million, buying Bitcoin.
Most of those purchases were funded through more than £225 million in capital raises. The company has said nearly all proceeds were deployed into its Bitcoin treasury.
Bitcoin Treasury Remains at 2,700 BTC
After selling Bitcoin to repay the instrument, Smarter Web said it still holds 2,700 BTC. The company’s latest update indicates that its broader Bitcoin strategy remains active despite the financing change.
The firm has described its Bitcoin accumulation plan as part of a long-term corporate treasury policy. Earlier announcements referred to the strategy as its “10 Year Plan,” which centers on holding and adding Bitcoin over time.
In September 2025, Smarter Web appointed Coinbase Institutional as an additional Bitcoin custody partner. The company said the multi-custodian model was designed to improve security, risk management, and treasury operations.
At that time, Smarter Web held 2,470 BTC after a 30 BTC purchase. By October 2025, holdings rose to 2,650 BTC after another 100 BTC acquisition worth about £9.08 million, or $12.1 million.
The latest repayment came after Smarter Web continued increasing its Bitcoin reserves. The company now holds 2,700 BTC even after disposing of nearly 178 BTC for the TOBAM repayment.
Smarter Web shares gained nearly 2% in early Thursday trading despite the Bitcoin sale. Earlier this week, TD Cowen reduced its price target on the stock by 36% after revising its Bitcoin outlook.
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