The Smarter Web Company has repaid its $11.7 million Smarter Convert instrument ahead of schedule by selling 177.89 Bitcoin, removing a potential 7.7 million-share issuance while retaining a treasury of 2,700 BTC.
Summary
- The Smarter Web Company repaid its $11.7 million Smarter Convert instrument about two weeks before maturity by selling 177.89 Bitcoin.
- The early repayment removed the potential issuance of more than 7.7 million ordinary shares linked to the financing structure.
- The company continues to hold 2,700 Bitcoin and said convertible instruments are no longer its preferred source of capital.
According to an official announcement from The Smarter Web Company, the London-listed firm settled its Smarter Convert instrument around two weeks before maturity after requesting an early repayment with the support of investment manager TOBAM, whose affiliated entities held the instrument.
The company said it repaid $11,698,540 by disposing of 177.8909127 BTC at an average sale price of $65,762 per coin. The Bitcoin sold represented the holdings originally acquired through the proceeds of the Smarter Convert financing.
Under the original agreement announced in August 2025, at least 98% of the subscription proceeds had to be invested in Bitcoin. The company said it instead allocated the full amount into Bitcoin, making it responsible for returning all of the Bitcoin purchased with those funds when the instrument was repaid.
With the repayment completed, the company said the potential issuance of 7,718,551 ordinary shares linked to the Smarter Convert structure has been eliminated. It also removed those potential shares, along with the 177.8909127 BTC used for repayment, from its fully diluted Bitcoin treasury analytics.
Following the transaction, The Smarter Web Company said it now holds 2,700 BTC.
Company moves away from convertible structure
Chief executive Andrew Webley said the Smarter Convert instrument had provided an alternative source of financing when the company was still building its Bitcoin treasury strategy.
According to Webley, the structure helped strengthen the balance sheet while preserving financial flexibility during the early stages of the company’s Bitcoin accumulation plan. He added that although the company continues to recognize the value of both fiat and Bitcoin-denominated convertible instruments, it no longer considers them the right funding option for its current stage of development.
Webley also thanked TOBAM for supporting the structure and helping develop the financing arrangement.
The repayment comes after the company spent much of 2025 expanding its Bitcoin reserves through repeated purchases under what it calls its “10 Year Plan.”
Earlier in September 2025, The Smarter Web Company appointed Coinbase Institutional as an additional Bitcoin custody partner to work alongside its existing custodians through Coinbase Prime. At the time, the company said the multi-custodian approach was intended to strengthen security, improve risk management, and support the continued growth of its Bitcoin treasury.
When announcing that partnership, the company held 2,470 BTC, following a 30 BTC purchase completed earlier that month.
By October 2025, the company had increased its treasury to 2,650 BTC after acquiring another 100 BTC for approximately £9.08 million ($12.1 million). The purchase formed part of the same long-term accumulation strategy, which management has described as a core element of its corporate treasury policy.
The latest repayment indicates that the company continued adding Bitcoin after October, as its holdings now stand at 2,700 BTC despite disposing of nearly 178 BTC to settle the Smarter Convert obligation.
Bitcoin strategy remains in place
Although the financing structure has now been retired, the announcement does not indicate any change to the company’s long-term Bitcoin treasury strategy.
The Smarter Web Company has repeatedly said it intends to continue building its Bitcoin reserves under its 10 Year Plan. Earlier in 2025, it also raised £17.5 million to support additional Bitcoin purchases while expanding the infrastructure around its treasury operations.
Previous company announcements described the firm as the UK’s largest publicly traded Bitcoin-holding company. It has also climbed the global rankings of corporate Bitcoin holders during the past year as it continued increasing its reserves through regular acquisitions.
The removal of the convertible instrument also simplifies the company’s capital structure by eliminating millions of potential new shares that could have been issued under the agreement. Instead of leaving the instrument outstanding until maturity, the company chose to repay it early using the Bitcoin originally purchased with the financing proceeds.
With the repayment complete, The Smarter Web Company has closed one of the financing arrangements used during the early phase of its Bitcoin treasury expansion while continuing to hold 2,700 BTC on its balance sheet.
