Headline: The Smarter Web Sells 177.89 BTC to Retire $11.7M Convertible — Keeps 2,700 BTC Treasury and Removes 7.7M Shares of Potential Dilution The Smarter Web Company has repaid its Smarter Convert instrument early by selling 177.8909127 BTC, removing a potential 7,718,551-share issuance and retaining a 2,700-BTC treasury. London-listed The Smarter Web said it repaid $11,698,540 to settle the Smarter Convert roughly two weeks before maturity. The company sold the 177.8909127 BTC — originally bought with proceeds from the convertible financing — at an average price of $65,762 per coin. Because the initial agreement required at least 98% of subscription proceeds to be invested in Bitcoin, the company was responsible for returning the Bitcoin purchased with those funds when repaying the instrument. By using those BTC to repay the facility, The Smarter Web eliminated the potential issuance of 7,718,551 ordinary shares tied to the Smarter Convert, and removed the instrument’s BTC and potential shares from its fully diluted Bitcoin treasury analytics. After the transaction the company’s on‑balance-sheet holdings stand at 2,700 BTC. CEO Andrew Webley framed the move as closing an early-phase financing tool that helped build the company’s Bitcoin strategy. “The Smarter Convert provided an alternative source of funding while we were building our Bitcoin treasury,” Webley said, noting the structure strengthened the balance sheet and preserved flexibility in the company’s early accumulation phase. He also thanked investment manager TOBAM — whose related entities held the instrument — for supporting the arrangement. Webley added that while the company still sees value in both fiat and Bitcoin-denominated convertible instruments, they are no longer the right option at this stage of development. This repayment comes amid an active year of Bitcoin accumulation under the company’s stated “10 Year Plan.” Earlier in 2025 The Smarter Web raised £17.5 million to support further purchases and expand treasury infrastructure. By September 2025 it appointed Coinbase Institutional as an additional custody partner alongside Coinbase Prime, citing multi-custodian security and risk-management benefits; at that time it held 2,470 BTC after a 30-BTC buy. In October the company increased its holdings to 2,650 BTC following a 100-BTC purchase for about £9.08 million ($12.1 million). The fact that The Smarter Web now holds 2,700 BTC despite disposing of nearly 178 BTC to settle the Smarter Convert shows it continued buying BTC after October. The early repayment simplifies the company’s capital structure by removing millions of potential new shares that could have been issued under the convertible arrangement, while allowing The Smarter Web to press on with its long-term Bitcoin accumulation strategy. The company has previously positioned itself as the UK’s largest publicly traded Bitcoin-holder and has climbed the global corporate Bitcoin rankings through continued purchases.
The Smarter Web Repays $11.7M Convertible with 177.9 BTC, Avoids 7.7M-Share Dilution
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Summary
The Smarter Web repaid its $11.7M convertible using 177.89 BTC, avoiding 7.7M shares. The price action showed BTC sold at $65,762, two weeks before maturity. The move simplifies capital structure and supports long-term Bitcoin accumulation. CEO Andrew Webley called it a key step in the company’s strategy. The Smarter Web remains in a consolidation phase, holding 2,700 BTC in treasury.
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