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Smarter Web repays $11.7M convertible with 177.89 bitcoin sale

The company sold 177.89 BTC at an average $65,762 and said retiring the instrument eliminated a potential 7,718,551 share issuance.

Reported · Written up by our desk · Market Structure

The Smarter Web Company PLC repaid its Smarter Convert instrument to the TOBAM Group roughly two weeks ahead of maturity, using proceeds from a bitcoin sale, according to The Block.

The U.K.-listed firm said it sold 177.89 BTC at an average price of $65,762 to fund a $11,698,540 payment, clearing the full bitcoin position it acquired from the original subscription proceeds.

The repayment wiped out a potential issuance of 7,718,551 ordinary shares, which would have been created if the convertible had remained outstanding, the disclosure said.

The Block also reported that CEO Andrew Webley characterized convertible instruments as no longer the right capital solution for the company. The company began its bitcoin treasury strategy in April 2025 after adjusting its corporate policy to accept BTC payments in 2023.

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