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Smarter Web sells 177.9 BTC to repay $11.7 million convertible debt

The company used the sale proceeds to retire its “Smarter Convert” early and avoid issuing 7,718,551 ordinary shares tied to potential conversion.

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The Smarter Web Company sold 177.8909127 BTC for $11,698,540 to repay a $11.7 million convertible debt facility early, according to Bitcoin Magazine.

The repayment was made to extinguish the “Smarter Convert” instrument held by TOBAM, and the transaction was settled roughly two weeks ahead of schedule at an average price of $65,762 per BTC.

Smarter Web said it was not exiting its Bitcoin position, instead using part of its treasury to reduce balance-sheet risk. After the sale, it still holds 2,700 BTC in treasury.

Bitcoin Magazine framed the move as a debt-management choice, with the alternative being potential shareholder dilution if the convertible converted into equity, which the company says would have required issuing 7,718,551 ordinary shares.

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