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Smarter Web sells 177 BTC to repay $11.7 million convert

CryptoSlate calculates the company’s gross BTC exposure fell 6.18% per issued share while its fully diluted share count fell 2.10% after the repayment.

Reported · Written up by our desk · Market Structure

Smarter Web, a UK listed Bitcoin treasury company, has repaid an $11.7 million convertible instrument by selling 177.89 Bitcoin, according to a July 23 repayment disclosure reported by CryptoSlate.

The BTC sale took place about two weeks before the convert’s maturity and was executed at an average price of $65,762. CryptoSlate says the transaction shrank Smarter Web’s BTC pool by 6.18%, even as the company’s share count in its management-defined fully diluted denominator declined by 2.10%.

CryptoSlate calculates that gross BTC exposure dropped 6.18% per legally issued share and about 4.17% per management-defined fully diluted share. The repayment removed a near term Bitcoin-linked claim and simplified Smarter Web’s capital structure, but it also reduced Bitcoin per share under both denominators.

The report adds that Smarter Web had 2,878 BTC immediately before the repayment, leaving 2,700.1090873 BTC after subtracting the disposal. CryptoSlate also notes the convert originated in August 2025 as an interest free, one year instrument and that repayment extinguished the approaching settlement decision and a Bitcoin linked obligation to TOBAM.

Latest closeBitcoin $65,078.09 ▼1.6%

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