The Smarter Web Company has repaid its Smarter Convert financing instrument nearly two weeks before maturity, selling 177.8909127 Bitcoin (BTC) to settle the obligation with investment manager TOBAM Group. The repayment marks the end of a financing structure introduced in August 2025 and simplifies the company’s capital structure while leaving its long-term Bitcoin treasury strategy intact.
The company said it repaid $11,698,540 to TOBAM using proceeds from the sale of 177.8909127 BTC at an average price of $65,762 per Bitcoin. Following the transaction, The Smarter Web Company continues to hold 2,700 BTC in its corporate treasury.
Shares of The Smarter Web Company (LSE: SWC) were trading at 29.20 GBX on July 23, down 1.18% for the day. The stock traded between 29.02 GBX and 29.71 GBX during the session.
Bitcoin Sale Was Tied to Financing Agreement
Unlike many corporate Bitcoin sales aimed at raising liquidity or reducing exposure, this disposal was required under the terms of the Smarter Convert agreement.
Key details of the repayment include:
- Repayment amount: $11.70 million
- Bitcoin sold: 177.8909127 BTC
- Average sale price: $65,762 per BTC
- Remaining treasury: 2,700 BTC
- Financing partner: TOBAM Group
- Repayment timing: Approximately two weeks before maturity
When the financing was launched in August 2025, the agreement required at least 98% of the subscription proceeds to be invested in Bitcoin. Instead, the company chose to allocate 100% of the funds into Bitcoin. As a result, it was obligated to repay 100% of the Bitcoin acquired using those proceeds.
The company emphasized that the Bitcoin sold represented the exact amount originally purchased through the financing rather than a reduction in its broader treasury strategy.
Early Repayment Removes Future Share Dilution
One of the biggest outcomes of the repayment is the elimination of potential shareholder dilution. With the Smarter Convert instrument now settled, the company said 7,718,551 potential ordinary shares linked to the financing have been removed from its capital structure. The associated Bitcoin has also been excluded from the company’s fully diluted Bitcoin treasury analytics. The early repayment was requested by The Smarter Web Company and completed with TOBAM’s support.
CEO Says Company Has Outgrown Convertible Financing
Chief Executive Officer Andrew Webley said the Smarter Convert structure helped strengthen the company’s balance sheet during the early stages of its Bitcoin treasury strategy by providing an alternative to traditional leverage.
However, Webley said the company’s capital allocation strategy has evolved since then.
“Whilst we continue to recognise the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company”.
He also thanked TOBAM for supporting the financing structure and partnering with the company throughout the arrangement.
Bitcoin Yield Impact Explained
Today we repaid our Smarter Convert instrument.
It served its purpose well, giving us an innovative alternative to traditional leverage last year. As the conversion price wasn’t met, we chose to settle it slightly early and simplify our capital structure.
One point worth… https://t.co/x0z5b8bsXk
— Andrew Webley (@asjwebley) July 23, 2026
In a post on X, Webley noted that the company has always viewed Smarter Convert more like debt than equity when measuring its Bitcoin treasury performance.
He said repaying the instrument is the primary reason the company currently reports a -4.35% Quarterly Gross BTC Yield, adding that some quarters will naturally be weaker than others and that management is focused on returning the metric to positive territory.
Webley also highlighted that although the agreement only required 98% of the financing proceeds to be invested in Bitcoin, the company voluntarily deployed 100%, making the repayment correspond exactly to the Bitcoin acquired through the instrument.
Bitcoin Treasury Strategy Remains Unchanged
Despite selling nearly 178 BTC, the company reiterated that its long-term Bitcoin strategy remains unchanged. Since 2022, The Smarter Web Company has accepted Bitcoin as payment for its services and has positioned Bitcoin as a core treasury reserve asset. The company said it will continue executing its 10-Year Plan, which combines organic business growth, acquisitions, and a Bitcoin treasury strategy, while maintaining one of the UK’s largest corporate Bitcoin holdings with 2,700 BTC remaining after the repayment.
Corporate Bitcoin Sales Continue as Firms Reshape Treasury Strategies
The Smarter Web Company’s repayment follows a broader trend of corporate Bitcoin treasury adjustments in 2026. In July, K Wave sold 88 BTC to repay debt and officially ended its Bitcoin treasury strategy.
Earlier, in June, Fold sold approximately $45 million worth of Bitcoin to eliminate secured debt and fund future growth initiatives. Unlike those companies, The Smarter Web Company said its sale was tied to repaying the Smarter Convert financing instrument and reaffirmed its commitment to holding Bitcoin, retaining 2,700 BTC after the transaction.
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