Smarter Web Company Sells 178 Bitcoin to Pay Off $11.7 Million Debt Early

The Smarter Web Company repaid its Smarter Convert instrument to TOBAM Group roughly two weeks ahead of schedule, selling nearly 178 bitcoin to cover the $11.7 million obligation.

Early Repayment Clears Share Dilution Risk

The UK-listed firm sold 177.89 bitcoin at an average price of $65,762, fully funding the $11,698,540 payment. The move eliminates a potential issuance of 7,718,551 ordinary shares tied to the convertible instrument. Both the shares and the bitcoin sold have now been removed from the company’s treasury analytics.

CEO Signals Shift Away From Convertibles

CEO Andrew Webley said the company no longer views fiat or bitcoin-denominated convertible instruments as the right capital solution going forward, despite acknowledging their past usefulness. The repayment was made at the company’s request with TOBAM’s agreement.

Treasury Strategy Continues Despite Setback

Smarter Web Company has spent about £233 million building its bitcoin treasury since April 2025, funded largely through capital raises. It still holds 2,700 bitcoin following the sale. The news comes shortly after TD Cowen cut its price target on the stock by 36%, though shares rose nearly 2% Thursday morning.