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Smarter Web repays TOBAM convertible note early with Bitcoin sale

Smarter Web repays TOBAM convertible note early with Bitcoin sale

The UK-listed company said on July 23, 2026 that selling 177.89 BTC to repay about $11.6985 million to TOBAM eliminated potential issuance of more than 7.7 million shares while leaving its treasury at 2,700 BTC.

BTC

Fact Check
The official Smarter Web Company PLC announcement PDF confirms all elements of the claim: repayment of $11,698,540 (~$11.6985M) to TOBAM Group two weeks ahead of maturity, funded by selling 177.8909127 BTC at an average price of $65,762, cancellation of the linked 7,718,551 potential shares, and 2,700 BTC remaining. Multiple independent secondary sources (Cryptobriefing, PANews, Phemex) corroborate these figures.
Summary

The Smarter Web Company said it repaid its Smarter Convert convertible note to TOBAM Group about two weeks early by using proceeds from the sale of 177.89 Bitcoin at an average price of $65,762, raising roughly $11.6985 million. The UK-listed firm said the transaction, disclosed on July 23, 2026, was a targeted repayment tied to a specific liability rather than a broader reduction of its Bitcoin treasury. After the sale, the company held 2,700 BTC, and the repayment eliminated the potential issuance of 7,718,551 ordinary shares linked to the note, removing a source of possible shareholder dilution. The company also said convertible instruments are no longer its preferred source of capital, even as it continues to pursue its long-term Bitcoin treasury strategy.

Terms & Concepts
  • convertible note: Debt that can convert into shares.
  • shareholder dilution: Reduction in existing owners' stake when new shares are issued.
  • Bitcoin treasury: Bitcoin held by a company as part of its balance-sheet reserves and capital strategy.