Smarter Web Sells 177.89 BTC to Repay $11.7M Convertible

London-listed Smarter Web sold 177.8909127 bitcoin at an average price of $65,762 per coin to repay $11,698,540 owed under a convertible instrument, completing the early repayment on July 23. The coins sold were those acquired with subscription proceeds tied to the Smarter Convert facility held by entities related to TOBAM.

Under the original subscription terms, at least 98% of proceeds were to be invested in bitcoin; Smarter Web invested 100% and used those coins to repay the facility. The early repayment removed a potential future issuance of 7,718,551 ordinary shares. The company removed the sold bitcoin and the potential shares from its fully diluted bitcoin treasury analytics.

Chief Executive Andrew Webley noted the financing structure had strengthened the company’s balance sheet during the early stages of its bitcoin treasury strategy and added: “While convertible instruments remain a possible financing tool, the company does not currently consider them the appropriate solution for Smarter Web.”

After the sale, Smarter Web holds 2,700 bitcoin. The company will continue to accept bitcoin as payment for its web design and digital marketing services and will keep bitcoin as a core element of its treasury policy, describing the repayment as a change in financing rather than an exit from bitcoin holdings.

The repayment comes as other publicly traded treasury companies reduced bitcoin holdings in 2026. Strategy sold roughly 3,620 bitcoin this year, including 32 in May for tax-loss harvesting and 3,588 across June and July to support preferred stock distributions and rebuild cash reserves. Satsuma Technology’s shareholders approved a plan to liquidate the business, sell its remaining 668 bitcoin, settle liabilities and distribute proceeds after the company’s stock declined more than 99% from its peak.

Companies that financed growth through equity issuance or convertible securities faced tighter financing conditions in 2026 as equity valuations weakened. Smarter Web characterized the early retirement of the TOBAM instrument as a change in financing, stating it removed a source of potential shareholder dilution and simplified the company’s capital structure.