Smarter Web sells 178 Bitcoin to repay £11.7 million debt

A London-listed digital services company has sold a portion of its bitcoin holdings to retire a convertible financing instrument early, eliminating a potential source of shareholder dilution while maintaining its long-term cryptocurrency treasury strategy. The Smarter Web Company PLC announced on Thursday, July 23, 2026, that it repaid 11.7 million pounds owed under its "Smarter Convert" instrument, which was held by entities related to investment manager TOBAM.

The repayment, completed roughly two weeks before the instrument's maturity, was funded by selling 177.8909127 bitcoin at an average price of 65,762 pounds per coin. This represented all of the bitcoin originally acquired with the proceeds from the financing agreement first announced in August 2025. Under the terms of that agreement, at least 98 percent of the funds were required to be invested in bitcoin, but the company had deployed the full amount.

By settling the obligation early, the company removed the potential future issuance of 7,718,551 ordinary shares tied to the convertible instrument. Both the sold bitcoin and the potential shares have been stripped from the company's fully diluted treasury analytics....