Smarter Web Launches $21 Million Bitcoin-Denominated Convertible Bond
Main Idea
The Smarter Web Company launched a $21 million bitcoin-denominated convertible bond, fully subscribed by institutional investor TOBAM, to raise capital and expand its bitcoin-backed balance sheet.
Key Points
1. Smarter Web launched Smarter Convert, a bitcoin-denominated convertible bond, with $21 million fully subscribed by TOBAM.
2. TOBAM, an institutional investor active in bitcoin since 2016, participated through three of its managed funds.
3. The bond has a conversion price of £1.95, with the company holding the option to price for 10 consecutive days.
4. If not converted within 12 months, the company will repay 98% of the bond value, adjusted to bitcoin’s price at maturity.
5. CEO Andrew Webley stated this initiative marks a first for UK capital markets and strengthens the company’s bitcoin-backed balance sheet.
Description
The Smarter Web Company has launched Smarter Convert, a bitcoin-denominated convertible bond fully subscribed by institutional investor TOBAM for $21 million. The initiative enables Smarter Web to raise capital while expanding its bitcoin treasury. TOBAM Backs Smarter Web With $21 Million Investment The Smarter Web Company has announced the successful launch of Smarter Convert, an
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