The Smarter Web Company raises £15.8 million via UK’s first Bitcoin-denominated bond

Key Points

1. The Smarter Web Company raised £15.8 million ($21 million) via a Bitcoin-denominated convertible bond, the first of its kind in the UK.

2. The bond, issued at a 5% premium to the share price of $2.60, can convert into over 7.7 million new shares if fully exercised.

3. The company now holds 2,050 BTC, valued at approximately $234 million, with a recent addition of 225 BTC at the end of July.

4. The bond offers flexibility: if shares appreciate 50% above the conversion price for 10 consecutive days, the company can trigger conversion; otherwise, 98% of principal is repaid in Bitcoin at maturity.

5. The bond was fully subscribed, backed by French asset manager Tobam, which oversees over $2 billion in assets and has a history in digital asset initiatives.