UK’s Smarter Web Company Issues First Bitcoin-Denominated Convertible Bond Worth $21M
Main Idea
The UK's Smarter Web Company issued the first Bitcoin-denominated convertible bond worth $21M, offering a unique structure that combines Bitcoin upside with downside protection, while also highlighting the company's aggressive Bitcoin accumulation strategy.
Key Points
1. The Smarter Web Company raised $21 million through the UK’s first Bitcoin-denominated convertible bond, fully subscribed by TOBAM.
2. The bond structure allows repayment in Bitcoin with a fixed conversion share price at £2.05, a 5% premium to the previous closing price.
3. After six months, the company can force conversion to equity, capping Bitcoin exposure risk, while bondholders can opt for repayment at 98% of Bitcoin-adjusted value.
4. Smarter Web's Bitcoin accumulation strategy yielded a 49,198% year-to-date BTC yield, acquiring over 2,000 Bitcoin in 2025.
5. The company has invested £166.8 million in Bitcoin at an average price of £81,346, with £500,000 remaining for future deployments.
Description
The Smarter Web Company raised $21 million through the UK’s first Bitcoin-denominated convertible bond from TOBAM. The London-listed technology firm announced Tuesday that the Paris-based asset management company, which has maintained Bitcoin exposure since 2016, fully subscribed to the “Smarter Convert” instrument through three managed funds. The Smarter Web Company ( #SWC $TSWCF $3M8.F) RNS Announcement: Smarter Convert – $21 Million Subscription. The Smarter Web Company is pleased to announce...
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