UK’s Smarter Web Company Issues First Bitcoin-Denominated Convertible Bond Worth $21M

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.