UK’s Smarter Web Company raises $21M via Bitcoin-denominated bonds
Main Idea
The Smarter Web Company, a UK-listed firm, raised $21 million through Bitcoin-denominated bonds backed by Tobam, introducing a novel crypto-aligned fundraising model.
Key Points
1. The Smarter Web Company raised $21 million (15.8 million British pounds) via Bitcoin-denominated bonds, as announced on the London Stock Exchange.
2. The bond product, 'Smarter Convert,' was developed in partnership with Tobam, a French investment firm with over $2 billion in assets under management.
3. Tobam invested through three of its managed funds, reflecting its ongoing involvement in the cryptocurrency space since 2017.
4. The bond allows conversion into The Smarter Web Company shares at a 5% premium to its Tuesday price of $2.60, with a potential issuance of over 7.7 million new shares if fully converted.
5. If the share price rises by 50% above the conversion price for 10 consecutive trading days, the company can force repayment of 98% of the bond principal in Bitcoin, adjusted for BTC price fluctuations.
6. The Smarter Web Company currently holds 2,050 BTC (worth around $234 million), following a recent purchase of 225 BTC at the end of July.
Description
UK-listed Smarter Web Company raised $21 million via Bitcoin-denominated bonds, backed by Tobam, offering a new model for crypto-aligned capital fundraising.
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