The Smarter Web Company has raised $21 million via a pioneering Bitcoin-denominated bond offering, marking the first such instrument in UK capital markets history. This innovative financing approach aims to leverage existing cryptocurrency holdings while minimizing shareholder dilution.
The convertible bond features a share conversion price of approximately $2.73 per share, representing a 5% premium to the company’s reference share price of $2.60. If fully converted, the issuance could result in over 7.7 million new shares entering circulation, creating a strategic fundraising alternative to traditional equity offerings.
Bond terms include provisions allowing the company to enforce mandatory conversion if its share price sustains levels 50% above the conversion price for 10 consecutive trading days. Should this threshold remain unmet, the firm will instead repay bondholders 98% of the Bitcoin-denominated value at maturity.
This financial structure enables efficient capital management while increasing corporate Bitcoin exposure. The company currently maintains holdings of 2,050 BTC—valued at approximately $234 million—further solidifying its position in digital asset treasury management.