Smarter Web Company raises $21 million through Bitcoin-denominated bond

Published 06/08/2025, 07:20
© Reuters

LONDON - The Smarter Web Company PLC (AQUIS:SWC) announced Wednesday it has secured $21 million through a fully subscribed convertible bond denominated in Bitcoin. The funding comes from asset management firm TOBAM through three of its managed funds.

Named "Smarter Convert," the interest-free capital-raising instrument allows conversion into equity at a 5% premium to the reference share price of £1.95, based on the company’s closing price on August 5.

Key terms of the bond include a provision allowing the company to force conversion after six months if the share price trades 50% above the conversion price for 10 consecutive trading days. If bonds remain unconverted after 12 months, the company will repay 98% of the bond value to investors.

The bond’s principal value is denominated in Bitcoin, meaning repayment amounts will fluctuate with Bitcoin’s price. However, the conversion share price remains fixed in British pounds.

"We have been building our Bitcoin-backed balance sheet with laser focus, and today’s announcement marks yet another first for the UK capital markets," said Andrew Webley, CEO of The Smarter Web Company, in the press release.

If all bonds are converted to equity, approximately 7.7 million new shares would be issued, according to the company.

Yves Choueifaty, CEO of TOBAM, described the structure as offering "prudent downside protection, premium equity participation, and a Bitcoin-denominated structure."

The Smarter Web Company provides web design, development and online marketing services, with clients paying initial fees plus annual hosting charges and optional monthly marketing fees. Since 2023, the company has accepted Bitcoin as payment and incorporated a Bitcoin treasury policy into its strategy.

The company indicated that similar bonds could be issued to other investors, including TOBAM, at future market prices using the same structure.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.