UK-listed Smarter Web Company raised $21 million through Bitcoin-denominated bonds. The announcement came via the London Stock Exchange on Wednesday.
The company confirmed it secured 15.8 million British pounds ($21 million) through a fully subscribed offering backed by French asset manager Tobam.
The new bond, called “Smarter Convert,” was developed in partnership with Tobam. The asset manager invested through three of its managed funds.
Tobam’s CEO, Yves Choueifaty, said the firm’s participation reflects its “commitment to long-term alignment.”
Tobam managed $2 billion in assets at the end of 2024 and has been involved in Bitcoin since launching a Bitcoin mutual fund in 2017.
Bitcoin-Denominated Bond Terms and Conversion Details
The Bitcoin-denominated bond runs for 12 months and offers conversion into Smarter Web Company shares at a 5% premium.
The conversion rate is set at $2.73, above the company’s share price of $2.60 on Tuesday.
If fully converted, the company will issue 7.7 million new shares. The bond terms allow a forced conversion if the share price rises 50% above $2.73 for ten straight trading days.
Bondholders who do not convert will be repaid in Bitcoin. At maturity, the company will return 98% of the bond principal in Bitcoin, with repayment amounts adjusted to Bitcoin’s price at the time.
Fundraising Reduces Share Dilution and Expands Bitcoin Holdings
The Bitcoin-denominated bond enabled Smarter Web Company to raise funds while limiting share dilution.
The company stated that the conversion premium reduced dilution by about 5% compared to a standard equity raise.
In its statement, the firm said:
“The Smarter Web Company achieves a capital raise at a premium based on the Conversion Share Price being higher than the Reference Share Price, resulting in approximately 5% less dilution compared to a traditional equity raise, at the issue date of the bond.”
This structure aligns with the company’s strategy to strengthen its Bitcoin position while accessing capital in a non-traditional format.
Smarter Web Company Increases Bitcoin Reserves to 2,050 BTC
According to BitcoinTreasuries.NET, the company now holds 2,050 BTC worth about $234 million. This follows a purchase of 225 BTC in July.
The Bitcoin-denominated bond supports its approach of growing Bitcoin reserves alongside capital-raising activity. CEO Andrew Webley emphasized:
“We believe that this new structure will open up a new segment of capital for the company and complement our existing funding strategies as we pursue our ambition to make The Smarter Web Company into one of the largest publicly listed companies in the UK.”
Tobam’s involvement highlights its continued presence in Bitcoin-focused investments.
The firm’s earlier launch of a Bitcoin mutual fund in 2017 established it as one of the first asset managers in this area.
Editor at Kriptoworld
Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
