The Smarter Web Company PLC (LSE: SWC), the UK’s leading public Bitcoin treasury firm, announced today that it has sold 177.89 BTC to repay $11.69 million owed under its Smarter Convert instrument to institutional investor TOBAM. Following the transaction, the company now holds exactly 2,700 BTC, maintaining its position as 28th largest corporate holder while adjusting its capital structure.
The move, detailed in a regulatory announcement filed on 23 July 2026, reflects ongoing management of the Bitcoin-denominated convertible bond issued in August 2025. That instrument, fully subscribed by TOBAM for approximately $21 million, featured innovative terms linking principal repayment to Bitcoin’s price performance and offering equity conversion options at a premium.
By using a portion of its treasury to settle part of the obligation, Smarter Web demonstrates a disciplined approach to balancing debt repayment with long-term Bitcoin accumulation.
Details of the Repayment Transaction
According to the official RNS filing, the sale of 177.89 BTC generated the precise funds needed to repay $11.69 million of the Smarter Convert facility. Prior to the transaction, the company’s holdings stood near 2,878 BTC, consistent with earlier disclosures from May and June 2026 when it reported steady accumulation under its “10 Year Plan.”
The Smarter Convert was structured with several protective features for both parties. It carried no interest, allowed conversion into equity at a 5% premium to the reference share price, and included downside protection for investors through 98% principal repayment in Bitcoin terms if not converted. The bond’s principal was denominated in Bitcoin, meaning its value fluctuated with the cryptocurrency’s market price. This repayment reduces outstanding exposure on the instrument while freeing capacity for future capital raises.
Smarter Web executed the sale at prevailing market conditions, underscoring its strategy of treating Bitcoin as a core treasury asset rather than a speculative holding. The company has previously used similar mechanisms, including a Coinbase credit facility secured against Bitcoin holdings, to support purchases without immediate equity dilution. Today’s action keeps leverage ratios manageable and aligns with its history of transparent treasury management.
Smarter Web’s Bitcoin Treasury Strategy in Focus
Originally a web design and digital marketing agency founded in 2009, The Smarter Web Company pivoted aggressively in 2025 to adopt Bitcoin as its primary treasury reserve. Under CEO Andrew Webley, the firm launched the “10 Year Plan,” committing to accumulate Bitcoin through organic cash flow, equity raises, and innovative financing tools like the Smarter Convert.
By mid-2026, Smarter Web had become the largest UK-listed corporate Bitcoin holder, with holdings peaking around 2,878 BTC acquired at an average cost basis near £80,950 per Bitcoin (approximately $108,500). Total investment exceeded £230 million, funded through multiple channels including direct subscriptions, ATM facilities, warrant exercises, and the TOBAM-backed bond. The company also accepts Bitcoin payments from clients and has explored acquisitions to expand its revenue base while growing its digital asset reserves.
This latest adjustment follows a period of regulatory milestones, including a successful capital reduction in July 2026 that created £210 million in distributable reserves. Such moves enhance financial flexibility without compromising the core Bitcoin thesis. Smarter Web consistently reports “BTC Yield” metrics that track holdings growth relative to fully diluted shares, emphasizing long-term accretion over short-term price volatility.
Despite Bitcoin’s price fluctuations—trading well below its 2025 highs—the company has maintained its accumulation policy. Earlier quarterly updates showed holdings growth through disciplined purchases, often executed below the long-term average cost. The partial repayment today trims the balance modestly but preserves substantial exposure, keeping Smarter Web competitive among global public treasuries.
Ranking and Broader Market Implications
Post-transaction, BitcoinTreasuries.net data places Smarter Web at rank 28 in the Bitcoin 100, with its 2,700 BTC still representing one of the largest corporate stacks outside the United States. The ranking table highlights its position among peers like Strategy and Twenty One Capital, and various mining firms, many of which hold significantly larger or smaller amounts.
This development occurs amid growing institutional interest in Bitcoin treasury strategies. Several UK and international firms have followed Smarter Web’s lead, though few match its scale or innovative financing.
The Smarter Convert itself set a precedent as one of the first Bitcoin-denominated convertibles in UK markets, attracting sophisticated capital from TOBAM, a Paris-based manager with a long Bitcoin track record.
For investors, the repayment signals prudent risk management. By settling part of the convertible without forced conversion or excessive dilution, the company protects shareholder value while retaining optionality. Shares of SWC have experienced volatility typical of Bitcoin-proxy equities, trading at a discount or premium to net asset value depending on market sentiment and Bitcoin price.
Looking ahead, the company is expected to continue deploying capital into Bitcoin when conditions allow, potentially issuing further instruments or using its expanded reserves. The latest filing reaffirms its belief that Bitcoin forms a cornerstone of the future financial system, guiding both treasury policy and business development.
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