Bitcoin Treasury Firm Smarter Web Sells 177 BTC to Retire Convertible Debt Early

The Smarter Web Company has sold 177.8909127 bitcoin to repay a $11,698,540 convertible instrument roughly two weeks ahead of schedule, marking another instance of a public bitcoin treasury company trimming holdings amid a tough 2026 for digital asset treasury (DAT) firms. The London-listed company said Thursday that it fully repaid the amount outstanding under its Smarter Convert instrument, held by entities related to TOBAM. The financing structure was first disclosed in August 2025. Smarter Web funded the repayment by selling 177.8909127 BTC at an average price of $65,762 per coin. The sale represented all of the bitcoin originally acquired using the subscription proceeds tied to the instrument. While the agreement required at least 98% of proceeds to be invested in bitcoin, the company said it allocated 100% into the cryptocurrency and, under the terms, used those funds’ bitcoin holdings to repay the instrument in full. The early repayment also removes potential dilution from the company’s capital structure. Smarter Web said the transaction eliminates the potential issuance of 7,718,551 ordinary shares linked to the convertible instrument. The company added that those shares, along with the 177.89 BTC sold to fund the repayment, have been removed from its fully diluted bitcoin treasury analytics. After the transaction, Smarter Web said it still holds 2,700 bitcoin, ranking as the world’s 28th largest public corporate bitcoin holder. Chief Executive Andrew Webley said the convertible structure supported the balance sheet in the early phase of the firm’s bitcoin treasury strategy but no longer aligns with its capital allocation priorities. He said convertible instruments remain a possible financing option, though the company does not currently view them as the right solution. Smarter Web’s move comes as more DAT firms shift away from a strict "never sell" posture. Strategy earlier this year reversed its longstanding position against selling bitcoin, disposing of 32 BTC in May for tax-loss harvesting and selling a further 3,588 BTC across June and July to help fund preferred stock distributions and rebuild cash reserves. In total, Strategy sold 3,620 bitcoin during 2026 as financing conditions tightened. Satsuma Technology has also moved to exit its treasury approach entirely. Shareholders approved a liquidation plan that includes selling its remaining 668 bitcoin, settling liabilities, and distributing the remaining proceeds to investors after the stock fell more than 99% from its peak as the business struggled amid declining asset values. The broader treasury-company segment has faced increasing strain through 2026, with bitcoin prices remaining well below many firms’ average acquisition costs. Companies that depended on issuing shares above net asset value or raising capital via convertible securities have encountered tougher funding conditions as equity valuations weakened. The environment has also highlighted the gap between holding bitcoin directly and owning exposure through publicly traded treasury companies: when shares trade at steep discounts to the value of underlying bitcoin holdings, issuing new equity becomes less compelling, while debt service and operating costs continue to pressure balance sheets. Smarter Web said the repayment reflects a financing shift rather than a retreat from bitcoin. The company continues to accept bitcoin as payment for its web design and digital marketing services and keeps bitcoin as a central element of its treasury policy. By retiring the TOBAM-linked instrument early, Smarter Web reduces future dilution risk and simplifies its capital structure while remaining among the largest public corporate holders of the cryptocurrency.