The Smarter Web Company (LSE: SWC | OTCQB: TSWCF | FRA: 3M8) has repaid its Smarter Convert instrument approximately two weeks ahead of maturity.
The instrument was held by entities related to TOBAM Group and was originally detailed in the company’s announcement on 6 August 2025. The repayment was made at the company’s request and with full support from TOBAM.
Smarter Web repaid US$11.7 million to TOBAM, funded through the disposal of 177.8909127 Bitcoin. The Bitcoin was sold at an average price of US$65,762, representing the total number of Bitcoin acquired from the original subscription proceeds.
Although the original agreement required at least 98% of the funds to be deployed into Bitcoin, Smarter Web elected to deploy 100%. As a result, the company said it was obliged to repay 100% of the acquired Bitcoin.
Following the repayment, the potential issue of 7,718,551 ordinary shares linked to the Smarter Convert instrument has been eliminated.
Those potential shares, together with the 177.8909127 Bitcoin disposed of to fund the repayment, have been removed from the company’s fully diluted Bitcoin treasury analytics. After the disposal, Smarter Web holds 2,700 Bitcoin.
Andrew Webley, CEO, The Smarter Web Company, commented:
“When we entered into Smarter Convert in August 2025, it provided an innovative alternative to traditional leverage. The structure enabled us to strengthen our balance sheet whilst maintaining flexibility during an early stage of our Bitcoin treasury strategy.
As the Company has evolved, so too has our approach to capital allocation. Looking ahead, whilst we continue to recognise the potential benefits of both fiat and Bitcoin-denominated convertible instruments, we do not currently believe they represent the right capital solution for The Smarter Web Company.
I would like to thank TOBAM for their support and partnership in developing this innovative structure. We remain grateful for their confidence in the Company.”
