Smarter Web Company raises $21 million

The new product, “Smarter Convert,” was designed in partnership with Tobam, with the French company investing through three of its managed funds

The Smarter Web Company, a publicly traded UK-based company holding Bitcoin on its corporate balance sheet, raised $21 million through a Bitcoin-denominated bond offering, marking a rare move in British capital markets.

In a Wednesday London Stock Exchange announcement, The Smarter Web Company disclosed it had launched a Bitcoin-denominated bond that has already raised 15.8 million British pounds ($21 million). The bond was offered in a fully subscribed round backed by the French asset management giant Tobam.

The new product, “Smarter Convert,” was designed in partnership with Tobam, with the French company investing through three of its managed funds.

Tobam CEO Yves Choueifaty said that the company “is driven by a commitment to long-term alignment.”

Tobam — which claimed to have over $2 billion in assets under management at the end of 2024 — is not new to the cryptocurrency space. As early as 2017, it announced the creation of the first Bitcoin mutual fund, designed to provide access for institutional investors.

The Smarter Web Company’s CEO, Andrew Webley, said the bond structure is a “first for the UK capital markets.”

He added: 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.

The offering was cantered around a 12-month bond denominated in Bitcoin that is convertible into The Smarter Web Company shares at a 5% premium to its Tuesday price of $2.60. The resulting conversion price is about $2.73.