Overview

• The three-year convertible bond restricts Smarter Web to allocating no more than 30% of proceeds to Bitcoin purchases and includes a forced conversion trigger if shares trade 50% above the conversion price for ten days
• TOBAM backed the entire issue through three of its funds, underlining its decade-long engagement in Bitcoin investments
• Smarter Web has amassed 2,050 BTC on its balance sheet, ranking the company among the top 25 public firms by Bitcoin holdings
• Company executives plan to issue additional tranches of similar Bitcoin-denominated bonds to a wider set of investors
• Analysts say the transaction sets a template for embedding digital assets into traditional capital markets and may prompt follow-on deals in the U.K.