Bitcoin News
By Pankaj K
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Bitcoin Per Share Actually Fell. The company's Bitcoin reserves dropped 6.18% as a direct result of the sale.
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The Instrument TOBAM Held. The convertible instrument was set up back in August 2025.
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Coinbase Facility and What's Left to Manage. Smarter Web still carries a $30 million credit facility with Coinbase.
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Smarter Web dumped 177.89 Bitcoin. The sale cleared an $11.7 million convertible instrument and wiped out the threat of 7.72 million new shares hitting the market.
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But here's the catch — shareholders didn't exactly come out ahead.
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The company's Bitcoin reserves dropped 6.18% as a direct result of the sale. The total legally issued share count stayed flat at 371,965,705 — unchanged.
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Before the transaction, Smarter Web held 2,878 BTC. After selling 177.89 coins — roughly 6.18% of the pre-transaction treasury — the reserve sat at 2,700.11 BTC.
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The management-defined diluted share count did shrink, from 367,538,758 to 359,820,207, because Smarter Web's internal analytics use a different denominator than the legal share…
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The convertible instrument was set up back in August 2025. It was structured as a one-year, interest-free tool, and it gave the holder — TOBAM — a menu of settlement options.
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The conversion price was never met. So management stepped in early and chose to repay in cash rather than hand over Bitcoin or let TOBAM convert into equity.
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More context: Smarter Web Dumps 177 Bitcoin at $65,762 Each to Kill $11.7M TOBAM Debt
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Originally, the instrument's structure required at least 98% of proceeds to be invested in Bitcoin. The company went further, deploying a full 100%.
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And the repayment did simplify things. One less maturity date on the calendar. One fewer creditor with a Bitcoin-linked claim sitting on the books.
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Smarter Web still carries a $30 million credit facility with Coinbase. It's secured against Bitcoin and has no fixed maturity date — which sounds flexible until you read the fine…
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The quarterly gross BTC yield for Q3 came in at -4.35%. That number tracks the movement of gross sats per management-defined diluted share over the quarter and has nothing to do…
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