Smarter Web Company Sells Shares to Reduce Coinbase Debt
The Smarter Web Company PLC, a British firm specializing in web design and digital marketing, has sold 2,883,000 ordinary shares for a gross total of £2.16 million. The company plans to use part of the proceeds to reduce its secured borrowing on Coinbase from approximately £19.0 million to £17.0 million. However, the repayment has not been confirmed as complete, leaving investors with an announced share sale but an uncertain debt reduction.
The shares were sold at approximately £0.75 per share, and the company expects to receive about 98.25% of the gross proceeds, totaling around £2.13 million after unspecified costs. The sale comes from a pool of 38.3 million unsold shares under a subscription agreement announced on December 24, 2025. Prior to this sale, Smarter Web had reduced its Coinbase loan from £20.8 million to £19.0 million using proceeds from a previous share sale.
The company's bitcoin holdings stood at 2,747 as of September 30, down from 2,878 at the end of June. The reduction was due to a sale of 177.89 bitcoin to repay a separate convertible instrument, partially offset by purchases during the quarter. The loan remains secured against the company's existing bitcoin holdings and is repayable at its discretion.
Smarter Web also has an open preferred-share offer, with a retail deadline set for October 9. The offer aims to raise between £15 million and £25 million gross, with each preferred share having a nominal value of £0.001 and an initial variable dividend rate of 12% per year.