Smarter Web Company issues $21 million Bitcoin-denominated convertible bonds, fully subscribed by TOBAM

ChainCatcher news, according to official sources, Smarter Web Company has issued $21 million in convertible bonds denominated in Bitcoin, fully subscribed by institutional investor TOBAM.

It is reported that the zero-coupon bond allows conversion into shares at a 5% premium, includes Bitcoin-based downside protection, and limits the proportion of purchased Bitcoin to within 30%. This is the first instance of such financing in the UK market.