Bitcoin treasury company erases 7.7M shares after selling 177 BTC – yet Bitcoin per share fell
Smarter Web repaid an $11.7 million convertible instrument by selling 177.89 BTC at an average of $65,762, roughly two weeks before maturity. The sale lowered its treasury from 2,878 BTC to about 2,700.11 BTC, a 6.18% drop. Because the convert’s 7.72 million potential shares were removed from the capital structure, the transaction still worsened BTC per share: legal-share exposure fell from 773.73 sats to 725.90 sats, and management-defined fully diluted exposure fell about 4.17%. Management said the early repayment, supported by TOBAM, simplified the structure and retired a Bitcoin-linked obligation. The convert had been an interest-free, one-year instrument that could settle in shares, Bitcoin, or cash. Smarter Web treated it as debt-like in treasury analytics. The result was lower Bitcoin exposure per share, even as it eliminated near-term dilution and maturity risk.
