UK-listed Bitcoin treasury company Smarter Web sold 177.89 BTC at an average price of $65,762 to repay an $11.7 million convertible instrument maturing on August 5. This operation erased 7.72 million potential shares from the capital structure while reducing the BTC treasury by 6.18% to 2,700.11 BTC. Bitcoin exposure per fully diluted share fell 4.17%, as the BTC sale had a bigger impact than the share count reduction. The company’s market capitalization stands at approximately £108.6 million based on 371,965,705 legally issued shares, and Smarter Web must now secure replacement capital to rebuild BTC-per-share exposure.
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