Smarter Web Company Cancels 3M Warrants, Improves Bitcoin Treasury Metrics

The Smarter Web Company has completed a voluntary purchase offer to buy back and cancel 3 million Pre-IPO warrants, a move the firm says strengthens shareholder metrics tied to its Bitcoin treasury strategy.

The company purchased the warrants for £618,000, paying 20.6 pence per warrant. All acquired warrants will be cancelled, reducing the company’s fully diluted share count by about 0.75%.

To finance the buyback, the company will draw £650,000 from its recently announced $30 million strategic credit facility with Coinbase. According to the company, the short-term debt represents roughly 0.40% of its net asset value.

The firm said the borrowing will later be repaid through a mix of operational cash flow and possible future equity issuance.

Bitcoin treasury metrics show how companies manage BTC to grow shareholder value. Key measures include BTC Yield, BTC Gain, Bitcoin per Share, and mNAV. Top holders like MicroStrategy and Coinbase use these metrics to track performance, focus on long-term accumulation, and maximize efficiency.

Warrant reduction boosts bitcoin treasury performance

Following the cancellation of the warrants, the company reported an improvement in its Quarter-to-Date BTC Yield, a metric that measures changes in the ratio of total Bitcoin holdings to fully diluted shares.

Quarter-to-Date BTC Yield improved to -0.18% from -0.93% earlier in the quarter, reflecting the impact of the reduced share count.

Chief Executive Andrew Webley said the move comes during what he described as a challenging period for companies holding Bitcoin in their corporate treasuries.

The company has adopted a strategy of holding Bitcoin as part of its reserves and has accepted payments in the cryptocurrency since 2022. Executives view the digital asset as a long-term store of value within the company’s balance sheet.

Corporate expansion supports Bitcoin strategy

Alongside its Bitcoin treasury policy, the company has continued expanding its business operations. During the quarter, it completed the acquisition of Squarebird Agency Ltd and secured an uplisting to the Main Market of the London Stock Exchange.

The firm was also recently confirmed for inclusion in the FTSE UK Index Series, marking another milestone in its growth strategy.

Smarter Web Company said the warrant buyback and broader corporate developments are intended to strengthen its financial structure as it continues building its Bitcoin-focused treasury model. Notably, the organization expanded its Bitcoin portfolio, purchasing 100 BTC worth $12.1 million. 

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