UK-based technology company The Smarter Web Company has announced the launch of Smarter Convert, its new and innovative financing tool designed for raising capital.
This instrument, a structured, interest-free, strategic convertible bond denominated in Bitcoin, was fully acquired by the French asset management firm TOBAM with an investment of $21 million.
Founded in 2006 by Yves Choueifaty, TOBAM has been active in the Bitcoin space since 2016. Its Smarter Convert structure aims to both protect investors and ensure incentive alignment among stakeholders.
TOBAM participated in this investment through three different funds it manages. The company plans to issue similar bonds using the same structure in the future.
Basic Features of the Bond:
Smarter Convert allows the company to increase its Bitcoin reserves by raising capital above market prices. However, the amount of Bitcoin acquired through this bond structure will be limited to approximately 30% of the company's existing cash reserves. This step is part of a measured and cautious growth strategy.