The Smarter Web Company Sells Bitcoin Amid Crypto Winter
Following MicroStrategy's recent sales, another major digital asset company has sold part of its Bitcoin holdings amid ongoing market challenges. The Smarter Web Company (SWC.L) disclosed on July 23 that it had sold approximately $11.68 million worth of Bitcoin to repay a convertible debt facility. This decision was made to avoid equity dilution, which would have required issuing over 7.7 million shares otherwise. The company emphasized its strategic approach to capital allocation and balance-sheet flexibility during the early stages of its Bitcoin treasury strategy. Despite selling part of its holdings, The Smarter Web Company still retains around 2,700 BTC on its books. At the time of writing, Bitcoin traded at $63,886.
Tickers: $MSTR
Topics: Bitcoin debt repayment MicroStrategy The Smarter Web Company