Smarter Web Company issues a $21 million Bitcoin-denominated convertible bond, with institutional investor TOBAM subscribing in full.

BlockBeats News, August 6th, According to official sources, Smarter Web Company issued a $21 million convertible bond priced in Bitcoin, fully subscribed by institutional investor TOBAM.

Reportedly, this zero-coupon bond allows conversion to stock at a 5% premium, includes Bitcoin-based downside protection, and limits the proportion of purchased Bitcoin to within 30%. This is the first such financing in the UK market.