Smarter Web Company launched a $21 million Bitcoin-denominated convertible bond, one of the first such offerings by a publicly traded UK company. This three-year bond allows investors to benefit from Bitcoin's price appreciation and the company's equity growth. The CEO, Andrew Webley, emphasized the focus on building a Bitcoin-backed balance sheet. Corporate Bitcoin adoption is rising, with over 200 public companies reportedly holding Bitcoin. The bond offering was fully subscribed and backed by Tobam, indicating growing mainstream acceptance of Bitcoin as a financial asset.
We have been building our Bitcoin-backed balance sheet with laser focus, and today's announcement marks yet another first for the UK capital markets. I am grateful to Yves and his team for their collaboration and support in bringing this innovative structure to life.
This development comes amid a surge in corporate Bitcoin adoption, with the number of public companies holding Bitcoin on their balance sheets rising to over 200 in just over few months.
We're witnessing a transformation in how companies approach Bitcoin. The innovation we're seeing in financial instruments, from Metaplanet's preferred shares to Smarter Web's Bitcoin bonds, suggests we're entering a new phase of corporate Bitcoin adoption.
The innovative financial instrument allows investors to participate in both Bitcoin's potential price appreciation and the company's equity growth.
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