The Smarter Web Company (LSE:SWC) has sold 2.71m shares under its Subscription Agreement, raising gross proceeds of £1.89m at approximately 70p per share.
The company will receive roughly 98.25% of that sum, and intends to direct some of it towards reducing the outstanding balance on its Coinbase strategic credit facility from approximately £20.8m to approximately £19m.
Coinbase has also notified the company that the facility's variable interest rate has risen from 6.00% to 6.25%, though the loan remains repayable at the company's discretion without additional charges.
The Subscription Agreement, first announced on 24 December 2025, has now placed a substantial portion of its capacity; 41.21m shares remain unsold under the arrangement.
The facility sits against the company's Bitcoin treasury, which The Smarter Web Company has built since 2022 as part of its "10 Year Plan", using surplus cash to accumulate BTC alongside its core web design and digital services business.
Drawings under the facility had climbed steadily through the year, from £13.5m in April to £18.5m by early August, before this latest repayment reverses that trajectory for the first time.
Separately, 750,000 warrants were exercised at 2.5p each in September, generating £18,750 and leaving 31.68m warrants outstanding, the bulk of which are held by chief executive Andrew Webley and his spouse.
The company now has 375.59m shares in issue.
The Smarter Web Company said it will continue to update the market on any material drawdowns or repayments under the Coinbase facility in future regulatory announcements.