Other DebtActiveBTC
Coinbase BTC-Backed Credit Facility
SWC-CF01
BTC Holdings
2,750 BTC
Total Debt
£22.02M
Leverage
13.2%
mNAV
0.81x
Outstanding
$16.15M
Issue date
2026-02-24
Principal
$30.00M
Coupon
—
Maturity
—
Conversion price
—
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- Secured
- Facility type
- Revolving
- Collateral
- Secured against Bitcoin holdings held within Coinbase
- Prepayment
- Repayable at Company's discretion, no fixed maturity
Sources(1)
- Strategic Credit Facility…FilingStrategic Credit Facility Established w/ CoinbaseThe Smarter Web Company PLC — 2026-02-24
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2026-04-24 | Draw | $16.15M £12,000,000 total drawn after £2,500,000 draw to fund 44 BTC purchase; converted at GBP/USD 1.34584 (market rate 2026-04-24) | Bitcoin Purchase (44 BTC … |
| 2026-04-09 | Draw | $12.82M £9,500,000 total drawn (£650,000 existing + £8,850,000 new); £8.85M drawn 2026-04-09 to cancel 39M Pre-IPO warrants at 22.5p (£8.775M consideration + costs); converted at GBP/USD 1.35 | Warrant Purchase Offer Re… |
| 2026-03-16 | Draw | $858.00K £650,000 drawn for warrant buyback at GBP/USD 1.32; prior snapshot recorded $30M facility ceiling, not drawn amount | Warrant Purchase Offer Re… |
| 2026-02-24 | Issuance | $30.00M Facility size $30M; drawn amount not disclosed | Strategic Credit Facility… |
- 2026-04-24 — $16,150,110press_release — The Smarter Web Company PLCSource
- 2026-04-09 — $12,825,000filing — The Smarter Web Company PLCSource
- 2026-03-16 — $858,000filing — The Smarter Web Company PLCSource
- 2026-02-24 — $30,000,000filing — The Smarter Web Company PLCSource