Bitcoin treasury company erases 7.7M shares after selling 177 BTC – yet Bitcoin per share fell

A notable development has hit the crypto markets. Smarter Web sold 177. 89 Bitcoin to repay an $11. 7 million convertible instrument that could have produced 7.

72 million new shares. The July 23 repayment disclosure said the UK-listed Bitcoin treasury company completed the sale at an average price of $65,762 about two weeks before the instrument's maturity. Each share ended the transaction with less Bitcoin.

Market Dynamics

The BTC pool shrank 6. 18%, while the share count in Smarter Web's management-defined fully diluted denominator shrank 2. calculates that gross BTC exposure fell 6.

18% per legally issued share and about 4. 17% per management-defined fully diluted share. On the capital-allocation question, the result is negative: the repayment diluted BTC per share under both relevant denominators while removing a near-term, Bitcoin-linked claim and simplifying the company's capital structure.

Public Bitcoin treasury companies must manage two separate quantities: the Bitcoin they own and the capital claims dividing that Bitcoin among shareholders. Related Reading Bitcoin treasury firms race to buy more BTC, but shareholders may pay the price Capital B and BTC AB want more Bitcoin exposure, but their funding plans test how much dilution and financial risk investors will accept. Jun 22, 2026 Liam 'Akiba' Wright The Bitcoin sale outweighed the share reduction.

Market Impact

Smarter Web reported 2,878 BTC immediately before the repayment. Subtracting the exact disposal leaves 2,700. That reconciles the announcement's rounded 2,700 BTC balance with the company's analytics display of 2,700.

The sale represented 6. 1811% of the pre-transaction treasury. Because the convert shares were potential, legally issued capital stayed at 371,965,705 shares across the transaction.

On that denominator, the before calculation is: 2,878 BTC × 100,000,000 ÷ 371,965,705 = 773. 73 sats per share After repayment: 2,700. 1090873 BTC × 100,000,000 ÷ 371,965,705 = 725.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.