The Smarter Web Company PLC, a United Kingdom-listed Bitcoin treasury holder, has secured a $30 million Bitcoin-backed credit facility with Coinbase Credit. The move is designed to provide liquidity to accelerate Bitcoin purchases immediately after equity raises, reducing settlement timing risk in volatile markets. The company underscored that the facility is not intended to be a long-term debt instrument for ongoing BTC purchases. Smarter Web is publicly traded on the London Stock Exchange’s Main Market and also trades on the OTCQB Venture Market in the United States, with Bitcoin described as a core pillar of its treasury strategy and a stated goal to expand its digital asset holdings. The arrangement leverages Bitcoin held in custody with Coinbase as collateral, per a February 24, 2026 filing. See the attached document here: PDF.
The latest development sits within a broader context of digital asset treasuries (DATs), which posted multi-billion dollar net inflows late in 2025 and into January 2026 before cooling in February. Data tracked by DefiLlama show inflows of $4 billion in December, followed by $3.7 billion in January, and then a marked slowdown to $363 million by February 24, 2026, as risk sentiment evolved. This pattern reflects a climate in which corporate balance sheets continue to scrutinize liquidity tools tied to Bitcoin exposure, even as overall demand for DATs moderates in the short term. See DefiLlama’s digital asset treasuries page for the latest inflow readings: DefiLlama.
According to BitcoinTreasuries.net, Smarter Web’s Bitcoin holdings stood at 2,689 BTC, purchased at an average cost of $112,865 per coin. At current price levels, those holdings value roughly $170 million, implying an unrealized loss of about 44% against the reported cost basis. The company’s disclosures note that, as of September 12, 2025, Smarter Web owned 2,470 BTC and described itself as the UK’s largest corporate Bitcoin holder at that time, signaling ongoing intent to grow its digital asset position. The firm also signaled interest in acquiring competitors to broaden its treasury and to pursue a spot on the FTSE 100 index. The latest holdings data suggest continued accumulation since the September 2025 update. For reference, see BitcoinTreasuries.net’s entry on Smarter Web: Smarter Web Bitcoin treasury.
The financing arrangement is designed to enable Swifter Web to borrow against its existing Bitcoin holdings to move more rapidly after equity raises, with repayment tied to the successful settlement of fundraising proceeds. The structure highlights a trend toward liquidity-centric use of BTC-backed facilities among corporate treasuries, as opposed to financing the ongoing purchase of BTC with new debt. The broader market context includes examples of divergent corporate Bitcoin strategies, where some firms are expanding exposure while others are reducing or liquidating holdings in response to capital needs and strategic shifts. For instance, a recent article discusses Strategy’s continued accumulation, with a 100th BTC purchase bringing its total to 717,722 BTC, while Bitdeer announced the liquidation of its entire Bitcoin treasury in a separate move to raise capital via a convertible debt offering. See: Strategy’s BTC purchases and Bitdeer’s treasury sale.
Diverging corporate Bitcoin strategies
The Smarter Web facility arrives amid a spectrum of corporate approaches to Bitcoin exposure. Some companies continue to add BTC to their treasuries, while others take liquidity-focused steps that involve selling or retooling holdings to support capital raises or strategic initiatives. The broader narrative underscores how treasury management is evolving as firms weigh balance-sheet resilience against market volatility and regulatory considerations.
Why it matters
The move by Smarter Web underscores a practical use-case for BTC-backed debt facilities beyond mere investment. By tying a credit facility to Bitcoin held in custody, the company can fast-track deployment of capital in the wake of equity raises, potentially capturing favorable entry prices and decoupling settlement timing from volatile market conditions. This kind of liquidity tool can help a corporate treasury bridge the gap between fundraising and asset deployment, reducing the risk of price slippage or missed opportunities during short windows after a financing round.
From a market-wide perspective, the development reflects ongoing experimentation with Bitcoin as a corporate treasury instrument. The inflow data from DATs suggests sustained interest in BTC-backed liquidity strategies through late 2025 and early 2026, even as overall momentum moderated in February. As BTC remains a volatile asset class, facilities that offer rapid access to liquidity while preserving long-term exposure can alter how companies plan capital allocation, M&A, and strategic initiatives, especially for firms with large Bitcoin holdings and ambitious growth agendas.
For investors tracking corporate exposure to Bitcoin, Smarter Web’s approach adds to the evidence that Bitcoin is being treated less as a speculative bet and more as a strategic balance-sheet asset. The company’s stated intent to avoid long-term debt financing for BTC purchases aligns with an emphasis on risk management and disciplined capital structure. As more issuers experiment with credit facilities secured by Bitcoin, market participants will watch for how these tools affect debt covenants, impacts on earnings volatility, and the potential signaling effect on other treasuries considering similar structures.
What to watch next
- Smarter Web’s upcoming earnings updates or capital-raising rounds to disclose how the facility is used to accelerate BTC deployments.
- Any changes to the company’s BTC holdings, including new acquisitions or rebalancing that would adjust the cost basis and unrealized gains/losses.
- Regulatory or market developments that could influence the viability or cost of BTC-backed facilities for corporates.
- Further DAT inflow/outflow signals from DefiLlama to gauge ongoing demand for Bitcoin treasury strategies.
- Announcements from related corporate treasuries (e.g., additional purchases, sales, or new liquidity facilities) that could provide context for Smarter Web’s strategy.
Sources & verification
- The strategic credit facility document: https://www.smarterwebcompany.co.uk/smarterweb-co-uk/_img/pdf/news/2026-02-24-strategic-credit-facility.pdf
- Smarter Web Bitcoin treasury data on BitcoinTreasuries.net: https://bitcointreasuries.net/public-companies/the-smarter-web-company-plc
- DefiLlama digital asset treasuries inflow data: https://defillama.com/digital-asset-treasuries
- Strategy BTC purchases article: https://cointelegraph.com/news/strategy-100th-bitcoin-purchase-592-btc
- Bitdeer Bitcoin treasury sale article: https://cointelegraph.com/news/bitdeer-sells-bitcoin-treasury-zero-holdings
Smarter Web taps Coinbase-backed facility to accelerate BTC deployment
In a strategic move to bolster liquidity after equity raises, The Smarter Web Company PLC has secured a $30 million Bitcoin-backed credit facility with Coinbase Credit. The facility is secured against Bitcoin held in custody with Coinbase and enables the company to move capital into Bitcoin (CRYPTO: BTC) immediately when fundraising closes, while reducing settlement timing risk during volatile markets. The company reiterates that the facility is not intended to finance ongoing, long-term BTC purchases, but rather to bridge liquidity between fundraising and deployment. Smarter Web is listed on the London Stock Exchange’s Main Market and trades on the OTCQB Venture Market in the United States; the firm emphasizes Bitcoin as a core component of its treasury strategy and has signaled an ambition to grow its digital asset holdings. The facility is designed to allow borrowing against existing holdings to accelerate post-raise deployment and to repay when fundraising proceeds settle. The filing and related documentation are available here: PDF.
The broader context for this move includes a pattern of positive net inflows into DATs through late 2025 and early 2026, followed by a cooling period in February. DefiLlama’s chart of inflows shows $4 billion in December, $3.7 billion in January, and roughly $363 million through February 24, 2026, indicating a deceleration after a burst of interest. This backdrop helps explain why Smarter Web would pursue a credit facility that unlocks faster deployment in response to equity raises while preserving long-term capital discipline. See DefiLlama’s DAT data for the latest series on inflows: DefiLlama.
Smarter Web’s Bitcoin holdings, tracked by BitcoinTreasuries.net, stood at 2,689 BTC with an average cost of $112,865 per coin, placing the current implied value near $170 million and an approximate unrealized loss of 44%. The company had previously disclosed a September 12, 2025 position of 2,470 BTC and described itself as the UK’s largest corporate Bitcoin holder at the time, with ambitions to acquire rivals to expand its treasury and potentially join the FTSE 100. The latest data suggest continued accumulation since that update, reinforcing the narrative of an aggressively managed digital-asset treasury. See Smarter Web’s BTC page for reference: Smarter Web BTC.
The rationale behind the facility is straightforward: borrow against existing BTC to accelerate deployment after fundraising, and repay once cash from the equity raise settles. It reflects how public companies are testing liquidity rails that preserve Bitcoin exposure while managing timing risk and balance-sheet constraints. The broader corporate landscape shows a mix of strategies, with some firms continuing to add BTC to their treasuries while others pivot to capitalize on capital-raising opportunities or to de-risk their holdings in a dynamically shifting market environment.
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