BlockBeats news, on August 6, according to official sources, Smarter Web Company issued a $21 million convertible bond denominated in Bitcoin, fully subscribed by institutional investor TOBAM.
It is reported that this zero-coupon bond allows conversion into equity at a 5% premium, includes Bitcoin-based downside protection, and limits the proportion of purchased Bitcoin to within 30%. This is the first instance of such financing in the UK market.