The Smarter Web Company PLC (LON: SWC) has announced a $30 million strategic credit facility with Coinbase Credit, Inc. The facility is designed to bridge the gap between equity fundraising and Bitcoin deployment, reducing settlement-related timing risk during volatile periods.
Key terms
- Facility size: $30 million
- Security: BTC holdings held within Coinbase
- Interest: charged daily on drawn amounts at a competitive rate
- Fees: none beyond interest on cash drawn
- Maturity: no fixed date — repayable at the company's discretion
Purpose
Unlike traditional leverage used to amplify BTC exposure, this facility serves a narrower operational purpose. When SWC raises equity, there's typically a multi-day settlement window before proceeds can be deployed into Bitcoin. During periods of price volatility, that delay introduces risk. The Coinbase facility allows the company to acquire BTC immediately and repay the draw once settlement completes.
CEO Andrew Webley framed it accordingly:
This facility allows us to deploy capital into Bitcoin quickly where fundraising settlement periods may otherwise hamper our ability to do so.
Context
Smarter Web Company is a UK-based web services firm that adopted a Bitcoin treasury policy in 2022. Listed on the London Stock Exchange with additional listings on OTCQB and Frankfurt, SWC is among a growing cohort of smaller public companies building BTC reserves alongside their core business.
The facility adds Coinbase to SWC's capital structure as a credit counterparty — a notable move given Coinbase's expanding role as both custodian and lender across the BTC treasury ecosystem.