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

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. The BTC pool shrank 6.18%, while the share count in Smarter Web's management-defined fully diluted denominator shrank 2.10%. CryptoSlate 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.The Bitcoin sale outweighed the share reduction.Smarter Web reported 2,878 BTC immediately before the repayment. Subtracting the exact disposal leaves 2,700.1090873 BTC. That reconciles the an...