Bitcoin price remained steady around $114,000 on Wednesday as Smarter Web Company, a UK-based technology firm, announced the launch of a groundbreaking $21 million Bitcoin-denominated convertible bond, marking another milestone in the growing institutional adoption of Bitcoin-based financial instruments.

The three-year convertible bond, denominated in Bitcoin, represents one of the first such offerings by a publicly traded company in the United Kingdom. The innovative financial instrument allows investors to participate in both Bitcoin’s potential price appreciation and the company’s equity growth.

“We have been building our Bitcoin-backed balance sheet with laser focus,…

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