The Smarter Web Company, the largest public corporate holder of Bitcoin in the United Kingdom — a position tracked by Bitcoin Treasuries — disclosed on Friday, October 23, that it added 20 BTC to its treasury for about £1.23 million. The company also set the first weekly dividend on its MORE preferred shares at £0.2301 per share, the instrument it has used to fund its Bitcoin purchases.

Second purchase in a week lowers average cost

The 20 BTC purchase, announced in a regulatory news service (RNS) filing, was executed at an average price of £61,733 per coin. The acquisition pulled the average cost of the company's 2,850 BTC stack down to £81,837, for a net cost of £233.2 million.

Factoring in about £8.7 million of gross sales, the overall Bitcoin position carries a gross cost of £242 million. The Bristol-based firm has a market capitalization of roughly £208 million and put its quarter-to-date BTC yield — the per-share metric it uses to judge whether purchases add value — at 2.41%. That market value sits below the gross cost of the company's Bitcoin position.

Friday's addition is the company's second Bitcoin-up in a week, following the 83 BTC it bought on October 15 for a cumulative £5.2 million at an average of £62,676 per unit. Part of the funds raised from selling preferred shares went toward trimming the firm's Coinbase strategic credit facility to about £16 million from £17 million.

First MORE dividend set at £0.2301 per share

The larger first for the company is the payout. According to a regulatory notice filed on October 20, the inaugural weekly dividend on the MORE preferred shares will be £0.2301 per share for the week ending 23 October 2026. The record date is October 23, the ex-dividend date is October 22, and the cash is due to reach holders on November 9. Under standard dividend mechanics, investors who bought on or after the ex-dividend date do not receive this first payment.

The MORE dividend rate currently runs at 12% per year on a £100 reference amount, a figure the board may vary within limits set out in the prospectus published on 29 September, so later weekly payouts need not match the initial rate.

MORE, which is structured similarly to the "digital credit" model championed by Strategy's Michael Saylor, is the first preferred share issued by a UK corporate Bitcoin holder, as Cryptopolitan reported when the plan surfaced in September. Under such an arrangement, preferred share sales raise capital for Bitcoin purchases while holders receive scheduled dividend income.

Smarter Web returned to buying Bitcoin after selling 178 BTC to repay an $11.7 million convertible note held by the TOBAM Group two weeks ahead of schedule. TD Cowen rated the stock a Buy with a £0.73 price target when the broker reviewed the preferred share plan in September.