The Smarter Web Company's perpetual preferred shares, trading under the ticker MORE, began changing hands on the Main Market of the London Stock Exchange — the exchange's flagship listing venue — on October 14, 2026, bringing a new type of income product to the London market.

The shares offer an initial annual dividend of 12%, paid out every week, from a company whose balance sheet is built around Bitcoin. Most UK income stocks pay their dividends quarterly or twice a year, so weekly payouts represent a distinctly different rhythm from the market convention.

Smarter Web describes the offering as the UK's first sterling-denominated perpetual preferred shares backed by a corporate Bitcoin treasury, and says the weekly payout schedule is also a first among London-listed public companies.

How the MORE Shares Work

Preferred shares sit in a middle ground between bonds and common stock. They usually pay a set dividend and are positioned ahead of ordinary shareholders in the event of distributions or a winding-up, but they do not carry the same claim on assets as a lender.

The "perpetual" designation means there is no maturity date. Investors are not promised their capital back on a set day, so the return comes from dividends and whatever price the shares can fetch on the open market.

Smarter Web sold the shares at £90 each in its initial public offering. Each share carries a £100 liquidation preference — the amount holders are positioned to receive ahead of common shareholders if the company is wound up.

That gap matters for yield. At the £90 issue price, the 12% initial dividend rate translates into a running yield of approximately 13.33%.

The first payment is set at £0.2301 per share and is scheduled to land by November 9, 2026.

The Raise and Where the Money Goes

The IPO raised a minimum of £10 million. After costs, net proceeds come to approximately £8.35 million, of which roughly £4 million is earmarked for additional Bitcoin purchases.

As of September 30, 2026, Smarter Web held approximately 2,747 BTC, acquired at a net average cost of £82,562 per Bitcoin.

The issuance drew heavy shareholder support, with more than 99.8% voting in favor on September 28, 2026. The Financial Conduct Authority approved the prospectus the following day, September 29, and trading began roughly two weeks later.

Background: A Bitcoin Treasury With a London Address

Smarter Web, based in Bristol and listed under the ticker SWC, adopted a formal Bitcoin treasury policy in 2025. Since then, accumulating Bitcoin has become a central plank of its corporate strategy.

The MORE shares extend that model. Instead of relying only on issuing ordinary to fund Bitcoin purchases, the company now has a separate instrument aimed at investors who care more about steady income than about share-price upside.

The structure follows a template already tested in the United States. Strategy (formerly MicroStrategy), the US software company that began building a Bitcoin balance sheet in 2020 and set off the broader corporate treasury trend, has issued its own series of perpetual preferred shares to help fund further Bitcoin purchases. Smarter Web's listing applies that funding playbook to a sterling quotation in London.

What This Means for Investors

For income investors, the headline numbers stand out. A 13.33% running yield at issue, paid weekly, is unusual in sterling markets. The dividend rate is described as an "initial" rate, however, and with no maturity date, holders depend on Smarter Web's ongoing ability to fund payouts. The company's treasury is also concentrated in Bitcoin, an asset known for sharp price swings.

The markers to watch are concrete. The first is whether the initial £0.2301 payment arrives by November 9 and whether the weekly payments keep flowing after that. Investors may also track how the shares trade relative to the £90 issue price and the £100 liquidation preference. And with roughly £4 million headed toward new purchases, updates to the 2,747 BTC holding figure and the £82,562 average acquisition cost will show how quickly the proceeds of the preferred raise are being turned into coins.