Smarter Web Company Plans UK’s First Bitcoin-Backed Preferred Shares
Key Takeaways
- •The proposed MORE preferred shares could become the first sterling-denominated, Bitcoin treasury-backed perpetual preferred shares issued by a UK-incorporated company on the London Stock Exchange Main Market.
- •The Smarter Web Company is seeking between £15 million and £25 million to support its ongoing Bitcoin accumulation strategy.
- •The company holds approximately 2,747 BTC and is described as the United Kingdom’s largest publicly listed corporate Bitcoin holder.
- •MORE shares would have cumulative variable-rate weekly dividends and liquidation preference over ordinary shares, but no general meeting voting rights.
- •The potential IPO remains subject to FCA prospectus approval, after which the company plans to publish the prospectus and provide an update.
The Smarter Web Company is planning to raise between £15 million and £25 million through a new class of preferred shares linked to its Bitcoin treasury. The proposed instrument, which has the reserved ticker “MORE,” would be subject to approval of its prospectus by the Financial Conduct Authority (FCA) before any listing proceeds.
The UK-incorporated company disclosed the plans in a Regulatory News Service announcement on September 11, 2026. It said the offering could represent the first sterling-denominated, London Stock Exchange Main Market perpetual preferred share backed by a Bitcoin treasury issued by a UK-incorporated company.
If completed, the raise would support The Smarter Web Company’s ongoing Bitcoin accumulation strategy, known internally as its 10-Year Plan. The company holds approximately 2,747 BTC, making it the United Kingdom’s largest publicly listed corporate Bitcoin holder and its largest public Bitcoin treasury position.
Chief Executive Officer Andrew Webley described the announcement as an important step for the company and said the proposed Preferred Shares would broaden the pool of investors able to support the business.
Today’s announcement marks an important step for The Smarter Web Company. Subject to approval of the Prospectus by the FCA, launch, and all conditions to the Possible IPO being satisfied, we expect the proposed Preferred Shares to be the first of their kind in the UK: a pounds… pic.twitter.com/Chv0BHQGiJ — Andrew Webley (@asjwebley) September 11, 2026
Webley also said the structure would give the company greater flexibility across different market conditions. The business began as a web design company before building its current Bitcoin position.
Under the proposed terms, the Preferred Shares would trade in the non-equity and non-voting equity category of the Official List. If issued, they would carry a cumulative variable-rate weekly dividend and provide holders with a liquidation preference ahead of ordinary shareholders. The company would retain the right to redeem the shares at its discretion.
The Preferred Shares would not carry voting rights at general meetings, unlike the company’s Ordinary Shares. The distinction would separate MORE holders from existing shareholders of The Smarter Web Company.
The possible IPO remains conditional on FCA approval of the prospectus. The company said it would publish the prospectus and provide a further update once approval is obtained.
Alongside the RNS announcement, The Smarter Web Company published a circular for a General Meeting of Ordinary Shareholders. The meeting is scheduled for September 28, 2026, at 10:00 a.m. at 160 Aztec West, Almondsbury, Bristol. The company’s Ordinary Shares have a nominal value of £0.001 each.
Source: Blockonomi
