The Smarter Web Company (LON: SWC), the UK’s largest listed Bitcoin treasury holder, has announced plans to launch a new class of preferred shares on the main London Stock Exchange. The company said the instrument would be the first preferred share of its kind issued by a British corporate Bitcoin holder.

The preferred share, named “MORE,” would have a nominal value of £0.001 per share and is intended to raise between £15 million and £25 million in gross proceeds. According to the company, it would pay a “cumulative variable rate weekly preferential dividend,” while also providing a liquidation preference and giving the company an option to redeem the shares. The company’s announcement details the proposal.

SWC shares gained more than 15% on the day the plan was announced.

What the MORE preferred share would offer

The MORE shares would not provide holders with voting rights at general meetings. Instead, they would represent a fixed-income-style claim that gives investors exposure to a Bitcoin-backed corporate balance sheet without requiring them to purchase Bitcoin directly or buy Smarter Web’s ordinary shares.

Sweden’s Bitcoin Treasury Capital listed Europe’s first Bitcoin-backed preferred share in July. That instrument pays monthly installments based on a fixed 10% annual dividend. Smarter Web’s proposed shares would be listed in the UK under the non-voting category of the Financial Conduct Authority’s Official List.

Smarter Web’s directors identified four potential sources of funding for the preferred-share dividends:

• Operating cash flow
• Cash reserves
• The company’s Bitcoin treasury
• Future sales of ordinary or preferred shares

The company also expects to sell additional MORE shares over time through an at-the-market facility managed by Tennyson Capital Partners.

Smarter Web’s Bitcoin reserve and capital plans

Smarter Web recently sold 177.89 BTC to repay an $11.7 million convertible instrument issued to the TOBAM Group. At the time, CEO Andrew Webley said the company was reviewing whether fiat- and Bitcoin-denominated convertibles were “the right capital solution,” while leaving open the possibility that such instruments could still offer benefits.

The early repayment, made two weeks ahead of schedule, prevented the potential issuance of more than 7.7 million ordinary shares.

The company is now pursuing a longer-term source of capital. Directors plan to use the funding for acquisitions of revenue-generating web businesses, general working capital, and the continued expansion of Smarter Web’s Bitcoin treasury.

As of early September, Smarter Web held 2,747 BTC and ranked 29th among public corporate Bitcoin holders after adding 35 coins in a recent update, Cryptopolitan reported.

The FCA must approve the prospectus before the MORE shares can be listed. Completion also depends on Smarter Web raising at least £10 million, securing at least three registered market makers, and ensuring that at least half of the preferred shares are held by the public.

Shareholders are scheduled to vote on the proposal at a general meeting in Bristol on September 28.

Preferred-share plan comes during treasury-sector reshuffle

The proposed raise comes as Bitcoin treasury companies reassess their strategies. Some UK peers have begun retreating. In July, shareholders of Satsuma Technology voted by more than 90% to sell the company’s 668 BTC and delist, returning substantially less than the £163.6 million investors had put into the business, according to Cryptopolitan.

The Financial Times has reported that Bitcoin treasury companies lost more than $80 billion in market value from their 2025 peak.

Against that backdrop, Smarter Web is seeking to expand its financing options. The proposed listing must still satisfy its regulatory and fundraising conditions, while the structure will place a variable weekly dividend alongside a Bitcoin-backed balance sheet.