Smarter Web Lists Bitcoin-Backed Preferred Shares on LSE
The Smarter Web Company (SWC) listed its perpetual preferred shares on the London Stock Exchange, marking a significant development in how UK companies can now structure corporate Bitcoin investments.
The shares, trading under the ticker MORE, represent the UK’s first sterling-denominated perpetual preferred shares backed by a corporate Bitcoin treasury. The offer was priced at £90 per share with an annualized dividend rate of 12%, payable weekly.
This weekly dividend schedule sets MORE apart from traditional UK income stocks, most of which pay dividends quarterly or twice yearly. Smarter Web describes the weekly payout schedule as a first among London-listed public companies.
How the Shares Work
Perpetual preferred shares sit between bonds and common stock. They typically pay a set dividend and take priority for payment before ordinary shareholders, but they carry no maturity date and no promise of capital repayment. The shares carry a liquidation preference of £100 per share, which is the amount holders receive ahead of common shareholders if the company is wound up.
Funding Bitcoin Purchases
The listing comes after the company published results showing the offer raised £10.0 million gross, with net proceeds of around £8.3 million. The Bristol-based company, which trades under ticker SWC on the London Stock Exchange, adopted a formal Bitcoin treasury policy in 2025, making Bitcoin accumulation a central part of its corporate strategy.
As of September 30, Smarter Web held approximately 2,747 BTC. The structure ties the dividend-paying instrument directly to Bitcoin accumulation, creating a link between investor returns and corporate Bitcoin holdings.
What This Means for UK Investors
The listing opens a new income product for UK retail and institutional investors seeking exposure to Bitcoin through a regulated London-listed vehicle. Unlike buying Bitcoin directly, preferred shareholders receive weekly dividend payments and have claim priority if the company is wound up.
However, income depends entirely on Smarter Web’s ability to fund payouts. The company’s treasury is concentrated in Bitcoin, an asset known for sharp price swings, which creates both opportunity and risk for income consistency.
For investors tracking the shares, watch how MORE trades relative to the £90 issue price and £100 liquidation preference, and monitor updates to the company’s Bitcoin holdings as it deploys capital into the asset.
Main picture: Photo by Dylan Gillis on Unsplash
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