Smarter Web to issue preferred bitcoin-backed shares
The Smarter Web Company, Britain’s largest listed bitcoin treasury holder, announced plans to list a new non-voting preferred share called MORE on the London Stock Exchange, with nominal value £0.001 and a target of £15–25 million in gross proceeds. MORE would pay a cumulative variable rate weekly preferential dividend, include a liquidation preference and be redeemable at the company’s option. Directors said dividends could be funded from operating cash flow, cash reserves, bitcoin treasury or future equity sales. Listing hinges on FCA prospectus approval, at least £10 million raised, three market makers and public float conditions, and shareholders will vote on September 28.
Smarter Web plans to issue non-voting bitcoin-backed preferred shares.
Context
The company sold 177.89 BTC to repay a convertible and now holds 2,747 BTC. Some peer treasury firms have cut holdings or delisted. The next steps are a shareholder vote and FCA prospectus approval and meeting listing conditions.
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