London Stock Exchange Lists Bitcoin-Backed Preferred Shares for Smarter Web Company

Background

The Smarter Web Company has brought a new kind of income product to London. Its perpetual preferred shares, trading under the ticker MORE, began changing hands on the London Stock Exchange's Main Market on October 14, 2026. The pitch is simple: an initial 12% annual dividend, paid out every week, from a company whose balance sheet is built around Bitcoin. Most UK income stocks pay quarterly or twice a year, so weekly payouts are a different rhythm altogether.

How the MORE shares work

Preferred shares sit in an awkward middle ground between bonds and common stock. They usually pay a set dividend and get paid before ordinary shareholders, but they don't carry the same claim as a lender. “Perpetual” means there is no maturity date. Investors aren't promised their money back on a set day, so the return comes from dividends and whatever price they can get on the open market. Smarter Web sold the shares at £90 each in its initial public offering. Each one carries a £100 liquidation preference, which is the amount holders are lined up to receive ahead of common shareholders if the company is wound up.

Raise and where the money goes

The IPO raised a minimum of £10 million. After costs, net proceeds come to about £8.35 million. Roughly £4 million of that is earmarked for additional Bitcoin purchases. As of September 30, 2026, Smarter Web held approximately 2,747 BTC. It acquired those coins at a net average cost of £82,562 per Bitcoin. More than 99.8% of shareholders voted in favor of the issuance on September 28, 2026. The Financial Conduct Authority signed off on the prospectus the following day, September 29. Trading began about 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 only issuing ordinary equity to fund Bitcoin buys, the company now has a separate instrument aimed at investors who care more about steady income than share price upside.

What this means for investors

For income investors, the headline numbers are eye-catching. A 13.33% running yield at issue, paid weekly, is unusual in sterling markets. The dividend rate is described as an “initial” rate, and the shares have no maturity date, so holders depend on Smarter Web's ongoing ability to fund payouts. The company's treasury is concentrated in Bitcoin, an asset known for sharp price swings. The things to watch are concrete. Does the first £0.2301 payment arrive by November 9, and do the weekly payments keep flowing after that. Investors should also track how the shares trade relative to the £90 issue price and the £100 liquidation preference. With about £4 million headed toward new purchases, updates to the 2,747 BTC figure and the £82,562 average cost will show how quickly the preferred raise is being turned into coins.