The Smarter Web Bitcoin preferred stock has arrived in London. The Bristol-based company's perpetual preferred shares, which trade under the ticker MORE, started changing hands on the London Stock Exchange's Main Market on Wednesday, October 14, 2026, according to Crypto Briefing.
The debut is notable because it creates a sterling-denominated income product tied directly to a corporate Bitcoin reserve. According to Crypto Briefing, the company characterizes the MORE shares as the first sterling-denominated perpetual preferred shares in the UK to be backed by a corporate Bitcoin treasury.
What the MORE Shares Offer
Smarter Web priced the shares at £90 apiece in its initial public offering, according to Crypto Briefing. The core attraction is a 12% annual dividend at the initial rate, distributed on a weekly basis by a firm whose balance sheet revolves around Bitcoin holdings.
Preferred shares occupy an unusual space between debt and equity, according to Crypto Briefing. Holders typically receive a fixed dividend and rank ahead of ordinary shareholders for distributions, yet they lack the legal claim that a lender would have. There is no set date on which investors get their capital back, so returns depend on the dividend stream and the price the shares command in the secondary market.
If the company were wound up, each share would entitle its holder to £100 before common shareholders received anything, a figure known as the liquidation preference, according to Crypto Briefing. Because the shares were sold at £90, the 12% initial dividend works out to a running yield of roughly 13.33% for buyers at the issue price.
The first distribution has been set at £0.2301 per share and is expected to arrive by November 9, 2026, according to Crypto Briefing. Weekly payments stand apart from the norm in the UK, where most income stocks distribute dividends quarterly or semi-annually.
Proceeds and Bitcoin Treasury
The offering brought in a minimum of £10 million, according to Crypto Briefing. Once costs are deducted, net proceeds total approximately £8.35 million, and the company has set aside roughly £4 million of that sum to buy more Bitcoin.
Smarter Web held approximately 2,747 BTC as of September 30, 2026, according to Crypto Briefing. The company paid a net average price of £82,562 for each coin in that stash.
Shareholders overwhelmingly backed the plan, with more than 99.8% voting in favor of the issuance on September 28, 2026, according to Crypto Briefing. The Financial Conduct Authority approved the prospectus one day later, on September 29.
Company Background and Strategy
Smarter Web is headquartered in Bristol and trades under the ticker SWC, according to Crypto Briefing. The firm adopted a formal Bitcoin treasury policy in 2025, and since then building up its Bitcoin position has become a central element of its corporate strategy.
Rather than relying solely on ordinary equity issuance to finance Bitcoin purchases, the company now has a distinct security designed for investors who prioritize steady income over share price gains, according to Crypto Briefing. No other London-listed public company has previously offered weekly dividend payments, according to Crypto Briefing.
Risks and Market Context
The 12% rate is labeled as initial, and because the shares are perpetual with no maturity date, holders rely on Smarter Web's continued capacity to fund the distributions, according to Crypto Briefing. The treasury backing those payments is concentrated in Bitcoin, an asset known for sharp price swings.
Investors should monitor how the shares trade relative to the £90 issue price and the £100 liquidation preference, according to Crypto Briefing. The pace at which the company converts the roughly £4 million allocation into additional coins will become clear through revisions to its 2,747 BTC holding and the £82,562 average purchase price, according to Crypto Briefing.
This class of equity pays out dividends ahead of any distributions to ordinary shareholders, according to Yahoo Finance. In exchange for this priority, preferred shareholders usually forgo the potential for significant price appreciation; if a common stock doubles, preferred holders continue to receive the same dividend.
Strategy Inc., the largest corporate Bitcoin holder, pays between 8% and 12% on its preferred shares, according to Yahoo Finance. Its STRK offering carries an 8% fixed rate, while STRF, STRD, and the euro-denominated STRE each pay 10%. A fifth class, known as Stretch or STRC, carries a variable rate that resets monthly and stands at 12% for October.
What Comes Next
The immediate test is whether the first £0.2301 payment arrives by November 9 and whether the weekly cadence continues after that, according to Crypto Briefing. For income investors, the headline figures are striking: such a yield, distributed on a weekly basis, is rarely seen in sterling markets, according to Crypto Briefing.
Beyond the first payment, the market will be watching how the MORE shares perform against their £90 issue price and £100 liquidation preference, according to Crypto Briefing. Any updates to the company's Bitcoin holdings and average cost will indicate how swiftly the new capital is being deployed into additional coins.
Conclusion
The Smarter Web Company's MORE preferred shares are now trading on the London Stock Exchange's Main Market, offering an initial 12% annual dividend paid weekly from a Bitcoin-backed treasury. The IPO raised a minimum of £10 million, with about £4 million earmarked for additional Bitcoin purchases. The first payment of £0.2301 per share is scheduled to arrive by November 9, 2026, and investors will be watching whether the weekly payouts continue and how the shares trade relative to the £90 issue price.
Frequently Asked Questions
When did Smarter Web's MORE preferred stock start trading on the London Stock Exchange?
The perpetual preferred shares, which trade under the ticker MORE, made their debut on the London Stock Exchange's Main Market on October 14, 2026, according to Crypto Briefing.
What dividend does the Smarter Web MORE preferred stock pay?
The shares carry an initial 12% annual dividend paid weekly. At the £90 issue price, that translates into a running yield of approximately 13.33%. The first payment is set at £0.2301 per share and is scheduled to land by November 9, 2026, according to Crypto Briefing.
How much Bitcoin does Smarter Web hold?
As of September 30, 2026, Smarter Web held approximately 2,747 BTC, acquired at a net average cost of £82,562 per Bitcoin, according to Crypto Briefing.
How much did the Smarter Web MORE IPO raise and where will the money go?
The IPO raised a minimum of £10 million, with net proceeds of about £8.35 million after costs. Roughly £4 million is earmarked for additional Bitcoin purchases, according to Crypto Briefing.
What makes the MORE preferred shares different from other UK income stocks?
According to Crypto Briefing, the company says these are the first perpetual preferred shares denominated in sterling to be backed by a corporate Bitcoin treasury in the UK. The weekly payout schedule is also described as a first among London-listed public companies, since most UK income stocks pay quarterly or twice a year.
Sources
