The Smarter Web Company has just announced plans for what would be the UK’s first preferred Bitcoin stock: a sterling perpetual preferred, reserved ticker MORE, that it wants to list on the London Stock Exchange Main Market.
The stock does not exist yet. Shareholders must vote on 28 September to create the class. The Financial Conduct Authority must then approve a prospectus before any offer or listing. CEO Andrew Webley said that, subject to those steps, MORE would be the first pounds-sterling, Main Market-listed perpetual preferred issued by a UK company with a Bitcoin treasury strategy.
The terms
MORE shares would have a £0.001 nominal value and no vote at general meetings. Holders would get a cumulative, variable-rate weekly dividend and a liquidation preference. The company could redeem them.
The target raise is £15 million to £25 million, with a £10 million floor. Below that, the deal does not go ahead. Listing also needs at least three market makers and at least half the preferred shares in public hands.
The offer is aimed at UK institutions, with a UK retail sleeve through brokers and platforms. Strand Hanson is sponsor; Tennyson Securities is broker. Ordinary shares stay listed as SWC in London, TSWCF in the US and 3M8 in Frankfurt.
Proceeds would fund acquisitions, working capital and the existing plan: grow the web-services business and keep buying Bitcoin.
Why this needed a court first
UK companies can pay dividends only from distributable reserves. SWC’s ordinary shares pay none. A Bitcoin treasury does not automatically create those reserves under IFRS.
In July the High Court confirmed a £210 million capital reduction. Share premium was moved into distributable reserves. The share count and net assets did not change. That step, approved by shareholders in June, is what made a preferred coupon legally workable. Bitcoin Treasuries called it the path to Britain’s first Bitcoin “digital credit.” Analysis at the time put remaining dividend capacity at about £132.5 million.
The 28 September meeting is separate. It creates MORE as a new class. It does not list it.
What happens next
Shareholders vote on 28 September. Proxies are due on 24 September.
The FCA must approve a prospectus.
The raise must clear £10 million, with market-maker and free-float tests met.
Whether the UK actually gets this stock now depends on that vote, the regulator, and whether buyers want a weekly sterling coupon backed by a web business and a Bitcoin treasury.
Want more bitcoin treasury coverage in your search results? Add Bitcoin Treasuries as a preferred source on Google.