TL;DR:
- Projected fundraising: The company seeks to raise between £15M and £25M via a new class of perpetual preferred shares under the ticker MORE.
- Minimum operational threshold: The process requires a minimum raise of £10M and at least three registered market makers to secure market admission.
- Corporate reserves: The firm holds a balance of 2,878 BTC as of mid-2026 and retains £132.5M in distributable reserves following a High Court-approved capital reduction.
The Smarter Web Company announced its intention to structure an initial public offering of preferred shares on the Main Market of the London Stock Exchange. The transaction is designed to support its corporate accumulation model for Bitcoin.
RNS Announcement: Expected Intention to Float Pref Share & GM Notice
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LSE: #SWC | OTCQB: $TSWCF | FRA: $3M8 pic.twitter.com/5RyDURBb7B
— The Smarter Web Company (@smarterwebuk) September 11, 2026
The proposal involves issuing perpetual instruments denominated in British pounds. According to the regulatory disclosure issued by the company, the securities will trade under the reserved ticker MORE and will be accessible to both UK institutional funds and retail investors via partner platforms.
The designed financial structure will grant holders a cumulative, variable-rate weekly preferred dividend and preferential rights in the event of liquidation, though it will carry no voting rights at general meetings. Corporate filings from The Smarter Web Company detail that the entity retains the optional right to redeem these securities.
Capital structure and balance sheet reserves
The firm formally established a Bitcoin-centric treasury policy during fiscal year 2025. According to financial disclosures published in mid-2026, the company’s treasury holds 2,878 BTC, valued between $178M and $181M at the time of the official filing.
Executive management maintains that operating cash flows from its web services division, paired with recurring capital markets access, will underpin the financial obligations tied to these new securities. Company filings add that digital assets on the balance sheet will serve as secondary liquidity collateral.
To legally facilitate regular dividend payouts under UK company law, the entity executed structural corporate changes. On June 17, 2026, shareholders approved a £210M reduction of the share premium account, an action sanctioned in July 2026 by the High Court of Justice of England and Wales to unlock approximately £132.5M in distributable reserves.
Market analysts suggest this approach replicates in Europe the hybrid debt-equity offerings deployed by US corporations to expand cryptocurrency reserves without diluting common shareholders. Projections cited by financial outlets indicate the structure could provide institutional-style exposure to a Bitcoin treasury with a volatility profile closer to fixed income.
To finalize the listing, the company requires a minimum gross raise set at £10M and the ongoing commitment of at least three independent market makers on the admission date. Documentation filed with regulators specifies that at least 50% of the distributed shares must be held by the investing public.
The final execution of the plan will be put to a vote at an extraordinary general meeting of shareholders convened for September 28, 2026, in Bristol, where amendments to the articles of association and issuance authorization will be evaluated ahead of the formal prospectus submission to the Financial Conduct Authority (FCA).
