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BTC Britain's largest listed Bitcoin vault holder launches new preferred shares
Smarter Web Company (London Stock Exchange: SWC), the UK's largest listed Bitcoin vault holder, announced on Friday that it plans to launch a new class of preferred shares on the main board of the London Stock Exchange. This is the first time that British corporate bitcoin holders have issued such securities.
The preferred stock is named "MORE" and has a par value of £ 0.001 each. The company plans to raise total proceeds of 15 million to 25 million pounds through this move. According to the Bristol company, investors will receive a "cumulative floating weekly dividend" and enjoy liquidation preference and company redemption options.
The plan seemed to be welcomed by investors, with SWC shares rising more than 15% that day.
What benefits does MORE Preferred Shares provide?
MORE Preferred Shares do not give holders the right to vote at ordinary shareholders 'meetings. It is essentially a fixed-income claim that allows investors indirect access to their Bitcoin balance sheet without actually purchasing Bitcoin or the company's common stock.
Previously, Sweden's Bitcoin Treasury Capital listed Europe's first bitcoin-backed preferred stock in July this year, paying a monthly payment at a fixed annual dividend of 10%. A version of Smarter Web will be listed in the non-voting category on the official list of the UK Financial Conduct Authority (FCA).
Smarter Web's board of directors identified four paths to raise funds to pay dividends:
- Operating cash flow
- Cash reserves
- Bitcoin vault
- Future sales of ordinary or preferred shares
In addition, the company plans to continue to sell more preferred shares over time through the At-the-Market mechanism managed by Tennyson Capital Partners.
How does Smarter Web currently handle its Bitcoin reserves?
When Smarter Web sold 177.89 bitcoins to repay the US$11.7 million convertible instruments issued to TOBAM Group, CEO Andrew Webley said the company was reviewing whether fiat and bitcoin-denominated convertible instruments were "appropriate capital solutions." It is worth noting that Webley does not completely rule out the advantages of these tools.
However, these two weeks of prepayment actions prevented the issuance of potentially more than 7.7 million common shares.
Currently, Smarter Web is advancing a long-term funding plan. Directors plan to use the funds to acquire revenue-generating web businesses, replenish general working capital, and continue to expand their Bitcoin vault.
According to reports, as of early September, Smarter Web held 2,747 bitcoins. After recently increasing its holdings of 35 bitcoins, it ranks 29th among Bitcoin holders of listed companies.
Before Smarter Web can officially list MORE shares, it still needs to obtain approval from the Financial Conduct Authority (FCA) for the prospectus. Completion of the deal also depends on several conditions: the company must raise at least £ 10 million, hire at least three registered market makers, and ensure that at least half of its preferred shares are held by the public.
Shareholders will vote on the plan at a shareholders 'meeting in Bristol on September 28.
The dual impact of timing
This financing comes at a time when the treasury sector is undergoing a severe reshuffle. Some British counterparts are retreating: According to reports, shareholders of Satsuma Technology decided in July this year to sell their 668 bitcoins and delist them with a voting rate of more than 90%, and investors recovered much less than the original £ 163.6 million.
The Financial Times reported that the market value of Bitcoin Vault has dropped by more than $80 billion from its peak in 2025.
Against this background, Smarter Web is trying to broaden its financing channels rather than shrink. Whether a MORE listing meets all conditions and how investors can price this weekly floating dividend backed by volatile assets will be a test for the market.
