UK-based corporate treasury firm The Smarter Web Company has completed a £10 million ($13.2 million) initial public offering of preferred shares, falling £5 million ($6.6 million) below the bottom range specified in its prospectus.
The new preferred equity issue will commence trading on the London Stock Exchange Main Market under the ticker symbol MORE at 8:00 a.m. on Wednesday, October 14.
Capital Structure and Retail Investor Support
The offering saw muted participation from institutional investors, who contributed £2.4 million (just over $3.1 million). In contrast, retail investors drove the raise by supplying £7.6 million ($10 million), representing approximately 75% of the total funds raised. CEO Andrew Webley acknowledged on X that institutional interest was disappointing, citing UK financial promotion restrictions and limited mainstream media coverage during the marketing window. Net proceeds after expenses came to £8.3 million ($11 million).
Smarter Web is issuing 111,112 preferred shares priced at £90 ($119) each, with an additional 100,000 shares allocated to an at-the-market facility managed by Tennyson Capital. Preferred shareholders carry no voting rights but receive a cumulative, variable weekly dividend starting at an annualized rate of 12% based on a £100 ($132) reference price. The initial weekly distribution is set at £0.2301 ($0.30) per share, payable by November 9 to holders on record as of October 23. Webley noted that MORE represents the first preferred share issue from a Bitcoin treasury business on a major stock exchange outside the US.
Capital Allocation and Bitcoin Treasury Strategy
Because the raise fell short of the maximum £15 million target, net proceeds will be deployed according to a prioritized schedule:
- £4 million directly assigned to acquire additional Bitcoin.
- £3.85 million (over $5 million) allocated to working capital, general corporate expenses, and cash reserves for dividend distributions.
- £500,000 ($661,000) directed toward the core operating business.
Smarter Web originally went public in April 2025 following a £2.1 million fundraise. It currently holds 2,747 BTC valued at roughly $229 million, placing it as the largest public Bitcoin treasury in the UK and 29th globally. However, corporate treasury strategies remain exposed to structural downside risks during price pullbacks, a topic often debated alongside broader market liquidity dynamics and Bitcoin options positioning as companies navigate economic growth headwinds and corporate balance sheet risks.
Why It Matters
Smarter Web's debut highlights strong retail demand for novel yield-generating crypto instruments alongside persistent institutional hesitation toward European digital asset vehicles. By introducing a weekly dividend backed by corporate capital reserves and cryptocurrency exposure, the listing serves as a real-time test for alternative capital structures outside North American capital markets. Market observers will watch whether the secondary trading of MORE can attract institutional buyers who passed on the initial public offering.
